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dc.contributor.authorKeseler, Kristina
dc.contributor.authorLysaker, Cecilie
dc.date.accessioned2012-05-11T13:15:04Z
dc.date.available2012-05-11T13:15:04Z
dc.date.issued2012-05-11
dc.identifier.urihttp://hdl.handle.net/11250/94841
dc.descriptionMasteroppgave(MSc) in Master of Science in Business, Finance - Handelshøyskolen BI, 2012
dc.description.abstractThis master thesis aims to investigate why subsequent repair issues are performed. Using data from the Oslo Stock Exchange from 1997 to 2009, we will take a look at whether the following factors are possible explanations for choosing this type of floatation method: 1) The announcement effect 2) The discount of the private placement and 3) The size of the private placement as a percentage of the company’s market value. Through an event study we found the announcement effect of both the pure private placements, 0.70%, and the private placements with subsequent repair issues, 2.96%. By including the subsequent repair issues we find a larger effect, indicating a possible financial reason for adding a repair offering. However, only the announcement effect of the pure private placement was found to be significant. Secondly, we find considerable differences between the average discount of a pure private placement, 5.81%, and a private placement with a repair issue, 17.92%. This suggests that subsequent repair offerings are chosen when discounts are high, putting weight on equal treatment of the excluded shareholders. Additionally, we established that the average size of a pure private placement, 19.16 %, is substantially lower than that of a private placement with a repair issue, 61.36 %. This also supports equal treatment of the shareholders, seeing as larger private placements result in larger dilution of the shares.no_NO
dc.language.isoengno_NO
dc.subjectfinans finance
dc.titleSubsequent repair offerings on Oslo stock exchangeno_NO
dc.typeMaster thesisno_NO


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