By Bernard J. Foley (auth.)
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Additional info for Capital Markets
One possibility is that the anomalies are there but are simply below an exploitable threshold. Share transactions are subject to dealing costs and hence if the disparities in returns are insufficiently large then trading will not be able to take advantage of such effects. In this case we would observe the existence of a variety of so-called irrational seasonal effects but these would be quite compatible with a slightly modified form of the Efficient Market Hypothesis (Keane, 1989). The 'size effect' and its close relative the seasonal effect are not the only observations which appear to be inconsistent with the EMH however.
In the UK there has been some discussion about abolishing the right of existing shareholders to have first refusal in this way (pre-emptive rights as they are called). This is because rights issues are relatively cumbersome and take time which leaves the issue exposed to extraneous events which might undermine its success. Issuers therefore may prefer other ways of raising the extra capital - for example a placing is quicker to arrange and hence more predictable. Capitalisation issues <7 > This is also known as a bonus or scrip issue.
Om No lower limit No lower limit Latest audit prior to flotation Six months Nine months Nine months except where still in project stage At least 10% No lower limit Where 15% or more of assets profits or equity involved 25% or more of assets or profits equity involved No limit Placings & Introductions Formal notice in one national daily paper and listing details in Extel Statistical Services Formal notice in one national daily paper plus circulation of prospectus via Extel Formal notice in one national daily paper plus circulation of prospectus via Extel Offers for sale Listing details in two national daily papers and circulated in Extel Formal notice in one Formal notice in one national daily paper national daily paper Percentage of shares At least 25% in public hands Information to shareholders on substantial capital changes - disposals and acquisitions Advertising/Publicity ISE, Quality of Markets Quarterly Review, Winter 1988(9.