Euroequity issues

Euroequity issues

Securities sold in the Euromarket. That is, securities initially sold to investors simultaneously in several national markets by an international syndicate. Related: External market.
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Tranche, which is zero for domestic issues and positive for Euroequity issues, would serve as the test variable measuring whether, and the extent to which, Euroequity issuers on average have realized a lower cost of equity.
We know from Exhibit 1 that large firms were responsible for most Euroequity issues during our sample period.
Therefore, we expect that the percentages of institutional, management and large shareholder holdings will be positively correlated with the announcement returns of Euroequity issues.
But, after controlling for characteristics of firms choosing to finance with Euroequity, we find that the negative stock-price responses are proportionately smaller for Euroequity issues the larger the proportion of the issue financed offshore.
As would be expected, larger firms favor Euroequities, and the average Euroequity issue is larger than the average domestic-equity issue, by a factor of more than three ($204.