Raportowanie parametrów emisji warunkiem wzrostu racjonalności inwestorów

• Authors: Tadeusz Dudycz

Title variants

EN

Reporting emissions parameters as a condition of a growth of the investors rationality

• Languages of publication: PL

Abstracts

EN

This article shows that investors generally accept the issue price of the shares significantly exceeding its nominal price. A relatively large excess of the issue price over the par value (the share premium account), in turn, creates adverse effects for new investors, such as the takeover of rights by old investors, new investors contributing a disproportionately large share of the capital, which is often in excess of the company’s holdings. This makes it unlikely that companies are able to efficiently invest this capital. This article suggests , in order to satisfy Directive 2003/71/EC, companies need to include in the summary prospectus the value of the proposed takeover ratio and information about the capital obtained in relation to the equity.

Keywords

PL

IPO; prospekt emisyjny; GPW; agio

EN

IPO; prospectus; WSE; share premium

• Publisher: Łódzkie Towarzystwo Naukowe, Stowarzyszenie
• Journal: Studia Prawno-Ekonomiczne
• Year: 2014
• Volume: XCI (91)/2
• Pages: 41-52

Dates

published

2014

Contributors

author

Tadeusz Dudycz

• Zakład Zarządzania Finansami, Politechnika Wrocławska

References

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• Dokumenty:
• SELENA FM SA Sprawozdanie finansowe za rok zakończony dnia 31 grudnia 2008 r. wraz z opinią niezależnego biegłego rewidenta, http://www.selena.com/; stan na dzień 10.02.2014 r.
• Strony internetowe:
• Ljungqvist A., IPO Underpricing: A Survey. Handbook in Corporate Finance: Empirical Corporate Finance, Espen Eckbo B. (ed.), Forthcoming, http://ssrn.com/abstract=609422; stan na dzień 21.10.2011 r.

Identifiers

ISSN

0081-6841