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Table 2: Summary of Sample Selection and Exclusions

Table 2: Summary of Sample Selection and Exclusions. Table 2: Summary of Sample Selection and Exclusions. Panel D: Standalone Placements. Table 8: Modelling Expected Shareholder Takeup.

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Table 2: Summary of Sample Selection and Exclusions

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  1. Table 2: Summary of Sample Selection and Exclusions

  2. Table 2: Summary of Sample Selection and Exclusions

  3. Panel D: Standalone Placements

  4. Table 8: Modelling Expected Shareholder Takeup

  5. Table 9: Multivariate Probit Models of choosing Standalone Private Placement and pure rights offerings Decisions Panel A: Multivariate Probit Regression Analysis of the decision to issue a Standalone Private Placements with fixed price

  6. Panel B: Multivariate Probit Regression Analysis of the decision to make a pure Rights Offering (without pre-renouncement)

  7. Panel C: Multivariate Probit Regression Analysis of the decision to issue a Standalone Public Placement with book-building

  8. Table 10: Quality of the Firm, Ownership Concentration and the Subscription Price Discount

  9. Conclusion • We find support for our hypotheses that • High quality firms will signal their quality by selecting lower issue price discounts irrespective of the SEO issuance mechanism used; • High quality issuers will have lower Idiosyncratic risk. • High quality firms fully underwrite their shares to certify their quality

  10. Conclusion • Widely dispersed and the largest firms will choose standalone placements with book building;

  11. Conclusion • Firms with higher (lower) ownership concentration and lower (higher) shareholders expected takeup will choose fixed price placements (rights offerings)

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