Equity Issuances at Helsinki Stock Exchange 1912-1981
27 Pages Posted: 19 Oct 2023
Date Written: September 26, 2023
Equity issues are a crucial part of properly functioning financial markets as they facilitate the allocation of capital to its most efficient use. Publicly listed firms have often superior opportunities to raise new equity capital from investors. This paper analyses equity issuances of Finnish firms listed at the Helsinki Stock Exchange (HSE) from 1912 to 1981. The results show that the role of the HSE in helping companies raise new equity capital was perhaps bigger than previously thought. A newly collected historical database on corporate capital actions for the Finnish stock market is introduced and used in the analysis.
Keywords: equity offerings, cash issues, bonus issues, rights issues, equity capital, financial history, Helsinki Stock Exchange
JEL Classification: G32, N24
Suggested Citation: Suggested Citation