Equity Issuances at Helsinki Stock Exchange 1912-1981

27 Pages Posted: 19 Oct 2023

See all articles by Mika Vaihekoski

Mika Vaihekoski

University of Turku, Turku School of Economics; University of Turku - Turku School of Economics

Date Written: September 26, 2023

Abstract

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

Vaihekoski, Mika and Vaihekoski, Mika, Equity Issuances at Helsinki Stock Exchange 1912-1981 (September 26, 2023). Available at SSRN: https://ssrn.com/abstract=4577566 or http://dx.doi.org/10.2139/ssrn.4577566

Mika Vaihekoski (Contact Author)

University of Turku - Turku School of Economics ( email )

Turku, 20014
Finland

HOME PAGE: http://users.utu.fi/moovai/

University of Turku, Turku School of Economics ( email )

Turku School of Economics
Dep. of Accounting and Finance
University of Turku, 20014
Finland
+358 2 33351 (Phone)

HOME PAGE: http://users.utu.fi/moovai/

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