Note on the flotation costs of new equity-capital issues of electric companies
Journal Article
·
· Public Util. Fortn.; (United States)
OSTI ID:5400316
Electric-utility capital sales made to meet customer power demands came at a time of depressed market-to-book values, high interest rates, and price inflation. Analysis of questionnaires returned by 73 investor-owned utilities at the end of 1981 cover data on 432 separate equity sales (an average of six per company) over an eight-year period. Negotiated underwriting represented 82% of the sales, with underwriting costs declining as the issue size increased. Negotiated sales had the highest flotation costs, rights offerings the least. A table summarizes the comparative analysis of the issues by size and type. (DCK)
- Research Organization:
- Univ. of Florida, Gainesville
- OSTI ID:
- 5400316
- Journal Information:
- Public Util. Fortn.; (United States), Journal Name: Public Util. Fortn.; (United States) Vol. 109:6; ISSN PUFNA
- Country of Publication:
- United States
- Language:
- English
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