Raportowanie parametrów emisji warunkiem wzrostu racjonalności inwestorów

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.