Johnson Limited wants to raise $5.1 million via rights offering and appointed Rough Investment as the underwriter of the issue. Rough has set a subscription price of $40 per share and will charge the company a spread of 5 percent. Johnson currently has 700,000 shares of common stock outstanding, each trading for $53. If you currently own 5,000 shares in Johnson, how much can you cash by renouncing your rights and selling to others?

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.