| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w2727 |
| 来源ID | Working Paper 2727 |
| The Effect of Information Releases on the Pricing and Timing of Equity Issues: Theory and Evidence | |
| Robert A. Korajczyk; Deborah Lucas; Robert McDonald | |
| 发表日期 | 1988-10-01 |
| 出版年 | 1988 |
| 语种 | 英语 |
| 摘要 | This paper develops a formal model of the timing and pricing of new equity issues, assuming that managers are better informed than new investors about the quality of the firm. Firms will prefer to issue equity when the market is most informed about the quality of the firm. This implies that equity issues tend to follow information releases, such as earnings announcements. The model also predicts a relation between the timing and pricing of equity issues. The price drop at the time of the equity issue announcement should increase in the time since the last information release, and the price drop at issue should increase with the time since the last information release or issue announcement. We test the predictions of the theory on a sample of NYSE, AMEX and OTC firms who issued equity over the period 1978-1983. We find evidence that there is a clustering of equity issues following earnings announcements and annual reports, and also that the price drop at the time of the equity issue is increasing in the time since the announcement of the issue. |
| 主题 | Macroeconomics ; Financial Economics |
| URL | https://www.nber.org/papers/w2727 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/559990 |
| 推荐引用方式 GB/T 7714 | Robert A. Korajczyk,Deborah Lucas,Robert McDonald. The Effect of Information Releases on the Pricing and Timing of Equity Issues: Theory and Evidence. 1988. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w2727.pdf（403KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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