G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w3169
来源IDWorking Paper 3169
Equity Issues and Stock Price Dynamics
Deborah J. Lucas; Robert L. McDonald
发表日期1989-11-01
出版年1989
语种英语
摘要This paper presents an information-theoretic, infinite horizon model of the equity issue decision. The model's predictions about stock price behavior and issue timing explain most of the stylized facts in the empirical literature: (a) equity issues on average are preceded by an abnormal positive return on the stock, although there is considerable variation across firms, (b) equity issues on average are preceded by an abnormal rise in the market, and (c) the stock price drops significantly at the announcement of an issue. In this model, the price drop at issue announcement is uncorrelated with the social cost of suboptimal investment due to asymmetric information; the welfare loss may be small even if the price drop is large.
主题Macroeconomics ; Financial Economics
URLhttps://www.nber.org/papers/w3169
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/560451
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GB/T 7714
Deborah J. Lucas,Robert L. McDonald. Equity Issues and Stock Price Dynamics. 1989.
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