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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w3169 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w3169 |
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/560451 |
推荐引用方式 GB/T 7714 | Deborah J. Lucas,Robert L. McDonald. Equity Issues and Stock Price Dynamics. 1989. |
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 | ||
w3169.pdf(264KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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