G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w3170
来源IDWorking Paper 3170
Understanding Stock Price Behavior around the Time of Equity Issues
Robert A. Korajczyk; Deborah J. Lucas; Robert L. McDonald
发表日期1989-11-01
出版年1989
语种英语
摘要It is well-documented that stock prices rise significantly prior to an equity issue, and fall upon announcement of the issue. We expand on earlier studies by using a large sample which includes OTC firms, by examining the cross-sectional properties of the price rise, and by using accounting data to track the pattern of debt ratios and Tobin's q around the time of equity issues. We consider a number of explanations for our results, and conclude that the data is largely consistent with informational models in which managers are asymmetrically informed about the value of the firm. Surprisingly, debt ratios do not increase prior to equity issues, suggesting that strained debt capacity is not the main reason for equity issues. The behavior of Tobin's q is consistent with equity issues being used to finance new investments.
主题Macroeconomics ; Financial Economics
URLhttps://www.nber.org/papers/w3170
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/560452
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GB/T 7714
Robert A. Korajczyk,Deborah J. Lucas,Robert L. McDonald. Understanding Stock Price Behavior around the Time of Equity Issues. 1989.
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