| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w3170 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w3170 |
| 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/560452 |
| 推荐引用方式 GB/T 7714 | Robert A. Korajczyk,Deborah J. Lucas,Robert L. McDonald. Understanding Stock Price Behavior around the Time of Equity Issues. 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 | ||
| w3170.pdf（232KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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