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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w11797 |
来源ID | Working Paper 11797 |
Motivations for Public Equity Offers: An International Perspective | |
Woojin Kim; Michael S. Weisbach | |
发表日期 | 2005-11-21 |
出版年 | 2005 |
语种 | 英语 |
摘要 | This paper examines the extent to which investment financing and market-timing explanations motivate public equity offers. We consider a sample of 16,958 initial public offerings and 12,373 seasoned equity offerings from 38 countries between 1990 and 2003. We provide estimates of the change in each accounting variable for each dollar raised in an equity offer, and for each dollar of internally generated cash. Our estimates imply that firms invest 18.8 cents in R&D and 7.3 cents in capital expenditures for an incremental dollar raised in an equity offer during the year following the offer, rising to 84.8 cents and 14.3 cents when the change is measured over a four-year period. These findings are consistent with one motive for the equity offer being to raise capital for investment. However, firms also hold onto much of the cash they raised, and this fraction is higher when the firm has a high q. In addition, firms are more likely to issue secondary shares, which are usually sold by insiders, when q is high, enabling insiders to benefit personally from potential overvaluation. These results suggest that market timing as well as investment financing is a motivation for equity offers. |
主题 | International Economics ; International Finance ; Financial Economics ; Corporate Finance |
URL | https://www.nber.org/papers/w11797 |
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/569448 |
推荐引用方式 GB/T 7714 | Woojin Kim,Michael S. Weisbach. Motivations for Public Equity Offers: An International Perspective. 2005. |
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 | ||
w11797.pdf(289KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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