G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w13285
来源IDWorking Paper 13285
Fundamentals, Market Timing, and Seasoned Equity Offerings
Harry DeAngelo; Linda DeAngelo; René M. Stulz
发表日期2007-07-20
出版年2007
语种英语
摘要Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO financing decisions the year after the SEO. Although the SEO decision is positively related to a firm's market-to-book (M/B) ratio and prior excess stock return and negatively related to its future excess return, these relations are economically immaterial. For example, a 150% swing in future net of market stock returns (from a 75% gain to a 75% loss over three years) increases by only 1% the probability of an SEO in the immediately prior year. Strikingly, most firms with quintessential "market timer" characteristics fail to issue stock and a non-trivial number of mature firms do issue stock, with current and former dividend payers raising more than half of all issue proceeds.
主题Financial Economics ; Corporate Finance
URLhttps://www.nber.org/papers/w13285
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/570956
推荐引用方式
GB/T 7714
Harry DeAngelo,Linda DeAngelo,René M. Stulz. Fundamentals, Market Timing, and Seasoned Equity Offerings. 2007.
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
w13285.pdf(233KB)智库出版物 限制开放CC BY-NC-SA浏览
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Harry DeAngelo]的文章
[Linda DeAngelo]的文章
[René M. Stulz]的文章
百度学术
百度学术中相似的文章
[Harry DeAngelo]的文章
[Linda DeAngelo]的文章
[René M. Stulz]的文章
必应学术
必应学术中相似的文章
[Harry DeAngelo]的文章
[Linda DeAngelo]的文章
[René M. Stulz]的文章
相关权益政策
暂无数据
收藏/分享
文件名: w13285.pdf
格式: Adobe PDF
此文件暂不支持浏览

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。