Gateway to Think Tanks
来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w13285 |
来源ID | Working 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 |
URL | https://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 |
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。