全球智库信息集成服务系统(G2TT): Do Firms Issue more equity when markets are more liquid?

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19229
来源ID	Working Paper 19229
	Do Firms Issue more equity when markets are more liquid?
	René M. Stulz; Dimitrios Vagias; Mathijs A. van Dijk
发表日期	2013-07-18
出版年	2013
语种	英语
摘要	This paper investigates how public equity issuance is related to stock market liquidity. Using quarterly data on IPOs and SEOs in 36 countries over the period 1995-2008, we show that equity issuance is significantly and positively related to contemporaneous and lagged innovations in aggregate local market liquidity. This relation survives the inclusion of proxies for market timing, capital market conditions, growth prospects, asymmetric information, and investor sentiment. Liquidity considerations are as important in explaining equity issuance as market timing considerations. The relation between liquidity and issuance is driven by the quarters with the greatest deterioration in liquidity and is stronger for IPOs than for SEOs. Firms are more likely to carry out private instead of public equity issues and to postpone public equity issues when market liquidity worsens. Overall, we interpret our findings as supportive of the view that market liquidity is an important determinant of equity issuance that is distinct from other determinants examined to date.
主题	International Economics ; International Finance ; Financial Economics ; Financial Markets ; Corporate Finance
URL	https://www.nber.org/papers/w19229
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/576903
推荐引用方式 GB/T 7714	René M. Stulz,Dimitrios Vagias,Mathijs A. van Dijk. Do Firms Issue more equity when markets are more liquid?. 2013.