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Why Do Firms Issue Equity?

Citations

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Cited by:

  1. Saumitra, Bhaduri, 2012. "Why do firms issue equity? Some evidence from an emerging economy, India," MPRA Paper 38043, University Library of Munich, Germany.
  2. Patrick Bolton & Haizhou Huang, 2017. "The Capital Structure of Nations," NBER Working Papers 23612, National Bureau of Economic Research, Inc.
  3. Thakor, Anjan V., 2012. "Incentives to innovate and financial crises," Journal of Financial Economics, Elsevier, vol. 103(1), pages 130-148.
  4. Lepetit, Laetitia & Saghi-Zedek, Nadia & Tarazi, Amine, 2015. "Excess control rights, bank capital structure adjustments, and lending," Journal of Financial Economics, Elsevier, vol. 115(3), pages 574-591.
  5. Cécile Carpentier & Jean-François L'Her & Stephan Smith & Jean-Marc Suret, 2007. "Risk, Timing and Overoptimism in Private Placements and Public Offerings," CIRANO Working Papers 2007s-27, CIRANO.
  6. Shahram Amini & Vijay Singal, 2020. "Are earnings predictable?," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 44(3), pages 528-562, July.
  7. Saumitra Bhaduri, 2015. "Why do Firms Issue Equity?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 14(1), pages 59-85, April.
  8. Mamoru Nagano, 2016. "Who issues Sukuk and when?: An analysis of the determinants of Islamic bond issuance," Review of Financial Economics, John Wiley & Sons, vol. 31(1), pages 45-55, November.
  9. Heider, Florian & Gropp, Reint E., 2008. "The Determinants of Capital Structure: Some Evidence from Banks," ZEW Discussion Papers 08-015, ZEW - Leibniz Centre for European Economic Research.
  10. Hsiang-Lan Chen & Wen-Tsung Hsu & Yen-Sheng Huang, 2010. "Top management team characteristics, R&D investment and capital structure in the IT industry," Small Business Economics, Springer, vol. 35(3), pages 319-333, October.
  11. Pan, Lee-Hsien & Lin, Chien-Ting & Lee, Shih-Cheng & Ho, Kung-Cheng, 2015. "Information ratings and capital structure," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 17-32.
  12. Hirschey, Mark & Skiba, Hilla & Wintoki, M. Babajide, 2012. "The size, concentration and evolution of corporate R&D spending in U.S. firms from 1976 to 2010: Evidence and implications," Journal of Corporate Finance, Elsevier, vol. 18(3), pages 496-518.
  13. Ebenezer Bugri Anarfo, 2015. "Determinants of Capital Structure of Banks: Evidence from Sub-Sahara Africa," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 5(4), pages 624-640, April.
  14. Isil Erel & Brandon Julio & Woojin Kim & Michael S. Weisbach, 2012. "Macroeconomic Conditions and Capital Raising," The Review of Financial Studies, Society for Financial Studies, vol. 25(2), pages 341-376.
  15. Hong Bo & Zhongnan Huang & Elmer Sterken, 2015. "Bait and Switch: How Do Chinese Firms Use Proceeds from Seasoned Equity Offerings," CESifo Working Paper Series 5198, CESifo.
  16. Luisito Bertinelli & Arnaud Bourgain & Florian Léon, 2020. "Corruption and tax compliance: evidence from small retailers in Bamako, Mali," Applied Economics Letters, Taylor & Francis Journals, vol. 27(5), pages 366-370, March.
  17. DeAngelo, Harry & DeAngelo, Linda & Stulz, Rene, 2007. "Fundamentals, Market Timing, and Seasoned Equity Offerings," Working Paper Series 2007-13, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
  18. Valeriya Dinger & Francesco Vallascas, 2014. "Are Banks Less Likely to Issue Equity When They Are Less Capitalized?," IEER Working Papers 100, Institute of Empirical Economic Research, Osnabrueck University.
  19. Lee, Chien-Chiang & Ning, Shaolin & Hsieh, Meng-Fen & Lee, Chi-Chuan, 2020. "The going-public decision and rent-seeking activities: Evidence from Chinese private companies," Economic Systems, Elsevier, vol. 44(1).
  20. Ding Du & Ou Hu, 2020. "Why does stock-market investor sentiment influence corporate investment?," Review of Quantitative Finance and Accounting, Springer, vol. 54(4), pages 1221-1246, May.
  21. Weining Niu, 2017. "Corporate Financing Under Heterogeneous Beliefs," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 12(04), pages 1-12, December.
  22. Yushu Zhu, 2013. "Determinants of long-term debt issuing decisions: An alternative approach," Australian Journal of Management, Australian School of Business, vol. 38(2), pages 429-439, August.
  23. Ryu, Doojin & Yu, Jinyoung, 2020. "Hybrid bond issuances by insurance firms," Emerging Markets Review, Elsevier, vol. 45(C).
  24. Yang Zhao & Cheng Few Lee & Min-Teh Yu, 2024. "Does Equity Market Timing have a Persistent Impact on Capital Structure? Evidence from China," World Scientific Book Chapters, in: Cheng Few Lee & Alice C Lee & John C Lee (ed.), Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes, chapter 11, pages 363-397, World Scientific Publishing Co. Pte. Ltd..
  25. Hong-Yi Chen & Cheng Few Lee & Tzu Tai, 2020. "The Joint Determinants of Capital Structure and Stock Rate of Return: A LISREL Model Approach," World Scientific Book Chapters, in: Cheng Few Lee & John C Lee (ed.), HANDBOOK OF FINANCIAL ECONOMETRICS, MATHEMATICS, STATISTICS, AND MACHINE LEARNING, chapter 35, pages 1345-1397, World Scientific Publishing Co. Pte. Ltd..
  26. Pawel Bilinski & Abdulkadir Mohamed, 2015. "The Signaling Effect of Durations between Equity and Debt Issues," Financial Markets, Institutions & Instruments, John Wiley & Sons, vol. 24(2-3), pages 159-190, May.
  27. Henk Berkman & Michael McKenzie & Patrick Verwijmeren, 2013. "Hole in the Wall: Informed Short Selling ahead of Private Placements," Tinbergen Institute Discussion Papers 13-153/IV/DSF62, Tinbergen Institute.
  28. Isil Erel & Brandon Julio & Woojin Kim & Michael Weisbach, 2009. "Market Conditions and the Structure of Securities," NBER Working Papers 14952, National Bureau of Economic Research, Inc.
  29. Hussinger, Katrin & Pacher, Sebastian, 2019. "Information ambiguity, patents and the market value of innovative assets," Research Policy, Elsevier, vol. 48(3), pages 665-675.
  30. Huang, Sheng & Maharjan, Johan & Thakor, Anjan V., 2020. "Disagreement-induced CEO turnover," Journal of Financial Intermediation, Elsevier, vol. 43(C).
  31. Wolfgang Drobetz & Dirk C. Schilling & Henning Schröder, 2015. "Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle," European Financial Management, European Financial Management Association, vol. 21(5), pages 936-973, November.
  32. Mamdouh Medhat & Berardino Palazzo, 2020. "Equity Financing Risk," Finance and Economics Discussion Series 2020-037, Board of Governors of the Federal Reserve System (U.S.).
  33. Evgeniou, Theodoros & de Fortuny, Enric Junqué & Nassuphis, Nick & Vermaelen, Theo, 2018. "Volatility and the buyback anomaly," Journal of Corporate Finance, Elsevier, vol. 49(C), pages 32-53.
  34. Hae Won (Henny) Jung & Ajay Subramanian, 2014. "Capital Structure under Heterogeneous Beliefs," Review of Finance, European Finance Association, vol. 18(5), pages 1617-1681.
  35. Wang, Yahua & Xu, Feng & Hu, Angang, 2013. "Impact of heterogeneous beliefs and short sale constraints on security issuance decisions," Economic Modelling, Elsevier, vol. 30(C), pages 539-545.
  36. Malmendier, Ulrike M. & Pezone, Vincenzo & Zheng, Hui, 2020. "Managerial Duties and Managerial Biases," CEPR Discussion Papers 14929, C.E.P.R. Discussion Papers.
  37. Lo, Andrew W. & Thakor, Richard T., 2023. "Financial intermediation and the funding of biomedical innovation: A review," Journal of Financial Intermediation, Elsevier, vol. 54(C).
  38. Vogt, Jan, 2023. "Managerial market timing under credit risk: How do timed buybacks and stock issuances influence the value of long-term shareholders?," Global Finance Journal, Elsevier, vol. 55(C).
  39. Elliott, William B. & Koëter-Kant, Johanna & Warr, Richard S., 2008. "Market timing and the debt-equity choice," Journal of Financial Intermediation, Elsevier, vol. 17(2), pages 175-197, April.
  40. Autore, Don M. & Kovacs, Tunde, 2010. "Equity issues and temporal variation in information asymmetry," Journal of Banking & Finance, Elsevier, vol. 34(1), pages 12-23, January.
  41. Niu Weining & Liu Shancun & Jin Jing, 2014. "Security Issuance and Stock Price Effects with Heterogeneous Beliefs," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 4(10), pages 1332-1346, October.
  42. Gutiérrez Oscar & Ortín-Ángel Pedro, 2016. "Entrepreneurship and the Legal Form of Businesses: The Role of Differences in Beliefs," Review of Law & Economics, De Gruyter, vol. 12(1), pages 119-151, March.
  43. Mamoru Nagano, 2016. "Financing Patterns and Property Acquisitions of Sponsor-backed REITs: Evidence from J-REIT Markets," International Real Estate Review, Global Social Science Institute, vol. 19(2), pages 223-248.
  44. Vijh, Anand M. & Yang, Ke, 2013. "Are small firms less vulnerable to overpriced stock offers?," Journal of Financial Economics, Elsevier, vol. 110(1), pages 61-86.
  45. Bolton, Patrick & Huang, Haizhou, 2017. "The Capital Structure of Nations," CEPR Discussion Papers 12157, C.E.P.R. Discussion Papers.
  46. Djaoudath Alidou, 2012. "Employees Equity Issue and Asymmetric Information:Evidence from France - Augmentations de capital réservées aux salariés et Asymétrie d’information:Cas de la France," Working Papers CREGO 1120901, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  47. Konan Chan & Nandkumar Nayar & Ajai K. Singh & Wen Yu, 2018. "Information Content of Offer Date Revelations: A Fresh Look at Seasoned Equity Offerings," Financial Management, Financial Management Association International, vol. 47(3), pages 519-552, September.
  48. Machokoto, Michael & Areneke, Geofry, 2021. "Is the cash flow sensitivity of cash asymmetric? African evidence," Finance Research Letters, Elsevier, vol. 38(C).
  49. Smith, Jason, 2014. "Does the market matter for more than investment?," Journal of Empirical Finance, Elsevier, vol. 25(C), pages 52-61.
  50. Vogt, Jan, 2021. "Managerial market timing: What is the pot size for long-term shareholders assuming firm management acts in their best interest and does have an informational advantage?," Global Finance Journal, Elsevier, vol. 49(C).
  51. Gao, Wenlian & Zhu, Feifei, 2015. "Information asymmetry and capital structure around the world," Pacific-Basin Finance Journal, Elsevier, vol. 32(C), pages 131-159.
  52. W. Allard Bruinshoofd & Leo de Haan, 2012. "Market timing and corporate capital structure: a transatlantic comparison," Applied Economics, Taylor & Francis Journals, vol. 44(28), pages 3691-3703, October.
  53. Akbar, Saeed & Rehman, Shafiq ur & Ormrod, Phillip, 2013. "The impact of recent financial shocks on the financing and investment policies of UK private firms," International Review of Financial Analysis, Elsevier, vol. 26(C), pages 59-70.
  54. Krishnan, C.N.V. & Ergungor, O. Emre & Laux, Paul A. & Singh, Ajai K. & Zebedee, Allan A., 2010. "Examining bank SEOs: Are offers made by undercapitalized banks different?," Journal of Financial Intermediation, Elsevier, vol. 19(2), pages 207-234, April.
  55. Patrick Bolton & Haizhou Huang, 2018. "The Capital Structure of Nations [Welfare analysis of currency regimes with defaultable debts]," Review of Finance, European Finance Association, vol. 22(1), pages 45-82.
  56. Arnoud Boot & Vladimir Vladimirov, 2019. "(Non-)Precautionary Cash Hoarding and the Evolution of Growth Firms," Management Science, INFORMS, vol. 65(11), pages 5290-5307, November.
  57. DeAngelo, Harry & DeAngelo, Linda & Stulz, René M., 2010. "Seasoned equity offerings, market timing, and the corporate lifecycle," Journal of Financial Economics, Elsevier, vol. 95(3), pages 275-295, March.
  58. Thakor, Anjan V., 2015. "Strategic information disclosure when there is fundamental disagreement," Journal of Financial Intermediation, Elsevier, vol. 24(2), pages 131-153.
  59. Freund, Steven & Latif, Saira & Phan, Hieu V., 2018. "Executive compensation and corporate financing policies: Evidence from CEO inside debt," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 484-504.
  60. Tsyplakov, Sergey, 2008. "Investment frictions and leverage dynamics," Journal of Financial Economics, Elsevier, vol. 89(3), pages 423-443, September.
  61. Pinnuck, Matt & Shekhar, Chander, 2013. "The profit versus loss heuristic and firm financing decisions," Accounting, Organizations and Society, Elsevier, vol. 38(6), pages 420-439.
  62. Zeeshan Ahmed & Qasim Saleem & Abdul Qadir Bhatti & Bilal Ahmed, 2020. "Corporate Leverage Transmission under Information Asymmetry: Evidence from Non-financial Firms of Pakistan," International Journal of Economics and Financial Issues, Econjournals, vol. 10(4), pages 176-184.
  63. Duca, Eric, 2016. "Do investors learn from the past? Evidence from follow-on equity issues," Journal of Corporate Finance, Elsevier, vol. 39(C), pages 36-52.
  64. Machokoto, Michael & Chipeta, Chimwemwe & Ibeji, Ngozi, 2021. "The institutional determinants of peer effects on corporate cash holdings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
  65. Boulton, Thomas J. & Campbell, T. Colin, 2016. "Managerial confidence and initial public offerings," Journal of Corporate Finance, Elsevier, vol. 37(C), pages 375-392.
  66. So, Jacky Yuk-chow & Zhang, John Fan, 2022. "The effect of cultural heterogeneity on cash holdings of multinational businesses," Research in International Business and Finance, Elsevier, vol. 61(C).
  67. Min Maung & Reza H. Chowdhury, 2014. "Is there a right time for corporate investment?," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 31(2), pages 223-243, May.
  68. Di Giuli, Alberta & Laux, Paul A., 2022. "The effect of media-linked directors on financing and external governance," Journal of Financial Economics, Elsevier, vol. 145(2), pages 103-131.
  69. Caglayan, Mustafa & Machokoto, Michael, 2024. "The sensitivity of investment to internal and external funds: New emerging market evidence," Research in International Business and Finance, Elsevier, vol. 67(PB).
  70. Kelly Nianyun Cai & Xiaoquan Jiang & Hei Wai Lee, 2013. "Debt Ipo Waves, Investor Sentiment, Market Conditions, And Issue Quality," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 36(4), pages 435-452, December.
  71. Kallberg, Jarl & Liu, Crocker H. & Villupuram, Sriram, 2013. "Preferred stock: Some insights into capital structure," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 77-86.
  72. Bargeron, Leonce L. & Lehn, Kenneth & Moeller, Sara B. & Schlingemann, Frederik P., 2014. "Disagreement and the informativeness of stock returns: The case of acquisition announcements," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 155-172.
  73. Hibbert, Ann Marie & Kang, Qiang & Kumar, Alok & Mishra, Suchi, 2020. "Heterogeneous beliefs and return volatility around seasoned equity offerings," Journal of Financial Economics, Elsevier, vol. 137(2), pages 571-589.
  74. Nagano, Mamoru, 2018. "What promotes/prevents firm bond issuance in emerging economies: Bank–firm relationship or information asymmetry?," International Review of Economics & Finance, Elsevier, vol. 56(C), pages 161-177.
  75. Mark Iarovyi & sasson Bar Yosef & Itzhak Venezia, 2017. "Implied Maturity Mismatches and Investor Disagreement," Proceedings of Economics and Finance Conferences 4507072, International Institute of Social and Economic Sciences.
  76. Todd Mitton, 2022. "Methodological Variation in Empirical Corporate Finance," The Review of Financial Studies, Society for Financial Studies, vol. 35(2), pages 527-575.
  77. Chi-Hsiou D. Hung & Anurag Banerjee & Qingrui Meng, 2017. "Corporate financing and anticipated credit rating changes," Review of Quantitative Finance and Accounting, Springer, vol. 48(4), pages 893-915, May.
  78. Kandel, Eugene & Massa, Massimo & Simonov, Andrei, 2011. "Do small shareholders count?," Journal of Financial Economics, Elsevier, vol. 101(3), pages 641-665, September.
  79. Agapova, Anna & Volkov, Nikanor, 2019. "Guidance on strategic information: Investor-management disagreement and firm intrinsic value," Journal of Banking & Finance, Elsevier, vol. 108(C).
  80. Koussis, Nicos & Martzoukos, Spiros H., 2022. "Credit line pricing under heterogeneous risk beliefs," International Journal of Production Economics, Elsevier, vol. 243(C).
  81. Bayar, Onur & Chemmanur, Thomas J. & Liu, Mark H., 2011. "A theory of equity carve-outs and negative stub values under heterogeneous beliefs," Journal of Financial Economics, Elsevier, vol. 100(3), pages 616-638, June.
  82. Marc Deloof & Wouter Van Overfelt, 2008. "Were Modern Capital Structure Theories Valid in Belgium Before World War I?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(3‐4), pages 491-515, April.
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