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| Author: | Dittmar, A.K. Dittmar, R.F. |
| Title: | The timing of financing decisions: An examination of the correlation in financing waves |
| Journal: | Journal of Financial Economics
2008 : OCT, VOL. 90:1, p. 59-83 |
| Index terms: | financing decision making stocks |
| Freeterms: | repurchasing |
| Language: | eng |
| Abstract: | Why do corporate financing (hereafter as: f-g.) events appear in waves? This paper challenges recent evidence of the importance of valuation cycles in driving f-g. waves by documenting that the aggregate pattern of stock repurchases (as: s-reps.) mirrors that of equity issuance and mergers, in spite of s-reps. involving an opposite transaction. Trends in f-g. decisions are shown to result from differing responses to the same economic stimulus: growth in GDP. |
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