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| Author: | Chemmanur, T. Yan, A. |
| Title: | Product market advertising and new equity issues |
| Journal: | Journal of Financial Economics
2009 : APR, VOL 92:1, p. 40-41 |
| Index terms: | advertising initial public offerings equity capital finance USA |
| Language: | eng |
| Abstract: | The purpose of the article is to examine the relationship between product market advertising and corporate financing decisions in the case of issuing new equity. In a theoretical analysis the authors test their predictions in the context of initial public offerings and seasonal equity offerings, gathering data from the Thomson Financial's Securities Data Corporation database. The results indicate that when planning an equity issue, firms tend to choose a higher level of product market advertising. Furthermore, product advertising and equity underpricing seem to be substitutes for a new equity issue. |
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