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| Author: | Fama, E.F French, K.R. |
| Title: | Financing decisions: who issues stock? |
| Journal: | Journal of Financial Economics
2005 : JUNE, VOL. 76:3, p. 549-582 |
| Index terms: | Asymmetric information Financing Market information Share issues |
| Freeterms: | Pecking order theory |
| Language: | eng |
| Abstract: | This article examines how financing decisions often seem to violate the central predictions of the pecking order model. It studies how often and under what circumstances firms issue equity. The writers estimate that that during 1973-2002, the year-by-year equity decisions of more than half of the sample firms violate the pecking order. |
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