haku: @author DeAngelo, H. / yhteensä: 21
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| Tekijä: | DeAngelo, H. DeAngelo, L. Stulz, R.M. |
| Otsikko: | Seasoned equity offerings, market timing, and the corporate lifecycle |
| Lehti: | Journal of Financial Economics
2010 : MAR, VOL. 95:3, p. 275-295 |
| Asiasana: | companies equities markets |
| Kieli: | eng |
| Tiivistelmä: | Both a firm's corporate lifecycle (hereafter as: l-c.) stage and its market-timing opportunities have economically and statistically significant influences on the probability of conducting a seasoned equity offering (SEO), with the l-c. effect empirically stronger. SEO decisions are adequately explained by neither of these effects. That is because a near-majority of issuers are not growth firms and the vast majority of firms with high M/B ratios and high recent and poor future stock returns fail to issue stock. Since without the offer proceeds 62.6 percent of issuers would run out of cash the year after the SEO, a near-term cash need is the primary SEO motive, with market-timing opportunities and l-c. stage having only ancillary influences. |
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