haku: @author Diltz, J. D. / yhteensä: 5
viite: 3 / 5
| Tekijä: | Bayless, M. E. Diltz, J. D. |
| Otsikko: | The relevance of asymmetric information to financing decisions. |
| Lehti: | Journal of Business Finance and Accounting
1991 : APR, VOL. 18:3, p. 331-344 |
| Asiasana: | FINANCING CAPITAL STRUCTURE OF COMPANIES INFORMATION ECONOMICS |
| Kieli: | eng |
| Tiivistelmä: | The set of empirical hypothesis derived from models of financing decisions under asymmetric information is explored and expanded. These hypotheses are evaluated by interpretation of the empirical literature on security offerings. This is shown to provide insight beyond existing studies of asymmetric information which focus on announcement day abnormal returns. The results provide stronger support for the empirical importance of asymmetric information than has been reported previously. It is demonstrated that models of asymmetric information can explain seemingly anomalous behaviour such as the tendency of firms to make equity offerings after a run-up in stock prices. |
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