The DOI matches its Crossref record; 35 of the 35 references it cites were found in a registry or an index.
Is There a Window of Opportunity for Seasoned Equity Issuance?
Abstract
The aggregate volume of equity issues is used to search for periods when seasoned equity capital can be raised at favorable terms. We find that the price reaction to equity issue announcements in high equity issue volume (HOT) periods is approximately 200 basis points lower on average than in low equity issue volume (COLD) periods. The lower price reaction in hot markets is economically important and is independent of the macroeconomic characteristics of hot and cold markets. The evidence supports the existence of windows of opportunity for equity issues that result at least partially from reduced levels of asymmetric information.
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Cites
Corporate financing and investment decisions when firms have information that investors do not have
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Determinants of corporate borrowing
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Tests of Equality Between Sets of Coefficients in Two Linear Regressions
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Econometric Models and Economic Forecasts
Pindyck, R. S., & Rubinfeld, D. L. (1990) · eYLS (Yale Law School) · Cited by 4,973
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Dividend Policy under Asymmetric Information
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Cited by
Corporate Cash Reserves and Acquisitions
Harford, J. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00179 · Cited by 2,064
Market liquidity as a sentiment indicator
Baker, M., & Stein, J. C. (2004) · Journal of Financial Markets · doi:10.1016/j.finmar.2003.11.005 · Cited by 1,244
Testing Theories of Capital Structure and Estimating the Speed of Adjustment
Huang, R., & Ritter, J. R. (2009) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109009090152 · Cited by 932
When Does the Market Matter? Stock Prices and the Investment of Equity-Dependent Firms
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The pecking order, debt capacity, and information asymmetry
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Metadata
- Authors
- BAYLESS, M., & CHAPLINSKY, S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1996-03
- Volume
- 51
- Issue
- 1
- Pages
- 253-278
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2045122965
- Cited by
- 454
- References
- 35
- FWCI
- 39.64
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
