Choices in Equity Finance a Global Perspective
Choices in Equity Finance a Global Perspective
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全球视野下的股权融资选择
DOI：
10.2139/ssrn.2755943
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发表时间：
2016
期刊：
影响因子：
--
通讯作者：
Theo Vermaelen
中科院分区：
文献类型：
--
作者：
Moqi Groen;M. Massa;Virginie Mataigne;Theo Vermaelen
股权发行的结构可以是现金或配股，根据该国的立法，公司可以允许或限制配股的可交易性。我们使用127个国家宣布的全球范围内的股票发行样本来研究这些选择。我们考虑这些选择以及股票的短期和长期收益是否可以用文献中提出的一些假设来解释。实证结果证实，发行方式受到逆向选择和财务困境的驱动，而可交易性决策既反映了执行风险，也反映了交易成本。
Equity issues can be structured as cash or rights offers and depending on the country's legislation firms can allow or restrict tradability of the rights. We study these choices using a worldwide sample of equity issues announced in 127 countries. We consider whether these choices as well as the short and long-term stock returns can be explained by a number of hypotheses proposed in the literature. The empirical findings confirm that the issuing method is driven by adverse selection and financial distress concerns, while the tradability decision reflects execution risk as well as transactions costs.