Share Issues versus Share Repurchases
Share Issues versus Share Repurchases
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DOI：
10.2139/ssrn.3489555
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发表时间：
2019-11
期刊：
影响因子：
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通讯作者：
P. Bond;Yue Yuan;Hongda Zhong
中科院分区：
文献类型：
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作者：
P. Bond;Yue Yuan;Hongda Zhong
几乎所有的公司都通过公开市场回购（OMR）计划逐步回购股票，而不是使用更快的要约收购替代方案。相比之下，发行方法更加多样化：市场发行（类似于OMR计划）和seo（类似于很少使用的要约回购）都被相当一部分公司使用。此外，seo通常用于发行比典型的市场发行计划的总收益更大的股本。我们表明，发行和回购中交易方式多样性的不对称以及发行中的规模-方法关系是拥有优于投资者信息的公司的单一信息摩擦的自然结果。
Almost all firms repurchase shares gradually through open market repurchase (OMR) programs as opposed to using the quicker alternative of tender offers. In contrast, issue methods are more diverse: both at-the-market offerings, analogous to OMR programs, and SEOs, analogous to the rarely-used tender-offer repurchases are used by significant fractions of firms. Moreover, SEOs are often used to issue larger amounts of equity than the total proceeds of a typical at-the-market offering program. We show that this asymmetry in the diversity of transaction methods in issuances and repurchases and the size-method relation in issuances are natural consequences of the single informational friction of a firm having superior information to investors.