Impact of heterogeneous beliefs and short sale constraints on security issuance decisions
Impact of heterogeneous beliefs and short sale constraints on security issuance decisions
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DOI：
10.1016/j.econmod.2012.09.051
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发表时间：
2013
影响因子：
4.7
通讯作者：
Yahua Wang;F. Xu;Angang Hu
中科院分区：
文献类型：
--
作者：
Yahua Wang;F. Xu;Angang Hu
现有文献讨论了异质信念对公司证券发行的影响，并明确假设禁止卖空。然而，人们普遍认为，当投资者无法按照自己的意愿做空股票时，就会存在卖空限制。本文提出了一个模型来分析异质信念和卖空约束条件如何共同影响公司的证券发行决策。主要发现是： i) 当公共信号有利时，投资者信念异质性的增加会导致发行股票而非债务的可能性增加，而当公共信号适度不利时，会导致发行股票的可能性降低。 ii）只有当公众信号非常有利时，卖空限制的严格性才会对股票发行的可能性产生积极影响。这些结果表明，关于异质信念以及卖空约束和证券发行决策之间关系的结论存在很大分歧。
Extant literatures discuss a firm's security issuance implications of heterogeneous beliefs with explicit assumption that short selling is forbidden. However, it is widely accepted that short sale constraints exist when investors are unable to short stock to the extent they desire. This paper presents a model to analyze how heterogeneous beliefs and short sale constraint conditions jointly affect a firm's security issuance decision. The main findings are: i) An increase in heterogeneity in investors' beliefs results in an increased likelihood of equity issuance over debt when public signal is favorable, whereas it results in a reduced likelihood when public signal is modestly adverse. ii) The tightness of short sale constraints has a positive effect on the likelihood of equity issuance only when public signal is highly favorable. These results indicate widely divergent conclusions about the relations between heterogeneous beliefs as well as short sale constraints and security issuance decision.