کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5091048 1375658 2010 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Equity issues and temporal variation in information asymmetry
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Equity issues and temporal variation in information asymmetry
چکیده انگلیسی
We investigate the intertemporal relation between information asymmetry and equity issues, and particularly focus on which firms drive this relation. We find that when information asymmetry for a particular firm is low compared to the recent past, the firm is more likely to issue equity as opposed to debt. Importantly, this intertemporal association is driven by firms with high levels of information asymmetry. These firms are more prone to adverse selection costs and thus have more to gain by issuing equity after a narrowing of the information gap between managers and investors. Our findings are robust to various firm-specific proxies for information asymmetry.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 34, Issue 1, January 2010, Pages 12-23
نویسندگان
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