کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
980349 1480440 2016 13 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Does market microstructure matter for corporate finance? Theory and evidence on seasoned equity offering decisions
ترجمه فارسی عنوان
آیا ساختار بازار برای امور مالی شرکت مهم است. تئوری و شواهد در تصمیم گیری ارائه سهام فصلی
کلمات کلیدی
تصمیم تامین مالی شرکت های بزرگ. ساختار بازار؛ نقدینگی بازار
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی

This study presents a theoretical model and empirical analysis to examine how market microstructure affects Seasoned Equity Offering (SEO) decisions from the perspective of information production associated with market liquidity. We present two sets of new findings. First, the market illiquidity of a firm's stock (measured by price impact and bid-ask spread) has a significantly negative impact on the probability of SEO, as well as on the size of the offering. A decrease of the pre-issue price impact by one standard deviation is associated with an increase of normalized SEO proceeds of 9.7%. The impact of market illiquidity is larger when pre-SEO price is less informative. Second, SEO decision predicts a more informative stock price. Our results are robust to alternative measures of market liquidity, price informativeness and SEO.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: The Quarterly Review of Economics and Finance - Volume 60, May 2016, Pages 149–161
نویسندگان
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