A Theory of Negotiated Equity Financing

被引：20

作者：

Giammarino, Ronald M. ^{[1
]}

Lewis, Tracy ^{[2
]}

机构：

[1] Univ British Columbia, Vancouver, BC V6T 1Y8, Canada

[2] Univ Calif Davis, Davis, CA 95616 USA

来源：

REVIEW OF FINANCIAL STUDIES | 1988年 / 1卷 / 03期

关键词：

D O I：

10.1093/rfs/1.3.265

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine the sale of equity within the context of a model of negotiation between a firm and a less well informed purchaser. We introduce a simple form of negotiation by allowing the firm to set the price of the issue and by assuming that the purchaser is a financier-underwriter who acts strategically. This transaction is analyzed as a noncooperative game, and we identify sequential equilibria that are consistent with observed behavior: namely, that negotiations occasionally fail, that market reactions to equity offers are not uniformly negative, and that equity placements are often underpriced.

引用

页码：265 / 288

页数：24

共 25 条

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