Financing decisions: who issues stock?

被引：340

作者：

Fama, EF

French, KR ^{[1
]}

机构：

[1] Dartmouth Coll, Amos Tuck Sch Business, Hanover, NH 03755 USA

[2] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2005年 / 76卷 / 03期

关键词：

financing decisions; pecking order; asymmetiic information; equity issues; repurchases;

D O I：

10.1016/j.jfineco.2004.10.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Financing decisions seem to violate the central predictions of the pecking order model about how often and under what circumstances firms issue equity. Specifically, most firms issue or retire equity each year, and the issues are on average large and not typically done by firms tinder duress. We estimate that during 1973-2002, the year-by-year equity decisions of more than half of our sample firms violate the pecking order. (c) 2004 Elsevier B.V. All rights reserved.

引用

页码：549 / 582

页数：34

共 25 条

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