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External Equity Financing Shocks, Financial Flows, and Asset Prices

Belo, Frederico - 2014

The ability of corporations to raise external equity finance varies with macroeconomic conditions, suggesting that the cost of equity issuance is time-varying. Using cross sectional data on U.S. publicly traded firms, we construct an empirical proxy of an aggregate shock to the cost of equity...

Persistent link: https://www.econbiz.de/10012458455

Equity Issues and Stock Price Dynamics

Lucas, Deborah J. - 1989

This paper presents an information-theoretic, infinite horizon model of the equity issue decision. The model's predictions about stock price behavior and issue timing explain most of the stylized facts in the empirical literature: (a) equity issues on average are preceded by an abnormal positive...

Persistent link: https://www.econbiz.de/10012475872

An Executive Order Worth $100 Billion : The Impact of an Immigration Ban’s Announcement on Fortune 500 Firms’ Valuation

Bahar, Dany - 2020

' valuation before the event. Our results are particularly pronounced for firms that had maintained or increased their reliance on …

Persistent link: https://www.econbiz.de/10012482217

Capital and Wealth in the 21st Century

Weil, David N. - 2015

capital and wealth. As a measure of wealth this is problematic because it ignores the value of human capital and transfer … wealth, which have grown enormously over the last 300 years. Thus the constancy of the wealth/income ratio as portrayed in … his data is an illusion. Further, the types of wealth that he does not measure are more equally distributed than tradeable …

Persistent link: https://www.econbiz.de/10012457747

Underwriter Certification, Issuer-Underwriter Matching, and SEO Performance

Calomiris, Charles W. - 2019

The introduction of deal types for issues of seasoned equity in which the offer follows quickly after its announcement highlights the role of underwriter certification in the performance of SEOs. Controlling for the matching between underwriters and issuers, underwriter quality is positively...

Persistent link: https://www.econbiz.de/10012480288

Do Bank Insiders Impede Equity Issuances?

Götz, Martin - 2020

We evaluate the role of insider ownership in shaping banks' equity issuances in response to the global financial crisis. We construct a unique dataset on the ownership structure of U.S. banks and their equity issuances and discover that greater insider ownership leads to less equity issuances....

Persistent link: https://www.econbiz.de/10012481637

Firm Expansion and CEO Pay

Bebchuk, Lucian - 2005

We study the extent to which decisions to expand firm size are associated with increases in subsequent CEO compensation. Controlling for past stock performance, we find a positive correlation between CEO compensation and the CEO's past decisions to increase firm size. This correlation is...

Persistent link: https://www.econbiz.de/10012466785

Short- and Long-Horizon Behavioral Factors

Daniel, Kent - 2017

Recent theories suggest that both risk and mispricing are associated with commonality in security returns, and that the … mispricing factors which capture long- and short-horizon mispricing. Our financing factor is based on evidence that managers … exploit long-horizon mispricing by issuing or repurchasing equity. Our earnings surprise factor, which is motivated by …

Persistent link: https://www.econbiz.de/10012453550

Market Underreaction to Open Market Share Repurchases

Ikenberry, David - 1994

We examine long-run firm performance following open market share repurchase announcements which occurred during the period 1980 to 1990. We find that the average abnormal four-year buy-and-hold return measured after the initial announcement is 12.1 percent. For `value' stocks, companies more...

Persistent link: https://www.econbiz.de/10012473934

Bank Payout Policy, Regulation, and Politics

Fahlenbrach, Rüdiger; Ko, Minsu; Stulz, René M. - National Bureau of Economic Research - 2024

Bank payout policy is strongly affected by regulation and politics, especially for the largest banks. Banks, but not industrial firms, have consistently lower payouts in times of high regulation uncertainty and under democratic presidents. After the Global Financial Crisis, bank regulators'...

Persistent link: https://www.econbiz.de/10015056096