affect the timing of investment. The model sheds light, theoretically and quantitatively, on the evolution of firms' dynamics …

An ongoing debate sets capital budgeting against market timing. The primary difficulty in evaluating these theories is … timing implies that industries anticipating positive demand shifts in the distant future should issue less equity due to … undervaluation. We find evidence supporting both capital budgeting and market timing: new listings and equity issuance by existing …

deals we are unable to detect any significant relation between SEO performance and underwriter quality. Issuers pay for the …

Firms conduct SEOs to resolve a near-term liquidity squeeze, and not primarily to exploit market timing opportunities …. Without the SEO proceeds, 62.6% of issuers would have insufficient cash to implement their chosen operating and non-SEO … financing decisions the year after the SEO. Although the SEO decision is positively related to a firm's market-to-book (M …

the SEO market is particularly liquid. Empirically, we find that: i) aggregate measures of equity issuance and share …