We use an important legal event as a natural experiment to examine the effect of management fiduciary duties on equity … in that state. This change limited managers' incentives to take actions favoring equity over debt for firms in the … vicinity of financial distress. We show that this ruling increased the likelihood of equity issues, increased investment, and …

We examine the differential impact of portfolio debt, portfolio equity, and FDI inflows on 37 manufacturing industries … is rather muted. Surges in portfolio equity inflows also exhibit a negative association with aggregate growth in the … industries. Equity inflows exhibited economically significant positive impact on the growth of financially constrained industries …

We show that firms with the least elastic demand for equity capital should benefit the most from reductions in … larger reductions in their cost of equity capital than did other firms. The results are consistent with the incidence of the … that the extent of financial constraint affects the change in the cost of equity capital, but whether a firm issues a …

. This way, one bank's dividend payout policy affects the equity value and risk of default of other banks. When such negative … a coordinated policy that maximizes the combined equity value of banks …

We find that shocks to the equity capital ratio of financial intermediaries—Primary Dealer counterparties of the New … not only for commonly studied equity and government bond market portfolios, but also for other more sophisticated asset …

The ability of capital markets to distinguish firms of different value by the size of their initial equity offerings is … attenuated when insiders can sell equity more than once. A model is developed in which there is price risk from holding equity …

's systematic equity risk and falls with the firm's unsystematic equity risk. Further, an increase in the firm's total equity risk …

This paper explores the necessary conditions for outside equity financing when insiders, that is managers or …

sectional differences in average excess returns (cost of equity capital) across the 25 benchmark equity portfolios constructed …