This study examines the motivations for seasoned equity offering and the decomposition strategy that breaks the book-to-market ratio into misvaluation and growth components. In logit-based tests, we find strong support for the misvaluation explanation, which predict that firms issue when...

This study examines the impact of cash holdings on firm value before and during the 2008 financial crisis. In answering this question, our analysis assesses the conditioning effect of financial constraints and corporate governance. In our core analysis we show that the equity market places a...

This study examines the impact of cash holdings on firm value before and during the 2008 financial crisis. In answering this question, our analysis assesses the conditioning effect of financial constraints and corporate governance. In our core finding we show that the equity market places a...