wisdom as a proxy for investment opportunities and obscures a more complicated relationship between the accounting for … consistent with an investment-based explanation. Finally, we document evidence that issuers with low growth opportunities and …

This paper examines the extent to which investment financing and market-timing explanations motivate public equity … one motive for the equity offer being to raise capital for investment. However, firms also hold onto much of the cash they …. These results suggest that market timing as well as investment financing is a motivation for equity offers …

This paper examines the extent to which investment financing and market-timing explanations motivate public equity … one motive for the equity offer being to raise capital for investment. However, firms also hold onto much of the cash they …. These results suggest that market timing as well as investment financing is a motivation for equity offers …

investment and cash balances have increased. In sum, the data provide little basis for the view that short-termism in the EU …