Motivations for public equity offers: An international perspective

• 成果类型: Article
• 署名作者: Kim, Woojin; Weisbach, Michael S.
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Korea University; University System of Ohio; Ohio State University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2006.09.010
• 发表日期: 2008
• 页码: 281-307
• 关键词: publicly traded equity; investment financing; Market timing; IPO; SEO

摘要

This paper examines the motivations for public equity offers, using a sample of 17,226 initial public offerings and 13,142 seasoned equity offerings from 38 countries between 1990 and 2003. We estimate the uses of funds raised in both initial and seasoned offerings. Firms appear to spend incremental dollars on both R&D and capital expenditures, consistent with the investment financing explanation of equity issues. However, consistent with the mispricing explanation, high market to book firms tend to save more cash and offer a higher fraction of secondary shares in SEOs than low market to book firms. (c) 2007 Elsevier B.V. All rights reserved.