Financing decisions: who issues stock?

• 成果类型: Article
• 署名作者: Fama, EF; French, KR
• 署名单位: Dartmouth College; University of Chicago
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2004.10.003
• 发表日期: 2005
• 页码: 549-582
• 关键词: financing decisions; pecking order; asymmetiic information; EQUITY ISSUES; REPURCHASES

摘要

Financing decisions seem to violate the central predictions of the pecking order model about how often and under what circumstances firms issue equity. Specifically, most firms issue or retire equity each year, and the issues are on average large and not typically done by firms tinder duress. We estimate that during 1973-2002, the year-by-year equity decisions of more than half of our sample firms violate the pecking order. (c) 2004 Elsevier B.V. All rights reserved.