Timing, investment opportunities, managerial discretion, and the security issue decision

• 成果类型: Article
• 署名作者: Jung, KY; Kim, YC; Stulz, RM
• 署名单位: University System of Ohio; Ohio State University; Texas Christian University; Clemson University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(96)00881-1
• 发表日期: 1996
• 页码: 159-185
• 关键词: security issue; MANAGERIAL DISCRETION; equity; debt; INVESTMENT OPPORTUNITIES

摘要

This paper investigates the ability of the pecking-order model, the agency model, and the timing model to explain arms' decisions whether to issue debt or equity, the stock price reaction to their decisions, and their actions afterward. We find strong support for the agency model. Firms often depart from the pecking order because of agency considerations. We fail to find support for the timing model.