作者：Hoechle, Daniel; Schmid, Markus; Walter, Ingo; Yermack, David
作者单位：University of Mannheim; University of Basel; New York University
摘要：We investigate whether the diversification discount occurs partly as an artifact of poor corporate governance. In panel data models, we find that the discount narrows by 16% to 21% when we add governance variables as regression controls. We also estimate Heckman selection models that account for the endogeneity of diversification and dynamic panel generalized method of moments models that account for the endogeneity of both diversification and governance. We find that the diversification disco...
作者：Alti, Aydogan; Sulaeman, Johan
作者单位：University of Texas System; University of Texas Austin; Southern Methodist University
摘要：One of the most prominent stylized facts in corporate finance is that equity issues tend to follow periods of high stock returns. We document that firms exhibit such timing behavior only in response to high returns that coincide with strong institutional investor demand. When not accompanied by institutional purchases, stock price increases have little impact on the likelihood of equity issuance. The results highlight the importance of market reception for the timing of equity issues. (C) 2011...
