Equity Issues and Temporal Variation in Information Asymmetry

Don M. Autore, Tunde Kovacs
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引用次数: 64

Abstract

We investigate the intertemporal relation between information asymmetry and equity issues, and particularly focus on which firms drive this relation. We find that when information asymmetry for a particular firm is low compared to the recent past, the firm is more likely to issue equity as opposed to debt. Importantly, this intertemporal association is driven by firms with high levels of information asymmetry. These firms are more prone to adverse selection costs and thus have more to gain by issuing equity after a narrowing of the information gap between managers and investors. Our findings are robust to various firm-specific proxies for information asymmetry.
股权问题与信息不对称的时间变化
我们研究了信息不对称与股权问题之间的跨期关系,并特别关注哪些公司推动了这种关系。我们发现,当一家特定公司的信息不对称程度较低时,该公司更有可能发行股票,而不是债券。重要的是,这种跨期关联是由具有高度信息不对称的公司驱动的。这些公司更容易产生逆向选择成本,因此在管理者和投资者之间的信息差距缩小后,通过发行股票可以获得更多收益。我们的发现对于不同公司特定的信息不对称代理是稳健的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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