了解围绕外部融资的股票价格行为

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2024-12-21 DOI:10.1016/j.jcorpfin.2024.102730

Min Cao , J. Spencer Martin , Yaqiong Yao

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引用次数: 0

摘要

融资前价格上涨和融资后价格下跌之间的负相关关系在文献中得到了很好的证明。我们发现，经历融资前的公司和经历融资后长期表现不佳的公司可能并不总是同一家公司。现金流水平高的公司会经历融资前价格上涨，但不会经历融资后价格下跌。另一方面，现金流水平低的公司没有融资前价格上涨，但即使在控制了各种有案可查的异常情况后，融资后的长期表现也不佳。围绕外部融资的盈利能力分析表明，高现金流公司融资前的价格上涨可能是由其强劲的盈利能力驱动的，而低现金流公司融资后的表现不佳可能是由于其亏损。

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Understanding stock price behavior around external financing

The negative association between pre-financing price run-ups and post-financing price drift-downs is well documented in the literature. We find that firms experiencing pre-financing run-ups and firms experiencing post-financing long-term underperformance may not always be the same firms. The firms with high levels of cash flows experience pre-financing price run-ups but do not suffer post-financing price drift-downs. On the other hand, firms with low cash flow levels do not have pre-financing price run-ups but experience post-financing long-term underperformance even after controlling for various well-documented anomalies. Profitability analyses around external financing suggest that high-cash-flow firms' pre-financing price run-ups could be driven by their robust profitability, whereas low-cash-flow firms' post-financing underperformance might be attributable to their losses.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.