SECURITIES OFFERINGS AND CAPITAL STRUCTURE THEORY
分析大量公开证券发行样本，发现信息不对称是公司选择发债或发股的关键因素，破产风险有影响，但传统资本结构因素不显著，且决定因素随时间变化。
This paper analyzes a large sample of public security offerings to determine the motivation to issue debt or common equity. The results provide new evidence that the existence of asymmetric information plays a key role in firms' choice of security. Bankruptcy risk appears to affect the issue decision, but other traditional capital structure considerations do not. Variations in the determinants of security choice over time suggest a dynamic aspect to capital structure decisions not recognized in previous studies.