The Issue Decision of Manager‐Owners under Information Asymmetry
研究当经理所有者比市场更了解公司价值时，他们在发行新股过程中的交易能力如何影响投资决策、股价变动和公司价值。
ABSTRACT A firm must issue common stock in order to undertake a new investment, and the firm's manager‐owners can value the firm more accurately than the market. The ability of the manager‐owners to trade in the firm's shares during the issue (a) reduces the investments that are foregone because of the market's mispricing the firm's shares, (b) changes the size and direction of the stock price change when the firm announces a new stock issue, and (c) changes the market value of the firm before and after the issue announcement, whether or not it decides to issue.