Conglomerate Structure and Capital Market Timing
研究了日本企业集团（Keiretsu）结构对资本市场择时行为的影响，发现集团成员比独立企业更倾向于根据市场条件发行股票，且发行后股票回报随发行规模下降。
We examine the effects of keiretsu structure on capital market‐timing. Keiretsu groups offer a hybrid structure between fully integrated conglomerates and stand‐alone firms. We find that past market conditions affect the capital structure of keiretsu firms more than they affect the capital structure of unaffiliated firms. The decision to issue equity is more correlated with market conditions for keiretsu members than it is for unaffiliated firms. The stock returns of keiretsu firms following the issuance of equity decrease with the size of the issuance. These results suggest that keiretsu members time the issuance of equity more so than stand‐alone firms.