Information Asymmetry and Equity Issues
研究公司管理层与市场之间的信息不对称如何影响股权发行过程，通过四个代理变量进行三类检验，发现信息不对称是股权发行的重要影响因素。
The paper examines the relevance of information asymmetry between the managers of the firm and the market for the equity issue process. It uses four proxies for information asymmetry and presents three groups of tests: cross-sectional regressions of the reaction at equity issue announcements, comparisons of information asymmetry before and after the announcements, and analyses of the timing behavior observed during the equity issue process. The results show that information asymmetry is a significant variable for equity issues.