The Authorization of Additional Common Stock: An Empirical Investigation
实证研究公司增发普通股授权的财富效应，分析股东批准提高授权股份限额对股价的影响，对研究公司融资决策的学者有参考价值。
Firms use common stock for a variety of purposes. For example, common stock is used for acquisitions, new issues, stock dividends and splits, retiring convertible securities, compensation plans, etc. The wealth effects at the announcement of these various uses of equity have been studied extensively in the finance literature (see, for example, [1, 5, 7, 12, 14, 19, 21, 25, and 28]). However, a firm can issue new shares only if they have been authorized. In cases where the previously authorized share limit is binding, management must first propose higher authorization levels, subject to shareholder approval, before the new shares can be used.