Stock Price Movements in Response to Stock Issues under Asymmetric Information
研究内部人信息不对称时，公司发行新股数量如何影响股价，发现股价随发行量递减，甚至可能引发股权配给，且投资低于对称信息情形。
ABSTRACT This paper characterizes the function relating the number of new shares issued by a firm to the resulting change in the firm's stock price, when insiders are asymmetrically informed. We show that, in equilibrium, the stock price will be a decreasing function of the issue size; moreover, the rate of decrease can be so rapid to cause “equity rationing.” We also show that there will be underinvestment relative to the symmetric information case.