Direct Equity Financing: A Resolution of a Paradox
通过实证发现，采用直接发行方式的公司具有比较成本优势，足以解释两种股权融资方法之间绝对报告成本的差异，从而解决了为何经理人偏好看似更昂贵的承销公开发行的悖论。
ABSTRACT When raising new equity capital managers have historically rejected the direct offer method favoring instead the seemingly more expensive underwritten public issue. This paper provides a resolution for this equity financing paradox by demonstrating empirically that firms which engage in direct offers enjoy a comparative cost advantage that is more than sufficient to account for the absolute reported cost differences between the two methods of equity financing.