Why Do Firms Issue Equity?
提出并检验了一个新的证券发行理论，解释企业为何在股价高时发行股票，并发现该理论比市场时机和逆向选择理论有更强的解释力。
ABSTRACT We develop and test a new theory of security issuance that is consistent with the puzzling stylized fact that firms issue equity when their stock prices are high. The theory also generates new predictions. Our theory predicts that managers use equity to finance projects when they believe that investors' views about project payoffs are likely to be aligned with theirs, thus maximizing the likelihood of agreement with investors. Otherwise, they use debt. We find strong empirical support for our theory and document its incremental explanatory power over other security‐issuance theories such as market timing and time‐varying adverse selection.