Rights Offerings and Corporate Financial Condition
研究美国工业企业为何仍使用配股发行，发现财务困境且难以获得承销服务的公司更可能采用无保险配股，以规避逆向选择成本。对1983-1999年间660次增发数据的Probit分析支持这一解释。
Certain American industrial firms still use equity rights offerings. Most of these offerings are uninsured. I examine firms' financing decisions, and develop the explanation that rights offerings are used by firms in financial distress with difficulty accessing underwriting services. These firms have little to lose from the costs of adverse selection that accompany the lack of underwriter certification of uninsured rights offerings. Probit analysis of 660 seasoned NYSE, Amex, and Nasdaq equity issues between 1983–1999 yields results consistent with my explanation. There is no evidence that variables previously linked to rights usage (e.g., ownership concentration) continue to be relevant to the issue method choice.