At-the-Market Offerings
研究了2008年后兴起的市场发行（ATM）这种直接向二级市场分批发行股票、无需承销商的融资方式，发现其使用量激增，2016年发行次数和总金额分别达到传统增发的63%和26%，且大部分资金用于囤积现金。
We study at-the-market (ATM) equity offerings, which are direct share issuances sold in the secondary market that forgo underwriters and “dribble-out” shares over time rather than raising them all at once. Enabled in 2008, their use has increased dramatically, and in 2016, their incidence and total proceeds were, respectively, 63% and 26% of those for seasoned equity offerings (SEOs). Determinants of firms’ choice between ATMs and SEOs are consistent with the costly certification hypothesis of Chemmanur and Fulghieri (1994). We also find that 65% of ATM proceeds are used to stockpile cash compared to 84% of SEO proceeds.