Is Market Timing Good for Shareholders?
研究了公司利用自身被错误定价的股票进行交易（即股权市场择时）对股东的影响，发现这种操作可能因逆向选择和短期价格变化而损害不知情的股东，且负面影响随换手率增加而加剧。
Corporations often transact in their own mispriced stock. This activity, known as equity market timing, can generate substantial profits and increase the long-term stock price. We challenge a closely related popular view that market timing always benefits firm shareholders. Opportunistic financing maneuvers by a firm can negatively affect its uninformed stock owners because of adverse selection and the change in the firm’s short-term price, whereas the long-term returns do not accumulate to departing stockholders. The negative effect of market timing on stockholders increases with the share turnover. Furthermore, the effect of timing is asymmetric: shareholders prefer that the firm corrects underpricing rather than overpricing. Our theory can be used to better interpret the observed stock issuance and repurchase activities of firms. This paper was accepted by Gustavo Manso, finance.