The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan
研究日本公司发行可转债和股票后的长期股价表现，发现发行公司表现较差，但与美国不同，这种不佳表现并非集中于小公司或高市净率公司，且简单的行为解释不适用于日本。
This article investigates the long-term equity performance of Japanese firms issuing convertible debt and equity. We find that issuing firms perform poorly (except for equity rights issues) compared to nonissuing firms even though the stock-price reaction to convertible debt and equity issues is not negative for Japanese firms. This underperformance is strongest for firms issuing public convertible debt. In contrast to the United States, poor performance is not concentrated in smaller firms and in firms with a high market-to-book ratio. Simple behavioral explanations advanced for the new issue puzzle in the United States do not seem consistent with the Japanese experience.