Investor Sentiment and Corporate Finance: Micro and Macro
发现净股权发行对整体股市回报和Q值比对公司层面的更敏感，并购活动也有类似模式，表明股权发行和并购很大程度上受市场时机驱动，而非纯粹基本面因素。
We document that net equity issuance is considerably more sensitive to aggregate stock returns and Q's than to firm-level stock returns and Q's. Very similar patterns also emerge when we look at merger activity. In light of earlier work (Campbell 1991, Vuolteenaho 2002) which finds that aggregate stock returns are less informative about future cashflows than are firm-level stock returns--and thus, potentially more strongly influenced by investor sentiment--these results suggest that both equity issuance and mergers are to a significant extent driven by market-timing considerations, as opposed to by purely fundamental factors.