What Drives Security Issuance Decisions: Market Timing, Pecking Order, or Both?
研究了加拿大公司1998至2007年间债务与股权发行及回购决策，发现市场时机和啄食顺序效应仅在特定条件下成立：非财务约束公司会在股价高估时发行股票、低估时回购，且非高估公司更偏好债务融资。
We study market timing and pecking order in a sample of debt and equity issues and share repurchases of Canadian firms from 1998 to 2007. We find that only when firms are not financially constrained is there evidence that firms issue (repurchase) equity when their shares are overvalued (undervalued) and evidence that overvalued issuers earn lower postannouncement long‐run returns. Similarly, we find that only when firms are not overvalued do they prefer debt to equity financing. These findings highlight an interaction between market timing and pecking order effects.