Inferring Accounting Information from Corporate Financing Choices: An Examination of Security Issuances in the Banking Industry*
研究银行监管资本及其决定因素（如盈利、贷款损失准备等）如何影响管理层的融资决策，以及投资者如何解读这些决策。发现融资选择反映管理层对监管资本和盈利的私有信息，市场对增资发行反应负面、对减资发行反应正面。
Abstract This study examines the impact of regulatory capital and several of its determinants (i.e., earnings, loan loss provisions, charge‐offs and growth) on bank managers' financing decisions and investors' interpretations of those decisions. The analysis is related to two streams of research. We add to the corporate finance literature that seeks to explain the market's reaction to security issuances by developing and testing a refined set of predictions of the demand for debt and equity capital using a sample of capital‐regulated firms (banks). We extend the accounting literature that links regulatory capital‐management decisions with bank performance by examining whether investors infer that performance. We find that bank managers' financing choices reflect their private information regarding the levels of regulatory capital, earnings, and charge‐offs in the issuance year. We document a negative market reaction to capital‐increasing issuances and a positive reaction to capital‐decreasing issuances. A cross‐sectional analysis of that market reaction indicates that investors infer managers' expectations of earnings in the issuance year.