Information Asymmetry, Mispricing, and Security Issuance
研究了信息不对称导致的错误定价如何影响公司证券发行决策，发现管理者在认为公司被低估时避免发行证券，被高估时则偏好发行，且对股权发行的影响强于债务发行。
ABSTRACT I examine the effects of information asymmetry–driven mispricing on security issuance. Using predisclosure changes in purchase obligations as a proxy for information asymmetry–driven mispricing, I find that managers avoid (prefer) issuing securities when they perceive their firms to be undervalued (overvalued). The effects of information asymmetry–driven mispricing are stronger on equity issuance than debt issuance. Consequently, undervaluation (overvaluation) causes an increase (decrease) in leverage. These effects are more pronounced for firms, periods, and securities associated with greater information asymmetry. The stock‐trading patterns that managers follow suggest that their perceived mispricing is an important factor in both private and firm‐level decisions.