The Puzzle of Frequent and Large Issues of Debt and Equity
研究发现，过去三年内频繁且大规模发行债务和股票的公司，其后续一年的股票收益显著偏低，尤其是频繁发行股票的公司表现更差。
Abstract More frequent, larger, and more recent debt and equity issues in the prior 3 fiscal years are followed by lower stock returns in the subsequent year. The intercept of a q -factor calendar-time regression for the value-weighted (VW) portfolio of firms with at least 3 large issues is −0.63% per month ( t- stat. = −4.31). Purging the factor returns of recent issuers increases the magnitude of the estimated underperformance following frequent equity issues. A VW Fama–MacBeth regression shows that firms with 3 equity issues underperform nonissuers by 0.65% per month ( t -stat. = −2.65). Earnings announcement returns are low following frequent issues, especially equity issues.