The effect of option listing on financing decisions
研究了期权上市如何影响公司融资决策，发现企业杠杆率显著下降，主要源于新股发行增加，且这一效应在信息不对称严重、机构投资者持股比例低的公司中更明显。
Abstract This paper investigates the effect of option listing on corporate financing decisions. Firms experience a significant drop in leverage, which is driven mainly by an increase in new equity issues. This effect is more prominent in firms with greater information asymmetry and lower percentages of quasi‐index and transient investors before listing and those with active options trading after listing. After options are listed, the newly listed firms hold more cash and engage in more acquisitions, which are funded mainly by equity issues. These findings suggest that option listing has a significant impact on financing decisions because of lower information asymmetry and that firms use the post‐listing equity to build up financial slack and support major investments, such as acquisitions.