Seasoned equity offerings and payout policy
研究了公司在向股东支付股利后发行增发股票的行为，发现这些公司资本支出增长强劲，未来现金流大幅增加，且倾向于在估值高时发行，表明市场条件影响融资决策。
Abstract We investigate firms that issue seasoned equity following a period of payouts to equity holders. Firms that engage in this roundtrip of equity exhibit strong growth in investment in capital expenditures. Issuing seasoned equity for payout firms does not appear to be associated with future declines in operating cash flow, but rather is associated more with large absolute increases in future cash flow. These firms tend to issue equity when their equity valuations are high, suggesting that market conditions matter. Our findings are consistent with firms issuing equity to use the capital for valuable investments in fixed assets, consistent with market assessments of growth opportunities.