Discounting Restricted Securities
利用美国SEC规则变动消除小发行者私募中约80天限制期的自然实验，发现交易限制会提高融资成本，折价幅度下降8个百分点，且对信息不对称高的发行者影响更大。
Abstract We examine the costs of trading restrictions by exploiting an SEC rule change eliminating an approximately 80-day restriction period in private placements for small issuers. Using a difference-in-differences specification, we find that the restriction is binding, as dollar volume increases 19 percentage points vis-à-vis proceeds, and costly, as offering discounts fall by 8 percentage points. Discounts fall more for issuers with higher information asymmetry or longer restriction periods. We account for endogenous responses to the rule change. Overall, our findings suggest that trading restrictions are costly and have large effects on firms’ cost of capital.