At‐the‐market equity offerings and cash flow shortfalls: Evidence from real estate investment trusts
研究了市价发行股权计划能否缓解临时现金流短缺对房地产投资信托基金业绩的负面影响，发现该计划可将业绩下降幅度减少近70%。
Abstract This article examines how access to at‐the‐market (ATM) equity offering programs can help mitigate the adverse effect of temporary cash flow shortfalls on firm performance. Using asset‐level exposure to the spread of COVID‐19 as a proxy for a REIT's sensitivity to a future operational cash flow shock, we find that ATM program access reduces the magnitude of the negative performance effect by nearly 70%. We extend our analysis outside of the pandemic period to provide further evidence of the broader importance of ATM program access as an important source of financial flexibility during more general periods of cash flow uncertainty.