The Equity Share in New Issues And Aggregate Stock Returns  

Oleh:

Baker, Malcolm ; Wurgler, Jeffrey

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 5 (2000), page 2219-2258.
Topik: equity; studies; securities offerings; rates of return; predictions; regression analysis
Fulltext: p 2219.pdf (383.6KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The share of equity issues in total new equity and debt issues is a strong predictor of U. S. stock market returns between 1928 and 1997. In particular, firms issue relatively more equity that debt just before periods of low market returns. The equity share in new issues has stable predictive power in both halves of the sample period and after controlling for other known predictors. We do not find support for efficient market explanations of the reuslts. Instead, the fact that the equity share sometimes predicts significantly negative market returns suggests inefficiency and that firms time the market component of their returns when issuing securities.

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