Analyst Coverage And Financing Decisions  

Oleh:

Xin, Chang ; Dasgupta, Sudipto ; Hilary, Gilles

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 6 (Des. 2006), page 3009-3048.
Topik: FINANCING; studies; securities offerings; decision making; mathematical models; adverse selection
Fulltext: p 3009.pdf (315.2KB)

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

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Isi artikel

We provide evidence that analyst coverage affects security issuance. First, firms covered by fewer analysts are less likely to issue equity as opposed to debt. They issue equity less frequently, but when they do so, it is in larger amounts. Moreover these firms depend more on favorable market conditions for their equity issuance decisions. Finally debt ratios of less covered firms are more affected by baker and wurgler's (2002) external finance weighted average market to book ratio. These results are consistent with market timing behaviour associated with information asymmetry as well as behavior implied by dynamic adverse selection models of equity issuance.

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