Non-circulating equity and excessive equity financing
نویسندگان
چکیده
منابع مشابه
Overvalued Equity and Financing Decisions
We test whether equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing by firms increase with equity overvaluation; but only among overvalued stocks. Also consistent with behavioral theories, we find that the sensitivity of equity issuance to...
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ژورنال
عنوان ژورنال: Frontiers of Business Research in China
سال: 2007
ISSN: 1673-7326,1673-7431
DOI: 10.1007/s11782-007-0025-9