Extant theory claims a firm's information environment impacts the choice between debt and equity financing. However, empirical evidence supporting this contention is limited. We evaluate this relation within the context of Regulation FD (Reg FD) which prohibited the use of selective disclosure. We find firms with high proprietary costs of public disclosure are more likely to resort to debt fina...

Our study aims to investigate how information asymmetry and ownership structure affect cost of equity capital. For that purpose, we collected 246 issuers over 4 years for a total 984 observations. By using panel data processing, found the proxied through Price non-Synchronization trading volume had an effect on results also confirmed both Agency Theory Pecking Order Theory. Both theories are in...

The production and coordination of rhythmic activities in birds is seldom investigated. Here we describe the pecking and breathing rhythms of pigeons under different conditions. When feeding from a heap of small grains, hungry pigeons pecked at regular intervals of about 0.3 s. The pecking rhythm was slightly slo,":,er in the afternoon. The pecking rhythm induced by the dopaminergic drug apomor...

The process of making a financial decision assumes that each the actions being planned or discussed involves two aspects: Profit maximization and cost reduction. Therefore, it is assumed such decisions are entirely rational. Here main question arises: People make rational decisions, not influenced by behavioral factors affect quality its outcome. we seek to determine whether therefore respond h...

This study analyzes the relationship between information asymmetry and dividend policy in an emerging market, Korea. We adopt several proxies for asymmetry, such as Glosten–Harris Hasbrouk–Foster–Viswanathan models, drawn from market microstructure literature. finds a negative yields, which appears to be particularly strong when firms have difficulty raising external capital because they high s...