Why do public firms issue private and public securities?

被引：96

作者：

Gomes, Armando ^{[2
]}

Phillips, Gordon ^{[1
]}

机构：

[1] Univ So Calif, Marshall Sch Business, Los Angeles, CA 90089 USA

[2] Washington Univ, St Louis, MO 63130 USA

来源：

JOURNAL OF FINANCIAL INTERMEDIATION | 2012年 / 21卷 / 04期

关键词：

Security issuance; Private markets; Asymmetric information; Equity and debt issuance; CAPITAL STRUCTURE; PECKING ORDER; MANAGERIAL ENTRENCHMENT; OWNERSHIP STRUCTURE; EQUITY OWNERSHIP; IPO FIRMS; CHOICE; DEBT; MARKET; INFORMATION;

D O I：

10.1016/j.jfi.2012.03.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The market for public firms issuing private equity, debt, and convertible securities is large. Of the over 13,000 issues we examine, more than half are in the private market. Our results show asymmetric information plays a major role in the choice of security type within public and private markets and in the choice of market in which to issue securities. In the public market, firms' predicted probability of issuing equity declines and issuing debt increases with measures of asymmetric information. There is a weak reversal of this sensitivity in the private market. We also find a large sensitivity of the choice of public versus private markets to asymmetric information, risk and market timing for debt, convertibles, and in particular, equity issues. (c) 2012 Elsevier Inc. All rights reserved.

引用

页码：619 / 658

页数：40

共 54 条

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