Financing decisions who issues stock

Fama and Kenneth R. Fama , K. Specifically, most firms issue or retire equity each year, the issues are on average large, and they are not typically done by firms under duress. We estimate that during the year-by-year equity decisions of more than half of our sample firms violate the pecking order. And contradictions are more common among larger firms. View on SSRN. Save to Library Save. Create Alert Alert.

Share This Paper. Background Citations. Methods Citations. Results Citations. Tables from this paper. Citation Type. Has PDF. Publication Type. More Filters. Corporate financing decisions under ambiguity: Pecking order and liquidity policy implications. This paper addresses the following unresolved questions from the perspective of ambiguity theory: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead … Expand.

View 2 excerpts, cites background. We study how 1, firms paid for 2, very large investments during the period Compustat Flow of Funds data indicate that major investments are mostly externally financed. An initial … Expand. We assemble a sample of 1, large investments made by 1, firms over the period , and study two main issues: How do firms pay for these large investments? And how does the stock market … Expand. We study market timing and pecking order in a sample of debt and equity issues and share repurchases of Canadian firms from to We find that only when firms are not financially constrained … Expand.

Financing Uncertain Growth. We examine interactions between investment and financing decisions in a dynamic model where the firm can alter the mix of debt and equity financing and exercise a randomly arriving and potentially … Expand. View 2 excerpts, cites background and results. Highly Influenced. We use the staggered introduction of a major financial reporting regulation worldwide to study whether firms make financing decisions consistent with the pecking order theory.

Exploiting … Expand. View 1 excerpt, cites background. This paper investigates the effect of option listing on corporate financing decisions. Firms experience a significant drop in leverage, which is mainly driven by an increase in equity issues. This … Expand. View 7 excerpts, cites background and results. Please log in with your institutional or personal account if you should have access to this content through either of these.

Showing a limited preview of this publication:. John H. Cochrane, Tobias J. Moskowitz, Eugene F. Fama, Kenneth R. French Fama , edited by John H. Cochrane and Tobias J. Moskowitz, Chicago: University of Chicago Press, , pp.

Fama, E. Financing Decisions Who Issues Stock?. Moskowitz Ed. Fama pp. Chicago: University of Chicago Press. In: Cochrane, J. Chicago: University of Chicago Press, pp. Fama, Eugene F. Fama edited by John H. Moskowitz, Chicago: University of Chicago Press, Fama E, French K. In: Cochrane J, Moskowitz T ed. Chicago: University of Chicago Press; Copy to clipboard. Log in Register. The Fama Portfolio.