This essay surveys the extant literature and adds to the empirical evidence on issuance
activity, flotation costs, and valuation effects of security offerings. We focus primarily on …

Recent Nobel Prizes to Akerlof, Spence, and Stiglitz motivate this review of basic concepts
and empirical evidence on information asymmetry and the choice of debt vs. equity. We first …

This chapter analyzes the securities issuance process, focusing on initial public offerings
(IPOs) and seasoned equity offerings (SEOs). The IPO literature documents three empirical …

Islamic bonds (Sukuk) emerged as an innovative capital market instrument over the last
decade. This paper investigates the impact of conventional bonds and Sukuk …

The objective of this research is to study influence of profitability, leverage, and stock price
toward cash dividend. It is interesting to analyze factors that influence dividend policy …

Unlike seasoned equity or public debt offerings, bank loan financing elicits a significantly
positive announcement return, which has led financial economists to characterize bank …

The concept of free cash flow was first proposed by Jensen (1986) in the context of the
agency problem; however he did not propose a specific calculation for free cash flow. Since …

The objective of this research is to predict return of investment in equity securities. This
research examines how profitability ratio, liquidity ratio, and debt ratio can be instrument to …

We find that, on average, rivals of firms announcing new products experience a significantly
negative wealth effect. We also show that rivals in technologically based industries …

Purpose This study aims to comprehensively examine the stock market effects of
announcements by firms to issue conventional bonds versus Sukuk. In addition, the authors …