Taxes, bankruptcy costs, transactions costs, adverse selection, and agency conflicts have all
been advocated as major explanations for the corporate use of debt financing. These ideas …

We review theory and evidence relating to herd behaviour, payoff and reputational
interactions, social learning, and informational cascades in capital markets. We offer a …

Companies issuing stock during 1970 to 1990, whether an initial public offering or a
seasoned equity offering, have been poor long‐run investments for investors. During the five …

Recent studies have documented that firms conducting seasoned equity offerings have
inordinately low stock returns during the five years after the offering, following a sharp run …

With the help of the United States Government and committed funding from bank credit lines,
the United States corporate sector responded to the Covid‐19 cash flow shock by issuing …

The aggregate volume of equity issues is used to search for periods when seasoned equity
capital can be raised at favorable terms. We find that the price reaction to equity issue …

We present large sample evidence on the performance of domestic and US (foreign) bidder
firms acquiring Canadian targets. Domestic bidders earn significantly positive average …

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

The 'new issues puzzle'is that stocks of common stock issuers subsequently underperform
nonissuers matched on size and book-to-market ratio. With 7000+ seasoned equity and debt …

Flotation costs represent a significant loss of capital to firms and are positively related to
information asymmetry between managers and outside investors. We measure a firm's …