메뉴 건너뛰기




Volumn 99, Issue 3, 2011, Pages 693-715

Share issuance and cash savings

Author keywords

Cash savings; G30; G31; G32; Market timing; Precautionary motives; Raising capital; Share issuance

Indexed keywords


EID: 78951477704     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2010.10.006     Document Type: Article
Times cited : (190)

References (66)
  • 1
    • 34648830566 scopus 로고    scopus 로고
    • Is cash negative debt? A hedging perspective on corporate financial policies
    • Acharya V., Almeida H., Campello M. Is cash negative debt? A hedging perspective on corporate financial policies. Journal of Financial Intermediation 2007, 16:515-554.
    • (2007) Journal of Financial Intermediation , vol.16 , pp. 515-554
    • Acharya, V.1    Almeida, H.2    Campello, M.3
  • 4
    • 0031234564 scopus 로고    scopus 로고
    • Market microstructure and securities values: evidence from the Tel Aviv stock exchange
    • Amihud Y., Mendelson H., Lauterbach B. Market microstructure and securities values: evidence from the Tel Aviv stock exchange. Journal of Financial Economics 1997, 45:365-390.
    • (1997) Journal of Financial Economics , vol.45 , pp. 365-390
    • Amihud, Y.1    Mendelson, H.2    Lauterbach, B.3
  • 5
    • 0013068840 scopus 로고    scopus 로고
    • Illiquidity and stock returns: cross-section and time series effects
    • Amihud Y. Illiquidity and stock returns: cross-section and time series effects. Journal of Financial Economics 2002, 5:31-56.
    • (2002) Journal of Financial Economics , vol.5 , pp. 31-56
    • Amihud, Y.1
  • 6
    • 0040435486 scopus 로고    scopus 로고
    • The equity share in new issues and aggregate stock returns
    • Baker M., Wurgler J. The equity share in new issues and aggregate stock returns. Journal of Finance 2000, 55:2219-2257.
    • (2000) Journal of Finance , vol.55 , pp. 2219-2257
    • Baker, M.1    Wurgler, J.2
  • 7
    • 0041672312 scopus 로고    scopus 로고
    • Market timing and capital structure
    • Baker M., Wurgler J. Market timing and capital structure. Journal of Finance 2002, 57:1-32.
    • (2002) Journal of Finance , vol.57 , pp. 1-32
    • Baker, M.1    Wurgler, J.2
  • 8
    • 33746819192 scopus 로고    scopus 로고
    • Investor sentiment and the cross section of stock returns
    • Baker M., Wurgler J. Investor sentiment and the cross section of stock returns. Journal of Finance 2006, 61:1645-1680.
    • (2006) Journal of Finance , vol.61 , pp. 1645-1680
    • Baker, M.1    Wurgler, J.2
  • 10
    • 70349487039 scopus 로고    scopus 로고
    • Why do U.S. firms hold so much more cash than they used to?
    • Bates T., Kahle K., Stulz R. Why do U.S. firms hold so much more cash than they used to?. Journal of Finance 2009, 64:1985-2021.
    • (2009) Journal of Finance , vol.64 , pp. 1985-2021
    • Bates, T.1    Kahle, K.2    Stulz, R.3
  • 12
    • 0009917326 scopus 로고    scopus 로고
    • Short-term traders and liquidity: a test using Bombay Stock Exchange data
    • Berkman H., Eleswarapu V. Short-term traders and liquidity: a test using Bombay Stock Exchange data. Journal of Financial Economics 1998, 47:339-355.
    • (1998) Journal of Financial Economics , vol.47 , pp. 339-355
    • Berkman, H.1    Eleswarapu, V.2
  • 14
    • 58849120945 scopus 로고    scopus 로고
    • Financing innovation and growth: cash flow, external share, and the 1990s R&D boom
    • Brown J.R., Fazzari S.M., Petersen B.C. Financing innovation and growth: cash flow, external share, and the 1990s R&D boom. Journal of Finance 2009, 64:151-185.
    • (2009) Journal of Finance , vol.64 , pp. 151-185
    • Brown, J.R.1    Fazzari, S.M.2    Petersen, B.C.3
  • 15
    • 85011655177 scopus 로고    scopus 로고
    • Deciphering the liquidity and credit crunch 2007-2003
    • Brunnermeier M. Deciphering the liquidity and credit crunch 2007-2003. Journal of Economic Perspectives 2009, 23:77-100.
    • (2009) Journal of Economic Perspectives , vol.23 , pp. 77-100
    • Brunnermeier, M.1
  • 18
    • 33746838431 scopus 로고    scopus 로고
    • Market reaction to tangible and intangible information
    • Daniel K., Titman S. Market reaction to tangible and intangible information. Journal of Finance 2006, 61:1605-1643.
    • (2006) Journal of Finance , vol.61 , pp. 1605-1643
    • Daniel, K.1    Titman, S.2
  • 19
    • 78951483289 scopus 로고    scopus 로고
    • Seasoned equity offerings, market timing, and the corporate lifecycle
    • DeAngelo H., DeAngelo L., Stulz R. Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics 2010, 56:3-28.
    • (2010) Journal of Financial Economics , vol.56 , pp. 3-28
    • DeAngelo, H.1    DeAngelo, L.2    Stulz, R.3
  • 20
    • 53649107994 scopus 로고    scopus 로고
    • The timing of financing decisions: an examination of the correlation in financing waves
    • Dittmar A., Dittmar R. The timing of financing decisions: an examination of the correlation in financing waves. Journal of Financial Economics 2008, 90:59-83.
    • (2008) Journal of Financial Economics , vol.90 , pp. 59-83
    • Dittmar, A.1    Dittmar, R.2
  • 21
    • 0002724146 scopus 로고
    • Business conditions and expected returns on stocks and bonds
    • Fama E.F., French K.R. Business conditions and expected returns on stocks and bonds. Journal of Financial Economics 1989, 95:275-295.
    • (1989) Journal of Financial Economics , vol.95 , pp. 275-295
    • Fama, E.F.1    French, K.R.2
  • 23
  • 25
    • 0037292694 scopus 로고    scopus 로고
    • Testing the pecking order theory of capital structure
    • Frank M.Z., Goyal V.K. Testing the pecking order theory of capital structure. Journal of Financial Economics 2003, 27:217-248.
    • (2003) Journal of Financial Economics , vol.27 , pp. 217-248
    • Frank, M.Z.1    Goyal, V.K.2
  • 26
    • 77954206997 scopus 로고    scopus 로고
    • Aggregate corporate liquidity and stock returns
    • Unpublished working paper, Harvard Business School.
    • Greenwood, R., 2007. Aggregate corporate liquidity and stock returns. Unpublished working paper, Harvard Business School.
    • (2007)
    • Greenwood, R.1
  • 27
    • 1342330017 scopus 로고    scopus 로고
    • The financing of research and development
    • Unpublished working paper, University of California, Berkeley.
    • Hall, B., 2002. The financing of research and development. Unpublished working paper, University of California, Berkeley.
    • (2002)
    • Hall, B.1
  • 28
    • 34548301912 scopus 로고    scopus 로고
    • Corporate precautionary cash holdings
    • Han S., Qiu J. Corporate precautionary cash holdings. Journal of Corporate Finance 2007, 13:43-57.
    • (2007) Journal of Corporate Finance , vol.13 , pp. 43-57
    • Han, S.1    Qiu, J.2
  • 30
    • 3042630648 scopus 로고    scopus 로고
    • Liquidity in the futures pits: inferring market dynamics from incomplete data
    • Hasbrouck J. Liquidity in the futures pits: inferring market dynamics from incomplete data. Journal of Financial and Quantitative Analysis 2004, 39:305-326.
    • (2004) Journal of Financial and Quantitative Analysis , vol.39 , pp. 305-326
    • Hasbrouck, J.1
  • 31
    • 64849086208 scopus 로고    scopus 로고
    • Trading costs and returns for US equities: estimating effect costs from daily data
    • Hasbrouck J. Trading costs and returns for US equities: estimating effect costs from daily data. Journal of Finance 2009, 64:1445-1477.
    • (2009) Journal of Finance , vol.64 , pp. 1445-1477
    • Hasbrouck, J.1
  • 32
    • 0000760894 scopus 로고    scopus 로고
    • Common factors in prices, order flows, and liquidity
    • Hasbrouck J., Seppi D. Common factors in prices, order flows, and liquidity. Journal of Financial Economics 2001, 59:383-411.
    • (2001) Journal of Financial Economics , vol.59 , pp. 383-411
    • Hasbrouck, J.1    Seppi, D.2
  • 33
    • 34247616049 scopus 로고    scopus 로고
    • The influence of product market dynamics on a firm's cash holdings and hedging behavior
    • Haushalter D., Klasa S., Maxwell W. The influence of product market dynamics on a firm's cash holdings and hedging behavior. Journal of Financial Economics 2007, 84:797-825.
    • (2007) Journal of Financial Economics , vol.84 , pp. 797-825
    • Haushalter, D.1    Klasa, S.2    Maxwell, W.3
  • 34
    • 78951472497 scopus 로고    scopus 로고
    • Behavioral and rational explanations of stock price performance around SEOs: evidence from a decomposition of market-to-book ratios. Journal of Financial and Quantitative Analysis, forthcoming.
    • Hertzel, M.G., Li, Z. Behavioral and rational explanations of stock price performance around SEOs: evidence from a decomposition of market-to-book ratios. Journal of Financial and Quantitative Analysis, forthcoming.
    • Hertzel, M.G.1    Li, Z.2
  • 37
    • 78951495645 scopus 로고    scopus 로고
    • Systemic liquidity. Unpublished working paper, Columbia Business School.
    • Huberman, G., Halka, D., 1999. Systemic liquidity. Unpublished working paper, Columbia Business School.
    • (1999)
    • Huberman, G.1    Halka, D.2
  • 39
    • 38149103397 scopus 로고    scopus 로고
    • Motivations for public share offers: an international perspective
    • Kim W., Weisbach M. Motivations for public share offers: an international perspective. Journal of Financial Economics 2008, 87:281-307.
    • (2008) Journal of Financial Economics , vol.87 , pp. 281-307
    • Kim, W.1    Weisbach, M.2
  • 40
    • 78951493114 scopus 로고    scopus 로고
    • The effects of investor sentiment on speculative trading and prices of stock and index options. Unpublished working paper, University of Utah.
    • Lemmon, M.L., Ni, S.X., 2009. The effects of investor sentiment on speculative trading and prices of stock and index options. Unpublished working paper, University of Utah.
    • (2009)
    • Lemmon, M.L.1    Ni, S.X.2
  • 41
    • 84882477852 scopus 로고    scopus 로고
    • Self-selection models in corporate finance
    • Elsevier Science, North Holland, (Chapter 2)
    • Li K., Prabhala N. Self-selection models in corporate finance. Handbook of Corporate Finance: Empirical Corporate Finance 2007, vol. I:37-86. Elsevier Science, North Holland, (Chapter 2).
    • (2007) Handbook of Corporate Finance: Empirical Corporate Finance , vol.1 , pp. 37-86
    • Li, K.1    Prabhala, N.2
  • 42
    • 78951490430 scopus 로고    scopus 로고
    • Investor sentiment, post-earnings announcement drift, and accruals. Unpublished working paper, New York University.
    • Livnat, J., Petrovits, C., 2009. Investor sentiment, post-earnings announcement drift, and accruals. Unpublished working paper, New York University.
    • (2009)
    • Livnat, J.1    Petrovits, C.2
  • 44
    • 0039054770 scopus 로고    scopus 로고
    • The operating performance of firms conducting seasoned equity offerings
    • Loughran T., Ritter J. The operating performance of firms conducting seasoned equity offerings. Journal of Finance 1997, 52:1823-1850.
    • (1997) Journal of Finance , vol.52 , pp. 1823-1850
    • Loughran, T.1    Ritter, J.2
  • 45
    • 0037213577 scopus 로고    scopus 로고
    • Why does IPO volume fluctuate so much?
    • Lowry M. Why does IPO volume fluctuate so much?. Journal of Financial Economics 2003, 67:3-40.
    • (2003) Journal of Financial Economics , vol.67 , pp. 3-40
    • Lowry, M.1
  • 47
    • 84878620953 scopus 로고    scopus 로고
    • Investor sentiment and real investment.
    • Unpublished working paper, University of Alberta, Edmonton.
    • McLean, R.D., Zhao, M., 2010. Investor sentiment and real investment. Unpublished working paper, University of Alberta, Edmonton.
    • (2010)
    • McLean, R.D.1    Zhao, M.2
  • 50
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers S. The capital structure puzzle. Journal of Finance 1984, 3:575-592.
    • (1984) Journal of Finance , vol.3 , pp. 575-592
    • Myers, S.1
  • 51
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics 1984, 13:187-221.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-221
    • Myers, S.1    Majluf, N.2
  • 52
    • 0000706085 scopus 로고
    • A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix
    • Newey W., West K. A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica 1987, 55:703-708.
    • (1987) Econometrica , vol.55 , pp. 703-708
    • Newey, W.1    West, K.2
  • 53
    • 84866097414 scopus 로고    scopus 로고
    • Implications of insufficient and excess cash on future performance.
    • Unpublished working paper, Indiana University.
    • Oler, D., Picconni, M., 2009. Implications of insufficient and excess cash on future performance. Unpublished working paper, Indiana University.
    • (2009)
    • Oler, D.1    Picconni, M.2
  • 55
    • 1642270639 scopus 로고    scopus 로고
    • How much cash does your company need?
    • Passov R. How much cash does your company need?. Harvard Business Review 2003, November:119-128.
    • (2003) Harvard Business Review , Issue.NOVEMBER , pp. 119-128
    • Passov, R.1
  • 56
    • 84892702170 scopus 로고    scopus 로고
    • Estimating standard errors in finance panel data sets: comparing approaches
    • Petersen M. Estimating standard errors in finance panel data sets: comparing approaches. Review of Financial Studies 2009, 22:435-480.
    • (2009) Review of Financial Studies , vol.22 , pp. 435-480
    • Petersen, M.1
  • 57
    • 60449087902 scopus 로고    scopus 로고
    • Idiosyncratic return volatility, cash flows, and product market competition
    • Pontiff J., Irvine P. Idiosyncratic return volatility, cash flows, and product market competition. Review of Financial Studies 2009, 22:1149-1177.
    • (2009) Review of Financial Studies , vol.22 , pp. 1149-1177
    • Pontiff, J.1    Irvine, P.2
  • 58
    • 41649097965 scopus 로고    scopus 로고
    • Share issuance and cross-sectional returns
    • Pontiff J., Woodgate A. Share issuance and cross-sectional returns. Journal of Finance 2008, 63:921-945.
    • (2008) Journal of Finance , vol.63 , pp. 921-945
    • Pontiff, J.1    Woodgate, A.2
  • 59
    • 84993839747 scopus 로고
    • What do we know about capital structure?
    • Rajan R., Zingales L. What do we know about capital structure?. Journal of Finance 1995, 50:1421-1460.
    • (1995) Journal of Finance , vol.50 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 60
    • 84977717063 scopus 로고
    • The long-run performance of initial public offerings
    • Ritter J. The long-run performance of initial public offerings. Journal of Finance 1991, 46:3-27.
    • (1991) Journal of Finance , vol.46 , pp. 3-27
    • Ritter, J.1
  • 61
    • 84944043652 scopus 로고
    • A simple implicit measure of the effective bid-ask spread in an efficient market
    • Roll R. A simple implicit measure of the effective bid-ask spread in an efficient market. Journal of Finance 1984, 39:1127-1139.
    • (1984) Journal of Finance , vol.39 , pp. 1127-1139
    • Roll, R.1
  • 62
    • 78649482156 scopus 로고    scopus 로고
    • Excess cash and stock returns
    • Financial Management, forthcoming.
    • Simutin, M., 2010. Excess cash and stock returns. Financial Management, forthcoming.
    • (2010)
    • Simutin, M.1
  • 63
    • 58149364936 scopus 로고
    • Underperformance in long-run stock returns following seasoned equity offerings
    • Spiess D.K., Affleck-Graves J. Underperformance in long-run stock returns following seasoned equity offerings. Journal of Financial Economics 1995, 38:243-267.
    • (1995) Journal of Financial Economics , vol.38 , pp. 243-267
    • Spiess, D.K.1    Affleck-Graves, J.2
  • 64
    • 0001650452 scopus 로고
    • Public regulation of the securities markets
    • Stigler G.J. Public regulation of the securities markets. Journal of Business 1964, 37:117-142.
    • (1964) Journal of Business , vol.37 , pp. 117-142
    • Stigler, G.J.1
  • 66
    • 0003300715 scopus 로고    scopus 로고
    • Understanding the determinants of managerial ownership and the link between ownership and performance: comment
    • Zhou X. Understanding the determinants of managerial ownership and the link between ownership and performance: comment. Journal of Financial Economics 2001, 62:559-571.
    • (2001) Journal of Financial Economics , vol.62 , pp. 559-571
    • Zhou, X.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.