Costly External Equity: Implications for Asset Pricing Anomalies

摘要：

We document that the value, net stock issues, investment, and asset growth anomalies tend to be stronger in financially more constrained firms than in less constrained firms. This effect of finan- cial constraints is distinct from that of financial distress on anomalies. Intuitively, costly external finance makes marginal costs of investment more sensitive to investment in more constrained firms, giving rise to a stronger negative correlation between investment and the discount rate.

作者: Dongmei Li Erica X. N. Li Lu Zhang

作者单位: Rady School of Management, University of California, San Diego, Otterson Hall, Room 3S149, 9500 Gilm Finance Department, Stephen M. Ross School of Business, University of Michigan, 701 Tappan, E 7601 B Finance Department, Stephen M. Ross School of Business, University of Michigan, 701 Tappan, E 7605 B

会议类型: 国际会议

会议名称: 2009年中国金融国际年会

会议地点: 广州

会议语种:英文

页码: 1-42

在线出版日期: 2009-07-07（万方平台首次上网日期，不代表论文的发表时间）