Earticle

초록

영어

Using issuance data across 50 countries from 1996 through 2009, we examine the role of information asymmetry in market timing globally. We utilize a model that takes into account the possible feedback of security issues to past market returns allowing us to ascertain whether timing of capital issuance around the world is based on information asymmetry. We find evidence of both market timing and pseudo market timing. The evidence for market timing is significantly stronger in international sub-samples with greater levels of information asymmetry when capital issuance is measured by equity share. The evidence for pseudo market timing is consistent across sub-samples when capital issuance is measured by changes in equity issuance. These results suggest that information asymmetry in a market plays an important role in the ability of managers to time capital issuance and that counter to the implications of extant literature, market timing and pseudo market timing are not mutually exclusive, i.e., existence of one does not nullify the other.

목차

Abstract
 I. Motivation
 II. Empirical Model
  A. A test of asymmetric information based on causality tests (Sims test)
  B. Empirical Model
 III. Data and Descriptive Statistics
  A. Issuance Information
  B. Compilation of Data
  C. Creation of Sub-samples
 IV. Empirical Results
  A. Market Timing
  B. Pseudo-market Timing
 V. Robustness
  A. Excluding Australia and the United States
  B. Excluding Simultaneous International Offerings
  C. IPOs and Follow-on Offerings
 VI. Future Research
 VII. Concluding Remarks
 References
 Appendix
 Table

키워드

저자

• April M. Knill [ College of Business, The Florida State University, Rovetta Business Building, Tallahassee, FL 32306, ]
• Bong Soo Lee [ College of Business, The Florida State University, 251 Rovetta Business Building, Tallahassee, FL ]

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간행물

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• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330