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College of Business(경영대학)School of Management Engineering(경영공학부)MT-Journal Papers(저널논문)

Timing, investment opportunities, managerial discretion, and the security issue decision

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dc.contributor.authorJung, Kooyulko
dc.contributor.authorKim, YCko
dc.contributor.authorStulz, RMko
dc.date.accessioned2008-04-22T09:16:54Z-
dc.date.available2008-04-22T09:16:54Z-
dc.date.created2012-02-06-
dc.date.created2012-02-06-
dc.date.issued1996-10-
dc.identifier.citationJOURNAL OF FINANCIAL ECONOMICS, v.42, no.2, pp.159 - 185-
dc.identifier.issn0304-405X-
dc.identifier.urihttp://hdl.handle.net/10203/4067-
dc.description.abstractThis paper investigates the ability of the pecking-order model, the agency model, and the timing model to explain arms' decisions whether to issue debt or equity, the stock price reaction to their decisions, and their actions afterward. We find strong support for the agency model. Firms often depart from the pecking order because of agency considerations. We fail to find support for the timing model.-
dc.languageEnglish-
dc.language.isoen_USen
dc.publisherELSEVIER SCIENCE SA LAUSANNE-
dc.subjectSEASONED EQUITY OFFERINGS-
dc.subjectCAPITAL STRUCTURE-
dc.subjectASYMMETRIC INFORMATION-
dc.subjectFINANCING POLICIES-
dc.subjectAGENCY COSTS-
dc.subjectCORPORATE-
dc.subjectDETERMINANTS-
dc.subjectDIVIDEND-
dc.subjectPUZZLE-
dc.subjectMARKET-
dc.titleTiming, investment opportunities, managerial discretion, and the security issue decision-
dc.typeArticle-
dc.identifier.wosidA1996VG56400002-
dc.identifier.scopusid2-s2.0-0030269231-
dc.type.rimsART-
dc.citation.volume42-
dc.citation.issue2-
dc.citation.beginningpage159-
dc.citation.endingpage185-
dc.citation.publicationnameJOURNAL OF FINANCIAL ECONOMICS-
dc.identifier.doi10.1016/0304-405X(96)00881-1-
dc.embargo.liftdate9999-12-31-
dc.embargo.terms9999-12-31-
dc.contributor.localauthorJung, Kooyul-
dc.contributor.nonIdAuthorKim, YC-
dc.contributor.nonIdAuthorStulz, RM-
dc.type.journalArticleArticle-
dc.subject.keywordAuthorsecurity issue-
dc.subject.keywordAuthormanagerial discretion-
dc.subject.keywordAuthorequity-
dc.subject.keywordAuthordebt-
dc.subject.keywordAuthorinvestment opportunities-
dc.subject.keywordPlusSEASONED EQUITY OFFERINGS-
dc.subject.keywordPlusCAPITAL STRUCTURE-
dc.subject.keywordPlusASYMMETRIC INFORMATION-
dc.subject.keywordPlusFINANCING POLICIES-
dc.subject.keywordPlusAGENCY COSTS-
dc.subject.keywordPlusCORPORATE-
dc.subject.keywordPlusDETERMINANTS-
dc.subject.keywordPlusDIVIDEND-
dc.subject.keywordPlusPUZZLE-
dc.subject.keywordPlusMARKET-
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