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RISS 인기검색어
- 검색키워드
- 저자 : April M. Knill (검색결과 2 건)
- 무료
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Information Asymmetry and the Timing of Capital Issuance : An International Examination
April M. Knill,Bong Soo Lee 한국재무학회 2012 한국재무학회 학술대회 Vol.2012 No.05
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.
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On the Timing of Capital Issuance : Market timing vs. Pseudo-Market timing
April M. Knill,Bong Soo Lee 한국재무학회 2014 한국재무학회 학술대회 Vol.2014 No.05
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.
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