Costs of capital and public issuance choice

Lamoureux Christopher G.; Nejadmalayeri Ali

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Costs of capital and public issuance choice

机译：资本成本和公开发行的选择

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The choices of firms raising external capital conform to standard static choice theory in that the higher the (relative) cost of an alternative-both at the overall market level and at the firm level the less attractive is that alternative. Price elasticities of demand are smaller for more profitable and tangible firms, and larger for larger and more liquid firms. Firm fixed effects account for one-third of the explained choice variation of multiple issuers. Short-term debt is more attractive when the yield curve is steeply sloped, but the demand for equity is inelastic with respect to the market price-earnings multiple. (C) 2015 Elsevier B.V. All rights reserved.

机译：筹集外部资本的企业的选择符合标准的静态选择理论，因为替代品的（相对）成本越高-在整个市场层面上，在企业层面上，替代品的吸引力就越小。对于利润更高且有形的公司，需求的价格弹性较小，而对于规模更大，流动性更大的公司，需求的价格弹性较大。固定收益效应占多家发行人解释的选择差异的三分之一。当收益率曲线陡峭倾斜时，短期债务更具吸引力，但相对于市盈率而言，对股票的需求缺乏弹性。（C）2015 Elsevier B.V.保留所有权利。

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来源
《Journal of banking & finance》 |2015年第12期|27-45|共19页
作者
Lamoureux Christopher G.; Nejadmalayeri Ali;
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作者单位

Univ Arizona, Eller Coll Management, Tucson, AZ 85721 USA;

Oklahoma State Univ, Spears Sch Business, Tulsa, OK 74106 USA;

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原文格式 PDF
正文语种 eng
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关键词
Market conditions; External financing choice; Hierarchical multinomial probit;

机译：市场条件;外部融资选择;层次多项式概率;

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Costs of capital and public issuance choice

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