Graduation Year
2005
Document Type
Dissertation
Degree
Ph.D.
Degree Granting Department
Business Administration
Major Professor
Scott Besley, D.B.A.
Committee Member
Barry Lin, Ph.D.
Committee Member
Christos Pantzalis, Ph.D.
Committee Member
Ninon Sutton, Ph.D.
Keywords
Equity financing, Debt financing, Analyst coverage, Information asymmetry, Security offerings, Investor optimism
Abstract
I investigate the impacts that information production, information asymmetry have on firms financing choices 3/4 equity financing or debt financing. I find that equity issue announcements encourage more information production than debt issue announcements, which in turn raises the probability of equity financing. In addition, the post-issue stock market performance is positively associated with information production. The results are robust after controlling for investor optimism. I also apply the Heckmans two-step procedure to jointly investigate firms financing choices and offering costs. I find that security-issuing firms choose the less-costly financing type.
Scholar Commons Citation
Yi, Bingsheng, "Two Essays on Security Offerings: Information Production, Investor Perception and The Types of External Financing, and A Unified Analysis on Financing Choices and Offering Costs" (2005). USF Tampa Graduate Theses and Dissertations.
https://digitalcommons.usf.edu/etd/925
