现有的公司财务理论能否解释 COVID-19 大流行期间的证券发行?

IF 2.1 2区 经济学 Q2 BUSINESS, FINANCE Journal of Empirical Finance Pub Date : 2024-10-20 DOI:10.1016/j.jempfin.2024.101558
Marie Dutordoir , Joshua Shemesh , Chris Veld , Qing Wang
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引用次数: 0

摘要

我们记录了 COVID 大流行期间公司证券发行的大幅增长。证券发行的增加可以归因于宏观经济条件的变化,而可转换债券和直接债券发行的增加则无法用标准的证券选择决定因素来解释。此外,我们还发现,COVID 期间的 SEO 公告往往被研发(R&D)相关新闻所污染,SEO 募集的资金更有可能被囤积为现金。总体而言,COVID 期 SEO 符合市场时机行为,但 COVID 期可转换债券和直接债券的增加与大流行前的企业融资理由或政府干预无法调和。我们还进一步证明,在证券发行选择和公告回报方面,COVID 大流行与全球金融危机(GFC)有很大不同。
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Can existing corporate finance theories explain security offerings during the COVID-19 pandemic?
We document substantial increases in corporate security offerings during the COVID pandemic. While the increase in seasoned equity offerings (SEOs) can be attributed to shifts in macroeconomic conditions, increases in convertible and straight bond offerings cannot be explained by standard security choice determinants. We furthermore find that COVID-period SEO announcements are often contaminated with Research and Development (R&D)-related news, with the SEO proceeds more likely to be hoarded as cash. Overall, COVID-period SEOs align with market timing behavior, but the increase in COVID-period convertibles and straight bonds cannot be reconciled with pre-pandemic corporate financing rationales or government interventions. We furthermore demonstrate that the COVID pandemic differs substantially from the Global Financial Crisis (GFC) in terms of security offering choices and announcement returns.
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来源期刊
CiteScore
3.40
自引率
3.80%
发文量
59
期刊介绍: The Journal of Empirical Finance is a financial economics journal whose aim is to publish high quality articles in empirical finance. Empirical finance is interpreted broadly to include any type of empirical work in financial economics, financial econometrics, and also theoretical work with clear empirical implications, even when there is no empirical analysis. The Journal welcomes articles in all fields of finance, such as asset pricing, corporate finance, financial econometrics, banking, international finance, microstructure, behavioural finance, etc. The Editorial Team is willing to take risks on innovative research, controversial papers, and unusual approaches. We are also particularly interested in work produced by young scholars. The composition of the editorial board reflects such goals.
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