時間:6/25 (一) 10:30-12:00

地點: 台大管理學院一號館 2F 冠德講堂

演講人: Bong Soo Lee

http://www.cob.fsu.edu/Academic-Programs/Departments/Finance/Faculty-Research/Faculty-Profiles/Bong-Soo-Lee

學校: College of Business, The Florida State University

講題: Information Asymmetry and the Timing of Capital Issuance: An International Examination

請見本次演講摘要:

Abstract

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.