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.