TY - JOUR
T1 - Issuing and repurchasing
T2 - The influence of mispricing, corporate lifecycle and financing waves
AU - Seifert, Bruce
AU - Gonenc, Halit
PY - 2012/7
Y1 - 2012/7
N2 - This paper examines the impact of mispricing, corporate life cycle, and financing waves on the debt/equity decision when firms (1) acquire funds and (2) repurchase funds by using a large international data set from 47 countries for the period 1984–2006. Our results support the mispricing hypothesis and the corporate life cycle hypothesis for both the acquisition of new funds and the repurchase of funds. However, our findings are consistent with the financing wave hypothesis only for repurchases of firms residing in common law countries as well as market-based countries.
AB - This paper examines the impact of mispricing, corporate life cycle, and financing waves on the debt/equity decision when firms (1) acquire funds and (2) repurchase funds by using a large international data set from 47 countries for the period 1984–2006. Our results support the mispricing hypothesis and the corporate life cycle hypothesis for both the acquisition of new funds and the repurchase of funds. However, our findings are consistent with the financing wave hypothesis only for repurchases of firms residing in common law countries as well as market-based countries.
U2 - 10.1016/j.mulfin.2012.02.001
DO - 10.1016/j.mulfin.2012.02.001
M3 - Article
SN - 1042-444X
VL - 22
SP - 66
EP - 81
JO - Journal of Multinational Financial Management
JF - Journal of Multinational Financial Management
IS - 3
ER -