Issuing and repurchasing: The influence of mispricing, corporate lifecycle and financing waves

Bruce Seifert, Halit Gonenc*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

3 Citations (Scopus)

Abstract

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.
Original languageEnglish
Pages (from-to)66-81
Number of pages16
JournalJournal of Multinational Financial Management
Volume22
Issue number3
DOIs
Publication statusPublished - Jul-2012

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