The capital supply channel in peer effects: The case of SEOs

被引：3

作者：

Billett, Matthew T. ^{[1
]}

Garfinkel, Jon A. ^{[2
]}

Jiang, Yi ^{[3
]}

机构：

[1] Indiana Univ, Kelley Sch Business, Bloomington, IN 47405 USA

[2] Univ Iowa, Tippie Coll Business, Iowa, IA USA

[3] Calif State Univ Fullerton, Mihaylo Coll Business & Econ, Fullerton, CA USA

来源：

JOURNAL OF BANKING & FINANCE | 2023年 / 149卷

关键词：

Peer effects; Capital supply; Financial intermediaries; SEOs; Hazards; Competition; CORPORATE GOVERNANCE; INFORMATION; CONSTRAINTS;

D O I：

10.1016/j.jbankfin.2023.106807

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We document a capital supply channel in peer effects, for the case of SEOs. Firms accelerate their SEOs - they have higher SEO hazards - when more of their peers conducted an SEO within the prior six months. The effect is stronger among older yet constrained firms than among younger yet unconstrained firms. It is also stronger after Russell index shocks that likely reduce indexer demand for a firm's equity. We document evidence of a potential underlying mechanism; information conveyed by underwriters that recently marketed SEOs of peers, thus reducing asymmetric information costs.(c) 2023 Elsevier B.V. All rights reserved.

引用

页数：13

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