Abstract

http://ssrn.com/abstract=429640
 
 

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Financing Decisions: Who Issues Stock?


Eugene F. Fama


University of Chicago - Finance

Kenneth R. French


Dartmouth College - Tuck School of Business; National Bureau of Economic Research (NBER)

April 2004

CRSP Working Paper No. 549

Abstract:     
Financing decisions seem to violate the central predictions of the pecking order model about how often and under what circumstances firms issue equity. Specifically, most firms issue or retire equity each year, the issues are on average large, and they are not typically done by firms under duress. We estimate that during 1973-2002 the year-by-year equity decisions of more than half of our sample firms violate the pecking order. And contradictions are more common among larger firms.

Number of Pages in PDF File: 39

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Date posted: August 13, 2003  

Suggested Citation

Fama, Eugene F. and French, Kenneth R., Financing Decisions: Who Issues Stock? (April 2004). CRSP Working Paper No. 549. Available at SSRN: http://ssrn.com/abstract=429640 or http://dx.doi.org/10.2139/ssrn.429640

Contact Information

Eugene F. Fama
University of Chicago - Finance ( email )
5807 S. Woodlawn Avenue
Chicago, IL 60637
United States
773-702-7282 (Phone)
773-702-9937 (Fax)
Kenneth R. French (Contact Author)
Dartmouth College - Tuck School of Business ( email )
Hanover, NH 03755
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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