Publication Type

Journal Article

Version

acceptedVersion

Publication Date

3-2023

Abstract

This is the third in our series ofJACFarticles that explores thecorporate motives for and consequences of seasoned equity offer-ings (SEOs) by U.S. public companies over the past 50 years. Likeits two predecessors, this article begins by examining each of thethree standard theories (or “models”) of corporate capital structureand financing policy that continue to receive serious considerationin academic discussions: (1) the Tradeoff Model;(2)thePeckingOrder Model, and (3) theMarket Timing Model.Aswealsobeganby noting in our two previous articles, each of these three modelshas implications that do not fit comfortably with the findings ofour analysis of over 8500 SEOs by U.S. companies between 1970and 2019.

Discipline

Corporate Finance | Finance and Financial Management

Research Areas

Finance

Publication

Journal of Applied Corporate Finance

Volume

34

Issue

4

First Page

101

Last Page

108

ISSN

1078-1196

Identifier

10.1111/jacf.12533

Publisher

Wiley

Additional URL

https://doi.org/10.1111/jacf.12533

Share

COinS