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Financing choices, market imperfecti...

Safieddine, Assem M.

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Financing choices, market imperfections, and corporate performance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financing choices, market imperfections, and corporate performance./
Author:	Safieddine, Assem M.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 1996,
Description:	133 p.
Notes:	Source: Dissertations Abstracts International, Volume: 58-07, Section: A.
Contained By:	Dissertations Abstracts International58-07A.
Subject:	School finance. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9707887
ISBN:	9780591151282

Financing choices, market imperfections, and corporate performance.
Safieddine, Assem M.

Financing choices, market imperfections, and corporate performance. - Ann Arbor : ProQuest Dissertations & Theses, 1996 - 133 p.

Source: Dissertations Abstracts International, Volume: 58-07, Section: A.

Thesis (Ph.D.)--Boston College, 1996.

This dissertation investigates the effect of market imperfections on the choice of securities' issuance. The choices examined include the decision to issue debt in response to a takeover threat, the debt-equity choice given different degrees of information asymmetry, and the public-private equity issuance choice given time-varying asymmetric information. Post-issuance operating and security performance are reconciled to existing theories of financing choice. The analysis is divided into three chapters, following an overview of the literature. The second chapter attempts to distinguish between two competing classes of agency-cost-based explanations for the use of debt as a defensive mechanism: those which imply that managers issue debt merely to entrench themselves by making a takeover more difficult; and those that predict that debt should have a positive effect on firm performance by motivating management to work harder. I find that debt is an effective defensive tactic against unwanted takeovers, and when used improves firm's operational productivity. The third chapter focuses on the relation between information asymmetry and long-run performance of security-offering firms. The analyses contrasts the information effects for debt and equity offerings after controlling for the endogenity of performance and the type of security issued. We find a positive relation between information asymmetry at the time of the offering and the post-issue decline in performance. This is consistent with the information models of the decision to issue securities such as Myers and Majluf (1984). The fourth chapter investigates the choice of the public-private equity and whether this choice has implications on firm value. We find that firms issuing "with type" outperform firms issuing "against type", regardless of whether they are expected to issue public and private. We distinguish between periods of high and low information asymmetry and find in the latter, private placements mitigate the familiar information problems that firms face in public equity markets.

ISBN: 9780591151282Subjects--Topical Terms:

3765455
School finance.

Financing choices, market imperfections, and corporate performance.
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245 1 0 $a Financing choices, market imperfections, and corporate performance.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 1996
300 $a 133 p.
500 $a Source: Dissertations Abstracts International, Volume: 58-07, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Titman, Sheridan.
502 $a Thesis (Ph.D.)--Boston College, 1996.
520 $a This dissertation investigates the effect of market imperfections on the choice of securities' issuance. The choices examined include the decision to issue debt in response to a takeover threat, the debt-equity choice given different degrees of information asymmetry, and the public-private equity issuance choice given time-varying asymmetric information. Post-issuance operating and security performance are reconciled to existing theories of financing choice. The analysis is divided into three chapters, following an overview of the literature. The second chapter attempts to distinguish between two competing classes of agency-cost-based explanations for the use of debt as a defensive mechanism: those which imply that managers issue debt merely to entrench themselves by making a takeover more difficult; and those that predict that debt should have a positive effect on firm performance by motivating management to work harder. I find that debt is an effective defensive tactic against unwanted takeovers, and when used improves firm's operational productivity. The third chapter focuses on the relation between information asymmetry and long-run performance of security-offering firms. The analyses contrasts the information effects for debt and equity offerings after controlling for the endogenity of performance and the type of security issued. We find a positive relation between information asymmetry at the time of the offering and the post-issue decline in performance. This is consistent with the information models of the decision to issue securities such as Myers and Majluf (1984). The fourth chapter investigates the choice of the public-private equity and whether this choice has implications on firm value. We find that firms issuing "with type" outperform firms issuing "against type", regardless of whether they are expected to issue public and private. We distinguish between periods of high and low information asymmetry and find in the latter, private placements mitigate the familiar information problems that firms face in public equity markets.
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