主题： Corporate Cash Shortfalls and Financing Decisions（公司现金流短缺及融资决策）
主讲人：Jay R. Ritter，佛罗里达大学惠灵顿工商管理德州扑克大小
金融学教授
日期：2015年6月15日（周一）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
An influential paper by DeAngelo, DeAngelo, and
Stulz (2010) concludes that near-term cash needs are the primary motive for
seasoned equity offerings. We find that this is even more true for debt issues.
Conditional on external financing, Tobin’s Q and firm size are highly important
predictors for the choice between debt and equity, even for firms that are
running out of cash. Our findings suggest that a near-term cash need is the
primary motive for debt issues, but market timing, precautionary saving, and
corporate lifecycle motives are of primary importance for equity issues and the
debt versus equity choice.
主讲人简介:
Jay R. Ritter is Professor of
Finance at Warrington College of Business Administration, University of Florida.
Professor Ritter received his B.A., M.A. and Ph.D. in Finance from University
of Chicago. His research interests are mainly in initial public offerings,
asset pricing, valuation, and investment banking. Professor Ritter teaches
corporate finance at the undergraduate, M.B.A. and Ph.D. levels. He is a
leading academic authority on the market for newly issued stock. He has
previously served on the faculties of the University of Pennsylvania’s Wharton
School, the University of Michigan, and was a visiting professor at the MIT
Sloan School of Management. His papers have appeared in Journal of Finance, Review of Financial Studies, Financial Management and Journal of Financial Economics and
other leading finance journals.
