Do Firms Issue more equity when markets are more liquid?
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This paper investigates how public equity issuance is related to stock market liquidity. Using quarterly data on IPOs and SEOs in 36 countries over the period 1995-2008, we show that equity issuance is significantly and positively related to contemporaneous and lagged innovations in aggregate local
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美国国家经济研究局创建时间：
2013-07-01
