杠杆(统计)
衡平法
债务
业务
索引(排版)
货币经济学
负债股本比率
收益
库存(枪支)
公共信息
经济
金融体系
金融经济学
财务
社会学
人口学
万维网
工程类
法学
机器学习
非概率抽样
机械工程
计算机科学
政治学
人口
公共行政
作者
Vidhan K. Goyal,Daniel Urban,Wenting Zhao
标识
DOI:10.1111/1475-679x.12626
摘要
ABSTRACT We study how stock index inclusion affects corporate financing using a global sample of 198 index events—primarily new index launches—across 21 markets. Firms added to indexes issue more public debt but not equity, leading to a sustained increase in leverage. Inclusion draws greater attention from analysts and the media and increases the likelihood of receiving credit ratings. As a result, indexed firms benefit from more liquid bond markets and lower yield spreads, prompting greater reliance on public debt. Consistent with an information‐driven mechanism, leverage responses are strongest in countries with weaker information environments. However, these information gains do not enhance stock price informativeness: bid‐ask spreads, price impact measures, post‐earnings announcement drift, and the implied cost of equity remain unchanged—likely because of the growing presence of information‐insensitive passive investors.
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