This appendix contains tables and figures that supplement the analysis in the paper. Section A presents the asset pricing test results with equity issuance cost shocks constructed using alternative definitions of equity issuance. Section B presents the asset pricing test results with equity issuance cost shocks constructed by taking averages of portfolio-level equity issuance shocks across port...

This study explores the role of issuance expenses in explaining the fall in stock value for OTC stock offerings that raise cash for debt reduction purposes. It estimates that over half of the sample's −2.79% two-day fall in stock value can be accounted for by issuance expenses when using a lower bound measure of issuance expenses. This estimate contrasts with the one-fifth estimate suggested by...

It is well established that equity issuance for most non-financial firms is procyclical. This paper shows that, in contrast, equity issuance for banks is countercyclical across credit cycles after 1980, as is retained income. Thus, during credit booms, banks raise less equity, even though more equity might help banks better absorb shocks. This paper shows that government guarantees play a cruci...

We test whether equity overvaluation affects corporate financing decisions using an ex ante misvaluation measure that filters firm scale and growth prospects from market price. We find that equity issuance and total financing by firms increase with equity overvaluation; but only among overvalued stocks. Also consistent with behavioral theories, we find that the sensitivity of equity issuance to...

Until recently, public-key certiicate issuance has involved verifying users' identities and public keys over a separate|and presumably secure|channel, such as in person or over the phone. However, the recent draft SET speciication has changed that with a protocol for issuing public-key certiicates to credit card holders in an interaction that takes place entirely over the Internet. We describe ...

Until recently, public-key certiicate issuance has involved verifying users' identities and public keys over a separate|and presumably secure|channel, such as in person or over the phone. However, the recent draft SET speciication has changed that with a protocol for issuing public-key certiicates to credit card holders in an interaction that takes place entirely over the Internet. We describe ...

This study proposes a model that clarifies how disaster warning issuance conditions affect “cry wolf” syndrome. The disaster assumed in this study is landslide caused by heavy rainfall. Local authorities that issue disaster warnings are thought to tend to avoid the situation where casualty occurs without the issuance to residents of a disaster warning. As a result, the issuance conditions may b...

Many corporate events are self-selected, but the relative impact of internal (firm-specific) and external (environmental) influences on discretionary corporate decisions remains largely unknown. In this paper, focusing on corporate debt issuance, we apply the contemporary push-pull theory to establish whether bond issuance are pushed by the firms due to internal considerations, or pulled by the...

I examine planned senior-for-junior and junior-for-senior transactions that are subsequently cancelled. I find statistically significant stock returns for issuance and cancellation announcements that are positively related to the direction of the leverage change. The magnitude and direction of the returns differ from previous research. Discrepancies are attributed to different issuance purposes.

in suhrawardi philosophy – like any philosophy which seeks to explain the general facts of being – the issuance of plurality is an important element in the cosmology and defers with mashsha basis in this regard. the issuance of plurality contains several stages in suhrawardi's main works: agreement with mashsha’ on the emanation of the first caused, criticizing them for the issuance of und...