One of the most debated issues in the corporate finance literature is the security issue decision.1 Against the background of the existence of capital market imperfections, a large number of studies show that different external financing decisions may entail different kinds of costs for an issuing firm.2 These costs have an impact on firm value and therefore, the security issue decision is not trivial.3


Free Cash Flow Common Stock Market Timing Issue Decision Announcement Return 
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© Deutscher Universitäts-Verlag|GWV Fachverlage GmbH, Wiesbaden 2006

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