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作者

David Hartzell;Shawn D. Howton;Shelly Howton;Benjamin Scheick

来源

REAL ESTATE ECONOMICS,Vol.47,Issue2,P.595-636

语言

英文

关键字

作者单位

Leonard W. Wood Center for Real Estate Studies, Kenan‐Flagler Business School, The University of North Carolina, Chapel Hill, NC, 27599;The Daniel M. DiLella Center for Real Estate, Villanova School of Business, Villanova University , Villanova, PA, 19085;Department of Finance, Villanova School of Business, Villanova University, Villanova, PA, 19085;Department of Finance, Villanova School of Business, Villanova University, Villanova, PA, 19085

摘要

This article examines at‐the‐market (ATM) equity programs as an additional source of financial flexibility. We find that firms with higher market‐to‐book ratios and greater institutional ownership are more likely to announce an ATM program. Firms using ATM programs are also more likely to issue shares when they have exhausted other viable financing alternatives, have timely investment opportunities and when market conditions are favorable. Finally, we document a significant negative announcement effect around the establishment of an ATM program, though the magnitude of this effect is significantly less negative than that of a comparable SEO.