The Equity Share in New Issues and Aggregate Stock Returns

By Malcolm P. Baker, Jeffrey Wurgler. 2000

1,122 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/14be014490dc773638650618a432fbc7d50a13c5

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Citations in the corpus

Anomalies and Market Efficiency (2002, unknown): “Recently, Baker and Wurgler (2000) have shown that the proportion of new securities issues that are equity issues is a negative predictor of future equity returns over the period 1928–1997. An obvious question given evidence of the time-series predictability of returns is whether this is evidence of”
Firm Life Cycle, Corporate Risk Taking, and Investor Sentiment (2017, unknown): “The interactive coefficients of SENT with four life cycle proxies yield results similar to the Baker and Wurgler (2006) measure.”
Leveraged Buyouts and Private Equity (2009, background): “(See Baker and Wurgler (2000) and Baker et al (2003) for arguments that public companies take advantage of market mispricing.)”
A Comprehensive Look at the Empirical Performance ofEquity Premium Prediction II (2008, unknown): “This is the variable proposed in Baker and Wurgler (2000), which we obtained directly from the authors, except for 2004 which we added ourselves.”
Overvalued Equity and Financing Decisions (2012, unknown): “Following Baker and Wurgler (2002), equity issuance (EI) is measured as the change in book equity minus the change in retained earnings [ book equity (Compustat item CEQ) + deferred taxes (item TXDB) − retained earnings (item RE)] scaled by lagged assets, and debt issuance (DI) is the change in asse”
Investment Banking and Securities Issuance (2003, background): “Baker and Wurgler (2002) document that a firm’s capital structure is strongly related to past market valuations, suggesting that capital structure is a cumulative outcome of past attempts to time the equity market.”
Capital Structure Decisions: Which Factors are Reliably Important? (2009, unknown): “More recently, Baker and Wurgler (2002) helped popularize the old market timing idea.”
Capital Structure Choice: Macroeconomic Conditions and Financial Constraints (2003, unknown): “Baker and Wurgler (2000) and Kaplin and Levy (2001) find that the ratio of aggregate equity issues to total external financing”
The Baltic Dry Index as a Predictor of Global Stock Returns, Commodity Returns, and Global Economic Activity (2010, background): “Besides, Baker and Wurgler (2000) explore the role of corporate variables, Polk, Thompson, and Vuolteenaho (2006) examine relative valuations in predicting returns, Hong, Torous, and Valkanov (2007) employ industry portfolio returns, and Bakshi, Panayotov, and Skoulakis (2010) investigate the…”
The timing of financing decisions: An examination of the correlation in financing waves (2008, methodology): “To the extent that returns and marketto-book ratios capture potential misvaluations, these results are consistent with those presented in Ikenberry, Lakonishok, and Vermaelen (1995) and Baker and Wurgler (2000). In the next section, we take a closer look at these firms to attempt to further disentan”