Syfte: Studien undersöker om det finns ett samband mellan ekonomiska indikatorer och den årliga aktieavkastningen ett år framåt på den svenska marknaden för företag som genomfört nyemission och jämförs med en benchmark som består av företag som inte genomfört nyemission. Metod: Uppsatsen utgår från en kvantitativ undersökning där multipel regressionsanalys används för att undersöka sambandet mellan indikatorer och aktieavkastningen vid nyemissioner under tidsperioden 2002 – 2010. Slutsats: Utifrån resultaten kunde vissa signifikanta samband konstateras mellan indikatorerna och totalavkastningen för nyemissionsgruppen. Det visade att totalavkastningen sjunker det året företag genomför nyemission jämfört med totalavkastningen året innan nyemissionen. Det kunde konstateras att marknaden är ineffektiv till en viss utsträckning i samband med nyemissioner. För benchmark kunde resultaten dock inte säkerställas på grund av att statistisk felkälla förekom i regressionsmodellen. / Purpose: The study examines if there is any significant relationship between predictors and the one year ahead stock returns in the Swedish market for company that have issued new equity and it is compared to a benchmark consisting of companies that have not made any new equity issues. Method: The essay is based on a quantitative study where a multiple regression analysis is used to examine the relationship between predictors and stock returns for company that have issued new equity during a time period of 2002 – 2010. Conclusion: Based on the results significant relationship between some predictors and stock returns could be found for the new equity issue group of company. It showed that stock returns decline the same year companies issue new equity compared to the year before new equity is issued. It was noted that the market is inefficient to a certain extent in the new equity issues matter. As for the benchmark the results could not be ensured and interpreted due to statistical errors occurring in the regression model.

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O estudo de estrutura de capital tem se desenvolvido amplamente ao longo do tempo nas finanças corporativas no mundo inteiro. Seguindo essa linha e grande interesse no estudo dos determinantes de estrutura de capital, propôs-se primeiramente analisar os determinantes da estrutura de capital de empresas americanas de capital aberto, seguidamente verificar se os determinantes da estrutura de capital durante a Crise Financeira Global se comportaram de uma maneira diferente antes da crise e, por último, como foram afetadas as emissões de dívidas e ações depois da Crise Financeira Global. Verificou-se que no período 1992-2010 as variáveis Lucratividade, Expectativas de Crescimento, Risco de Falência e Inovação apresentaram relação negativa com o endividamento a longo prazo. Por outro lado, as variáveis Tangibilidade e Tamanho mostraram relação positiva com o endividamento a longo prazo. Também se viu que a Crise Financeira Global teve efeito sobre estes determinantes de maneira que apenas as variáveis Tangibilidade, Tamanho, com relação positiva, e Lucratividade, com relação negativa, foram importantes para determinar o endividamento das empresas na Crise Financeira Global. O resultado mais relevante do trabalho foi a confirmação de mudanças no comportamento dos determinantes de estrutura de capital. Também foram analisadas as emissões de ações e dívidas antes e durante a Crise Financeira Global, sendo elas afetadas pelo choque econômico do momento. Os resultados demonstraram que as inferências são mais eficientes quando as empresas são analisadas por sua situação de caixa ou necessidade financeira. Foram levantadas evidências de que as premissas teóricas funcionam com restrições que devem ser levadas em consideração. / The study of capital structure has been extensively developed over time in the finance business worldwide. Following this line and great interest in the study of the determinants of capital structure was proposed to first analyze the determinants of capital structure of publicly traded U.S. companies, then verify that the determinants of capital structure during the Global Financial Crisis behaved differently before the crisis and finally how the debts and equities issues were affected after the Global Financial Crisis. It was found that in the period 1992-2010 the variables Profitability, Growth Expectations, Risk of Default and Innovation showed negative relationship with long term debt. On the other hand the Size and Tangibility variables showed positive relationship with long term debt. Also saw that the Global Financial Crisis had an effect on these determinants, so that only variables Tangibility, Size, with positive relationship and Profitability, with negative relationship, were important in determining the capital structure in the Global Financial Crisis. The most relevant result of this study was to confirm changes in the behavior of the determinants of capital structure. We also analyzed the shares and debts issues before and during the Global Financial Crisis, which were affected by the economic shock of the moment. The results showed that inferences are more efficient when companies are analyzed for their cash situation or financial constraint. Was raised evidence that the theoretical premises work with restrictions that should be taken into consideration.

O estudo de estrutura de capital tem se desenvolvido amplamente ao longo do tempo nas finanças corporativas no mundo inteiro. Seguindo essa linha e grande interesse no estudo dos determinantes de estrutura de capital, propôs-se primeiramente analisar os determinantes da estrutura de capital de empresas americanas de capital aberto, seguidamente verificar se os determinantes da estrutura de capital durante a Crise Financeira Global se comportaram de uma maneira diferente antes da crise e, por último, como foram afetadas as emissões de dívidas e ações depois da Crise Financeira Global. Verificou-se que no período 1992-2010 as variáveis Lucratividade, Expectativas de Crescimento, Risco de Falência e Inovação apresentaram relação negativa com o endividamento a longo prazo. Por outro lado, as variáveis Tangibilidade e Tamanho mostraram relação positiva com o endividamento a longo prazo. Também se viu que a Crise Financeira Global teve efeito sobre estes determinantes de maneira que apenas as variáveis Tangibilidade, Tamanho, com relação positiva, e Lucratividade, com relação negativa, foram importantes para determinar o endividamento das empresas na Crise Financeira Global. O resultado mais relevante do trabalho foi a confirmação de mudanças no comportamento dos determinantes de estrutura de capital. Também foram analisadas as emissões de ações e dívidas antes e durante a Crise Financeira Global, sendo elas afetadas pelo choque econômico do momento. Os resultados demonstraram que as inferências são mais eficientes quando as empresas são analisadas por sua situação de caixa ou necessidade financeira. Foram levantadas evidências de que as premissas teóricas funcionam com restrições que devem ser levadas em consideração. / The study of capital structure has been extensively developed over time in the finance business worldwide. Following this line and great interest in the study of the determinants of capital structure was proposed to first analyze the determinants of capital structure of publicly traded U.S. companies, then verify that the determinants of capital structure during the Global Financial Crisis behaved differently before the crisis and finally how the debts and equities issues were affected after the Global Financial Crisis. It was found that in the period 1992-2010 the variables Profitability, Growth Expectations, Risk of Default and Innovation showed negative relationship with long term debt. On the other hand the Size and Tangibility variables showed positive relationship with long term debt. Also saw that the Global Financial Crisis had an effect on these determinants, so that only variables Tangibility, Size, with positive relationship and Profitability, with negative relationship, were important in determining the capital structure in the Global Financial Crisis. The most relevant result of this study was to confirm changes in the behavior of the determinants of capital structure. We also analyzed the shares and debts issues before and during the Global Financial Crisis, which were affected by the economic shock of the moment. The results showed that inferences are more efficient when companies are analyzed for their cash situation or financial constraint. Was raised evidence that the theoretical premises work with restrictions that should be taken into consideration.

The general focus of my dissertation, which consists of two essays, is on how changes in the financial and economic environment surrounding a firm affect managerial incentives and firm policies regarding investment in physical capital, innovation, equity offerings, and repurchases. The first essay in my dissertation examines how product market competition affects firms' investment decisions. While competition among firms benefits consumers via lower prices, greater product variety, higher product quality, and greater innovation, recent studies provide evidence that competition has been declining in the U.S. economy over the past decade. The evidence shows that American firms' profits are at near-record levels relative to GDP and are persistent. Industries have become more concentrated as a result of mergers and acquisitions, and barriers to entry have risen and the rate of new entry has been declining for decades. Taking these findings at face value, we examine empirically whether companies feel less compelled to invest in physical capital and in research and development because they face fewer threats from rival firms. Using both traditional proxies and recently developed text-based measures of industry concentration, we show that firms operating in competitive industries invest significantly more in both physical capital and research and development relative to their peers in concentrated industries. We also report that the propensity to invest less by managers of monopolistic firms is partially mitigated by superior corporate governance that reduces the agency problem, and by certain product market characteristics such as low pricing power and low product differentiation/entry barriers. However, after accounting for all these mitigating factors, the negative association between industry concentration and investment persists. Our results are robust to including various control variables and exclusion of firms from industries that face significant competition from imports. The results are also robust to controlling for endogeneity caused by missing time-invariant and time-varying industry level factors that could potentially be related to both the level of concentration and investments. Overall, our results are consistent with the notion that firms in competitive industries have a greater incentive to invest and innovate to survive and thrive in a competitive environment relative to the managers of the firms in more concentrated industries whose incentive to invest and innovate is to maintain their monopoly rents. Our findings have obvious policy implications in that investment and hence economic growth is being adversely affected in the current era of increasing industry concentration and declining competition. The second essay in my dissertation investigates whether information contained in equity issues and buybacks is fully incorporated into prices such that the market reaction to subsequent earnings announcements is unrelated to those corporate actions. Korajczyk at al. (1991) argue that firms prefer to issue equity when the market is most informed about the quality of the firm to prevent adverse selection costs associated with new equity issues. This implies that equity issues tend to follow credible information releases contained in earnings announcements. However, analyzing a sample of 19,466 SEO pricing dates between 1970 and 2015 and 15,106 buyback announcements between 1994 and 2015 shows that a considerable number of equity offerings and repurchase announcements take place before the announcement of earnings. About 28% of buybacks and 32% of SEO pricings are made in the three weeks prior to an earnings announcement. Given these statistics, we examine whether these corporate actions provide information about upcoming earnings announcements (earnings predictability) to the extent that new information has not been fully incorporated into prices by market participants. We find evidence of earnings predictability: the market reaction to earnings following buyback announcements is higher by 5.1% than the reaction to earnings following equity issues over the (-1,+30) window when four-factor abnormal returns are used; the difference is 2.2% when unadjusted returns are considered. The results are robust to several alternate sample construction methodologies. There are at least two puzzling effects of earnings predictability that are difficult to reconcile with the market efficiency hypothesis. First, there is an incomplete adjustment to SEO pricings and buyback announcements that results in residual market reaction to earnings announcements. Second, prices continue to drift after earnings announcements: upward for buybacks and downward for SEO pricings. Unlike post-earnings announcement drift, the drift documented here does not depend on the market reaction to earnings announcement. We test several reasons for this anomalous behavior including prior returns, price, size of buyback or SEO, analyst forecast errors, and bid-ask spread. We find that information asymmetry proxies partially explain the persistence of earnings predictability following SEO pricings and buyback announcements. / Ph. D. / It is well documented that corporate investments in research and development (R&D) and physical capital are important drivers of economic growth and higher standards of living. Recent articles published by academic community and popular press have provided evidence that the overall competition among U.S. firms has declined. The evidence shows that concentration has increased in 75% of the US industries, the economy has lost about 50% of its publicly traded firms, and the rate of new-business formation has fallen. Given the documented association between corporate investments and economic growth & social welfare, a natural question arising would be whether declining competition is detrimental to investment in both physical capital and R&D. The first chapter of my dissertation aims to answer this question by examining whether companies feel less compelled to invest in physical capital and in R&D because they face fewer threats from rival firms. Our findings show that firms operating in concentrated industries invest significantly less in both physical capital and research and development relative to their peers in competitive industries, consistent with the notion that firms in competitive industries have a greater incentive to invest and innovate to survive and thrive in a competitive environment relative to the managers of the firms in more concentrated industries whose incentive to invest and innovate is to maintain their monopoly rents. Our findings have obvious policy implications in that investment and hence economic growth is being adversely affected in the current era of increasing industry concentration and declining competition. The wealth of the shareholders of publicly traded firms is tied to managers’ decisions about corporate actions such as equity offerings, buybacks, dividends, and mergers as these actions can potentially affect the stock prices and the value of shareholders’ portfolios. The second part of my dissertation investigates whether buybacks or equity offerings announced within a few weeks prior to earnings provide information about upcoming earnings announcements to the extent that new information has not been fully incorporated into prices by market participants. We find that earnings coming after equity offerings are likely to contain bad news and earnings coming after buybacks are likely to contain good news. This implies that buying the shares of the companies that announce a buyback before their earnings and short selling the shares of the companies that issue equity before their earnings will yield a significant return for the investors.

Cette thèse est consacrée à l'étude de l'utilité de la communication d'information afférente aux actifs immatériels lors des augmentations de capital en numéraire des sociétés françaises cotées, et son impact sur la liquidité. L'importance grandissante des éléments immatériels dans la compétitivité et la croissance des entreprises et leur non-reconnaissance comptable pose souvent la question de la nécessite de compléter les états financiers par une offre volontaire d'information sur ces actifs. La littérature comptable et financière montre l'évolution des besoins informationnels des utilisateurs externes des rapports annuels et constate l'intérêt qu'ils portent aux informations liées aux actifs immatériels. Une communication insuffisante sur ces actifs accentue donc le problème d'asymétrie d'information sur les marchés financiers. Elle offre un terrain favorable au transfert de richesse des investisseurs non informés vers les investisseurs informés, car ces derniers en exploitant l'information privée réalisent une rentabilité supérieure, au détriment des autres investisseurs. Cette situation conduit à une diminution de la liquidité des titres, et par conséquent, accroît le coût de capital des entreprises. Cela devient plus important lors des émissions de nouvelles actions où le décalage informationnel entre les investisseurs, ainsi qu'avec l'équipe dirigeante s'agrandit. L'étude menée sur un échantillon d'entreprises françaises cotées émettrices de nouvelles actions sur la période 2000-2009 montre un niveau faible d'offre volontaire d'information sur les actifs immatériels. De surcroît, l'analyse de l'impact de leur communication sur les éléments immatériels met en évidence que l'offre volontaire diminue la fourchette de prix, et augmente la profondeur du marché à l'annonce d'une augmentation de capital en numéraire. / This thesis is devoted to the usefulness of intangible assets disclosure by French listed companies around new equity issues and its impact on stock liquidity. The growing importance of intangibles for companies' competitiveness and growth, besides of their non-recognition often raises the question of the need to complete financial statements by intangible assets voluntary disclosure. Accounting and finance literature shows changes in external users' information needs and highlights their attention for information related to intangibles. Insufficient communication on these assets accentuates information asymmetry in financial markets. It provides also a fertile ground for wealth transfer from uninformed investors to informed investors, as by exploiting private information, they can derive higher returns at the expense of other investors. This situation leads to a decrease in stock liquidity, and therefore to an increase of companies' cost of capital, which becomes more important around equity issues. The study conducted on a sample of French listed companies issuing new equity over the period 2000-2009 shows a low level of intangibles voluntary disclosure. Furthermore, our analysis shows that intangibles voluntary disclosure reduces spread, and increases market depth at the announcement of a capital increase.