Empirical evidence shows that as of 2006, nearly every fifth large U.S. public corporation was all-equity financed and … presents a simple real-options model to characterize the value of cash for all-equity financed firms and analyze its impact on … empirically whether all-equity firms destroy value by holding that much cash, I show that on average the market values cash …

.01 percent in 1977 to 34.42 percent in 2010 while the percentage of all-equity firms increases 200 percent over the same period … 2010 the percent of firms that are nearly all-equity is twice the predicted level. Our findings are robust to different …

stock price performance. Design/methodology/approach – The paper compares a sample of 123 all‐equity firms to a set of … sensitivity to stock price changes (delta) increases. However, the paper finds no differences between the all‐equity firms and … decisions even among all‐equity firms. However, given that there are no differences between the sample firms and their matched …

stock price performance. Design/methodology/approach – The paper compares a sample of 123 all-equity firms to a set of … sensitivity to stock price changes (delta) increases. However, the paper finds no differences between the all-equity firms and … decisions even among all-equity firms. However, given that there are no differences between the sample firms and their matched …