Purpose – The purpose of this paper is to empirically test information asymmetry and agency conflicts hypotheses, as to firm's choices in selling preferred stock in public and private markets. Design/methodology/approach – Using firm-level preferred stock issue data, the author uses a...

Purpose – The purpose of this paper is to empirically test information asymmetry and agency conflicts hypotheses, as to firm's choices in selling preferred stock in public and private markets. Design/methodology/approach – Using firm‐level preferred stock issue data, the author uses a...