We investigate why firms choose to issue new shares to fund their direct stock purchase plans (DSPPs). The evidence supports our hypothesis that such firms are high growth firms facing shortages of internal capital along with a high marginal cost of external capital. We also hypothesize that...

We investigate why firms choose to issue new shares to fund their direct stock purchase plans (DSPPs). The evidence supports our hypothesis that such firms are high growth firms facing shortages of internal capital along with a high marginal cost of external capital. We also hypothesize that...

We investigate why firms choose to issue new shares to fund their direct stock purchase plans (DSPPs). The evidence supports our hypothesis that such firms are high growth firms facing shortages of internal capital along with a high marginal cost of external capital. We also hypothesize that...