TY  - BOOK
AU  - Li,Dongmei
AU  - Li,Erica X.N.
AU  - Zhang,Lu
ED  - National Bureau of Economic Research
TI  - Costly external equity: implications for asset pricing anomalies 
T2  - NBER working paper series
AV  - HB1 .N38 no. 14342
PY  - 2008///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
KW  - Corporations
KW  - Finance
KW  - Assets (Accounting)
KW  - Prices
N1  - Includes bibliographical references (p. 25-27)
N2  - We document that the value, net stock issues, investment, and asset growth anomalies tend to be stronger in financially more constrained firms than in less constrained firms. This effect of financial constraints is distinct from that of financial distress on anomalies. Intuitively, costly external finance makes marginal costs of investment more sensitive to investment in more constrained firms, giving rise to a stronger negative correlation between investment and the discount rate
UR  - http://www.nber.org/papers/w14342
ER  -