日時：2023年3月16日（木）17:15〜18:45
場所：マーキュリータワー5階 3501 室「経営管理研究科コンファレンスルーム2」
報告者：David Frankel教授（Melbourne Business School)
タイトル：How to Sell Equity if You Must
タイトル：How to Sell Equity if You Must
（論文要旨）
An undersubscribed security issuance deprives an issuer of needed capital, making its securities less valuable.
This can give rise to multiple equilibria in the decision to subscribe.
Under weak assumptions, the issuer must underprice its security in order to induce investors to choose the good equilibrium.
In this setting, standard debt minimizes underpricing and is optimal for the issuer.
If the capital target is not too large, equity underpricing can be eliminated with a bonus share scheme that gives subscribers more shares when fewer subscribe.
This can give rise to multiple equilibria in the decision to subscribe.
Under weak assumptions, the issuer must underprice its security in order to induce investors to choose the good equilibrium.
In this setting, standard debt minimizes underpricing and is optimal for the issuer.
If the capital target is not too large, equity underpricing can be eliminated with a bonus share scheme that gives subscribers more shares when fewer subscribe.
JEL: G12, G14, G32.
Keywords: Security Design, Debt, Initial Public Offerings, Security Issuances, Undersubscription
Risk, Strategic Risk, Underpricing, Equilibrium Selection, Bonus Shares.
