Share Issues vs. Share Repurchases

The authors thank Jean-Edouard Colliard, Sebastian Gryglewicz, Ulrich Hege, Jangwoo Lee, Will Liu, Ernst Maug, John Nash, Sergio Vicente, Anjan Thakor, “Vish” Viswanathan, and Hong Zhang as well as the seminar and conference participants at the London School of Economics, the University of Rochester, the China International Conference in Finance (CICF), the Swiss Society for Financial Market Research (SGF) Conference, Tsinghua University, the Esade Spring Workshop, the Finance Theory Group (FTG), the Barcelona School of Economics (BSE) Summer Forum, the European Finance Association (EFA), Corporate Finance Day, the Society for Financial Studies (SFS) Cavalcade Asia-Pacific, the American Finance Association (AFA), and the Renmin University of China for valuable discussions and comments.