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The findings suggest that the share issuance effect is related to the ease with which firms can issue and buyback their shares. The issuance effect is stronger in countries with in which there is more frequent issuance activity, more developed stock markets, and stronger investor protection laws. 27
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Page 1 and 2: Share Issuance and Cross-Sectional
Page 3 and 4: there is a significant issuance eff
Page 5 and 6: correlation to stock returns in an
Page 7 and 8: We use Adjusted Shares to construct
Page 9 and 10: sample. This investigation is motiv
Page 11 and 12: 2.3. Share Issuance and Future Retu
Page 13 and 14: the regressions. They are also grea
Page 15 and 16: actual issuance activity, whereas t
Page 17 and 18: 3.3. Positive and Negative Share Is
Page 19 and 20: and we would also expect these tran
Page 21 and 22: contain firms that more actively is
Page 23 and 24: et al. (2006), who show that countr
Page 25 and 26: ISSUE coefficient is -0.70. Taken t
Page 27: (2006) show that better governed co
Page 31 and 32: Table 1: Summary Statistics for Sam
Page 33 and 34: Table 2: Aggregate Summary Statisti
Page 35 and 36: Table 4: Fama-MacBeth Regressions o
Page 37 and 38: Table 5: Summary Statistics for Por
Page 39 and 40: Panel A Regression (1) (2) (3) (4)
Page 41 and 42: Table 7: Country-Level Issuance, Is
Page 43 and 44: Country Panel B: Governance Variabl
Page 45 and 46: Table 8: Equal-Weighted Fama-MacBet
Page 47 and 48: Panel B: Issuance Activity and Mark
Page 49: Panel D: Governance Interactions: 1

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