We examine the impact of investors’ leverage constraints on corporate financing decisions. We use mutual fund flow to capture the net buying pressure from leverage‐constrained investors’ demand for high‐beta stocks. We show that firms confronted by the constrained funds’ excessive trading pressure are more likely to issue a seasoned equity offering and conduct stock‐based mergers and acquisitions, and their managers engage in more insider sales than those facing low or little trading pressure. Our results are robust to controlling for the short‐sales constraints of mutual funds and are consistent across different stages of the business cycle.

中文翻译：

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杠杆约束和企业融资决策

我们研究了投资者杠杆约束对公司融资决策的影响。我们使用共同资金流来捕捉由于杠杆约束的投资者对高贝塔股票的需求而产生的净买入压力。我们表明，受制于资金受限的过度交易压力的公司更有可能发行经验丰富的股票并进行以股票为基础的并购，其经理人的内幕销售要比那些面临低或几乎没有交易压力的公司更大。我们的结果对于控制共同基金的卖空限制非常有力，并且在整个业务周期的各个阶段都保持一致。