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Capital Supply, Financial Intermediaries, and Corporate Peer Effects

We document “supply-side” channels that connect peer firms’ financial policies. We find constrained firms’ equity issuance decisions depend on peers’ recent SEO activity, and that common financial intermediaries strengthen the transmission of peer effects. Constrained firms react positively to peer SEO announcements, and analyst coverage and institutional ownership increase following peer firms’ SEOs. Constrained firms’ SEO announcement returns and underwriting fees improve with “their” underwriters’ recent peer-SEO experience. Peer effects are pronounced when there is more overlap with peers’ financial intermediaries and major shareholders. We conclude that supply-side effects are key in the transmission of peer-to-peer financial policies.