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Altered Common Stock Offerings

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  • Phelps, Katherine L
  • Kremer, Joseph W

Abstract

This study examines share price behavior when firms alter the size of their primary common stock offerings subsequent to the announcement date. The empirical evidence supports the theory that, given asymmetric information between management and investors, equity issuance is a function of prior stock returns. Average prediction errors in the announcement and post-announcement intervals, taken together or separately, have relative magnitudes that may be logically related to subsequent management decisions concerning these issues. Logistic regressions document significant relationships between the announcement and post-announcement excess returns and managerial decisions. Copyright 1992 by MIT Press.

Suggested Citation

  • Phelps, Katherine L & Kremer, Joseph W, 1992. "Altered Common Stock Offerings," The Financial Review, Eastern Finance Association, vol. 27(1), pages 125-139, February.
    • Handle: RePEc:bla:finrev:v:27:y:1992:i:1:p:125-39
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    Cited by:

    1. Konan Chan & Nandkumar Nayar & Ajai K. Singh & Wen Yu, 2018. "Information Content of Offer Date Revelations: A Fresh Look at Seasoned Equity Offerings," Financial Management, Financial Management Association International, vol. 47(3), pages 519-552, September.

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