Journal article
THE INTRAINDUSTRY TRANSFER OF INFORMATION INFERRED FROM ANNOUNCEMENTS OF CORPORATE SECURITY OFFERINGS
The Journal of finance (New York), v 47(5), pp 1935-1945
01 Dec 1992
Abstract
This study investigates the extent to which information inferred by investors from initial announcements of corporate security offerings affects share prices in the capital markets. The empirical tests measure the response in the common stock prices of both firms announcing a security offering and non-announcing firms operating in the same industry. Small but significantly negative abnormal returns are shown by industry shares upon initial announcements of common stock, convertible debt, and straight debt public offerings. Such an industry response indicates that share prices incorporate an inside assessment of factors relevant to the valuation of an industry subset of firms.
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Details
- Title
- THE INTRAINDUSTRY TRANSFER OF INFORMATION INFERRED FROM ANNOUNCEMENTS OF CORPORATE SECURITY OFFERINGS
- Creators
- S H Szewczyk
- Publication Details
- The Journal of finance (New York), v 47(5), pp 1935-1945
- Publisher
- AMER FINANCE ASSN
- Number of pages
- 11
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:A1992KF89400011
- Other Identifier
- 991019184292104721
InCites Highlights
Data related to this publication, from InCites Benchmarking & Analytics tool:
- Web of Science research areas
- Business, Finance
- Economics