SEASONED EQUITY OFFERINGS: THE CASE OF ALL‐EQUITY FIRMS
通过研究零长期债务公司的增发公告，发现资本结构假说不能完全解释负面市场反应；回归分析支持信息假说，且发行目的不同导致公告效应差异。
Three theories have been widely proposed to explain the significant negative market response to the announcement of a new equity issue. By observing a similar negative effect in a sample of zero and near zero long‐term debt firms, we are able to conclude that the capital structure hypothesis is not the sole explanation. Regressions of announcement period abnormal returns against subsequent cashflow change while controlling for price pressure effects provide evidence in support of the information hypothesis. Decomposition of the sample by issue purpose reveals a differential impact at the time of announcement consistent with an information‐based explanation.