Shelf Registrations and Shareholder Wealth: A Comparison of Shelf and Traditional Equity Offerings
比较了美国证监会规则415下的架注册与传统注册方式发行普通股对股东财富的影响，发现两种方式均导致股价负面反应，且差异不显著。
ABSTRACT This study examines the effect of issuing common stock on shareholder wealth under two alternative methods of registration, shelf registration under the Securities and Exchange Commission's Rule 415 and the traditional method of registering shares for immediate sale. The stock price reactions accompanying security registrations and offerings over the period from March 1982 through November 1983 are examined for over two hundred issues. A negative price reaction is observed for traditional and shelf registrations for both utility and non‐utility issuers. No statistically significant difference is observed between shelf and traditional registrations. Further negative price reactions precede the offerings of these securities.