The Intra‐Industry Transfer of Information Inferred from Announcements of Corporate Security Offerings
研究投资者从公司证券发行公告中推断的信息如何影响行业内其他公司的股价，发现公告时同行业公司股价出现小幅显著负异常回报。
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.