The Information Content of Corporate Offerings of Seasoned Securities: An Empirical Analysis
分析1980-1991年间美国公司发行债务和股权后的经营业绩，发现证券发行公告传递了关于发行人未来经营业绩的负面信息。
American corporations raised approximately $287.84 billion annually between 1980 and 1991 through public issues of debt and equity. This paper analyzes the post-issue operating performance of both debt and equity issuers, controlling for factors which have been shown to explain post-issue firm operating performance, such as free cash flow, performance "run up", and investment in real assets. If finds that security offering announcements convey negative information about the future operating performance of the issuer.