Earnings and Risk Changes Surrounding Primary Stock Offers
分析公司宣布增发股票后，资产和权益贝塔、财务杠杆、非系统风险、盈利水平及分析师盈利预测的变化，以检验管理层发行股票是否向投资者传递了公司前景的新信息。
Several recent studies, including Asquith and Mullins [1986], Masulis and Korwar [1986], Mikkleson and Partch [1986], and Schipper and Smith [1986], document stock price declines at seasoned equity offer announcements. One explanation proposed for these price declines is that managers' equity offer decisions convey new information to investors on firms' prospects.1 Our paper examines this hypothesis and provides evidence on the nature of the information revealed by equity offers by analyzing postoffer changes in asset and equity betas, financial leverage, unsystematic risk, earnings levels, and analysts' earnings forecasts.