Tests for Price Effects of New Issues of Seasoned Securities
实证比较了三种关于成熟证券新发行是否引起价格变动的假说，利用纽交所公用事业股数据否定了价格永久下跌和暂时下跌的观点，支持有效市场假说。
ABSTRACT Do new issues of seasoned securities cause significant price movements in the neighborhood of the issue day? This paper presents an empirical comparison of three competing hypotheses: the SEC view that a new issue causes a permanent price decline; the underwriter view that there is only a temporary price decline during the distribution period; and the efficient market hypothesis (EMH) that implies the absence of any price effects. Several empirical tests of the competing hypotheses using data on new issues of utility stocks traded on the NYSE reject the SEC and underwriter views in favor of the EMH.