Issue Costs and Common Stock Offerings
研究普通股发行中发行成本对股价的影响，发现每100美元股价下跌中61美元可归因于发行成本，且不同交易所（OTC、AMEX、NYSE）影响不同。
Prior research of common stock offerings reaches different conclusions concerning the impact of issue costs on stock value. We identify factors that can best explain the different findings - most prominent are the issue costs measure and the listing. We investigate 323 common stock offerings and find that $61 of every $100 fall in stock value can be attributed to issue costs. The respective dollar amounts for the samples of OTC, AMEX, and NYSE firms are $72, $69, and $38. These findings suggest that the collective impact of the negative wealth effects from managerial signaling may be less important than generally assumed.