Galloway, Tina; Loderer, Claudio; Sheehan, Dennis P. (1998). What Does the Market Learn from Stock Offering Revisions? Financial Management, 27(1), pp. 5-16. Wiley
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We examine the disclosure of size revisions of seasoned stock offerings to see what information revisions impart to investros. Revisions could deliver firm-originated infoirmation, which discloses something managers know about the firm. Alternatively, they could disseminate market-originated information, which is information market participants have but which is not conveyed until trading takes place. Our results reject the notion that revisions reveal firm-originated news. Instead, the results are consistent with the market-originated news hypothesis and suggest a mechanism that investros and underwriters use to learn about the demand for an offering.
Item Type: |
Journal Article (Original Article) |
|---|---|
Division/Institute: |
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Financial Management |
UniBE Contributor: |
Loderer, Claudio |
Subjects: |
300 Social sciences, sociology & anthropology > 330 Economics |
ISSN: |
0046-3892 |
Publisher: |
Wiley |
Language: |
English |
Submitter: |
Karin Dolder |
Date Deposited: |
09 Dec 2013 14:20 |
Last Modified: |
05 Dec 2022 14:27 |
BORIS DOI: |
10.7892/boris.39515 |
URI: |
https://boris.unibe.ch/id/eprint/39515 |
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