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What Does the Market Learn from Stock Offering Revisions?

Author

Listed:
  • Tina M. Galloway
  • Claudio F. Loderer
  • Dennis P. Sheehan

Abstract

This study evaluates the disclosure of size revisions of seasoned stock offerings to determine what information is imparted to investors by the revision announcements. The results suggest not only that the announcements disclosure market- but not the firm-originating information; they also suggest the existence of a mechanism whereby investors and underwriters gauge the demand for an offering.

Suggested Citation

  • Tina M. Galloway & Claudio F. Loderer & Dennis P. Sheehan, 1998. "What Does the Market Learn from Stock Offering Revisions?," Financial Management, Financial Management Association, vol. 27(1), Spring.
    • Handle: RePEc:fma:fmanag:galloway98
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    Cited by:

    1. Konan Chan & Nandkumar Nayar & Ajai K. Singh & Wen Yu, 2018. "Information Content of Offer Date Revelations: A Fresh Look at Seasoned Equity Offerings," Financial Management, Financial Management Association International, vol. 47(3), pages 519-552, September.
    2. Michael J. Alderson & Brian L. Betker, 2000. "The Long-Run Performance Of Companies That Withdraw Seasoned Equity Offerings," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 23(2), pages 157-178, June.
    3. Loderer, Claudio & Roth, Lukas, 2005. "The pricing discount for limited liquidity: evidence from SWX Swiss Exchange and the Nasdaq," Journal of Empirical Finance, Elsevier, vol. 12(2), pages 239-268, March.

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