What Does the Market Learn from Stock Offering Revisions?

Tina M. Galloway, Claudio F. Loderer and Dennis P. Sheehan

Financial Management, 1998, vol. 27, issue 1

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.

Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:fma:fmanag:galloway98

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