Reexamine the impact of security offering decisions on equity returns: The multivariate signaling hypothesis

This thesis reexamines the validity of the informational signaling hypothesis with the security offering announcements of companies. Market, company and offering data are used to test this hypothesis directly by examining the immediate and permanent announcement effects on stock price. For the offering companies, the earnings performance in the post announcement period is also examined. In order to test the conflicting implications of the two sets (univariate versus multivariate) of financing signaling models, offering companies are classified into subsamples according to their firm type (fast growing versus slow growing) and the type of securities offered (common stock, convertible, mortgage and straight debt). This study also looks into price effects of the joint announcements of financing and dividend decisions on common stock.

Name thesis:degree_name

Ph.D.

Level thesis:degree_level

Dissertation

Discipline thesis:degree_discipline

Finance

Grantor

University of Illinois at Urbana-Champaign

Year dc:date

2011

Author dc:creator

• Lee, Hei Wai

Contributors dc:contributor

• Gentry, James A.

• Economics, Finance

Statement dc:rights

• Copyright 1989 Lee, Hei Wai

Language dc:language

eng

Identifier

AAI9010927
(UMI)AAI9010927

OAI identifier oai:identifier

oai:www.ideals.illinois.edu:2142/19310