Tests for Price Effects of New Issues of Seasoned Securities
作者： ALAN C. HESS , PETER A. FROST
DOI: 10.1111/J.1540-6261.1982.TB01092.X
关键词: Financial economics 、 Empirical comparison 、 Economics 、 Underwriting 、 Efficient-market hypothesis
摘要: Do new issues of seasoned securities cause significant price movements in the neighborhood issue day? This paper presents an empirical comparison three competing hypotheses: SEC view that a causes permanent decline; underwriter there is only temporary decline during distribution period; and efficient market hypothesis (EMH) implies absence any effects. Several tests hypotheses using data on utility stocks traded NYSE reject views favor EMH.
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