Tests for Price Effects of New Issues of Seasoned Securities
作者:
ALAN C. HESS,
PETER A. FROST,
期刊:
The Journal of Finance
(WILEY Available online 1982)
卷期:
Volume 37,
issue 1
页码: 11-25
ISSN:0022-1082
年代: 1982
DOI:10.1111/j.1540-6261.1982.tb01092.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
ABSTRACTDo new issues of seasoned securities cause significant price movements in the neighborhood of the issue day? This paper presents an empirical comparison of three competing hypotheses: the SEC view that a new issue causes a permanent price decline; the underwriter view that there is only a temporary price decline during the distribution period; and the efficient market hypothesis (EMH) that implies the absence of any price effects. Several empirical tests of the competing hypotheses using data on new issues of utility stocks traded on the NYSE reject the SEC and underwriter views in favor of the EMH.
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