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Gentry, James A. Lee, Hei Wai 2011-05-07T12:03:31Z 2011-05-07T12:03:31Z 10000-01-01 1989 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. The key objective of the study is to identify the information embodied in the security offering announcements of fast versus slow growing companies, when different types of securities are involved, and whether the offering announcements are accompanied with dividend decisions. The study provides supportive direct evidence for the empirical implications of the univariate signaling hypothesis. The results of the study indicates that security offering announcements are signals of negative information about the value and earnings prospect of the offering companies, especially the fast growing ones. Made available in DSpace on 2011-05-07T12:03:31Z (GMT). No. of bitstreams: 2 license.txt: 4922 bytes, checksum: 910b249b4beec47e7ab768910c8f966f (MD5) 9010927.pdf: 8231708 bytes, checksum: 0a119d940748e418bd80ffcde0ae32c2 (MD5) Previous issue date: 1989 Item marked as restricted to the 'UIUC Users [automated]' Group (id=2) by Howard Ding (hding2@illinois.edu) on 2011-05-07T14:36:05Z Item is restricted indefinitely. Restriction data tranferred 2014-07-01T11:14:27-05:00 Original Data Group with Access UIUC Users [automated] Release Date: none Reason: ETDs are only available to UIUC Users without author permission ETDs are only available to UIUC Users without author permission U of I Only AAI9010927 (UMI)AAI9010927 http://hdl.handle.net/2142/19310 eng Copyright 1989 Lee, Hei Wai Economics, Finance Reexamine the impact of security offering decisions on equity returns: The multivariate signaling hypothesis text Finance Finance University of Illinois at Urbana-Champaign Dissertation Ph.D.