Shelf registrations and shareholder wealth: a comparison of shelf and traditional equity offerings

Article Abstract:

An analysis of stock prices relative to security registrations for more than 200 stock issuances during the period from March 1982 to November 1983 indicates negative reactions in stock prices accompany such issuances despite their form or the issuer involved. The analysis distinguishes between registrations that are traditional, in that the shares registered with the Securities and Exchange Commission are immediately offered for sale, and non-traditional registrations under Rule 415, which are termed 'shelf registrations'. Types of issuers analyzed are divided into utility and non-utility issuers of securities. The analysis also indicates that the negative price reactions in the market occur prior to the actual offering of the securities to be registered.

Stockholders, Securities

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A comment on excess asset reversions and shareholder wealth

Article Abstract:

This study re-examines the earlier finding of Alderson and Chen (1986a) that financial markets do not consider excess pension assets in determining share prices and that significant increases in shareholder wealth occur when an overfunded pension plan is terminated. The results document that specific event-time contamination (corporate restructuring announcements) provides the driving force for all the earlier findings. (Reprinted by permission of the publisher.)

Analysis, Pension funds, Defined benefit plans, Reversion, Financial research, Alderson, Michael J., Chen, K.C.

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Self-tender offers: The effects of free cash flow, cash flow signalling and the measurement of Tobin's q

Article Abstract:

This paper studies the significant stock price reaction to announcement of self-tender common stock repurchases especially in respect of the hypothesis of free cash flow signalling.

United States, Statistical Data Included, Evaluation, Prices and rates, Surveys, Stock prices, Discounted cash flow, Tender offers (Securities), Tender offers, Bond repurchasing

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