caa a22 4500 386308861 CHVBK 20180307111538.0 cr unu---uuuuu 161130e198806 xx s 000 0 eng 10.2307/2330876 doi S0022109000012990 pii (NATIONALLICENCE)cambridge-10.2307/2330876 Withdrawn Security Offerings [Elektronische Daten] We examine the stock price behavior associated with public offerings of common stock and convertible debt that are withdrawn by the issuing firm, as well as the stock price behavior associated with completed offerings. We find that stock returns are negative in the period from the announcement to the withdrawal, and are statistically insignificant from the announcement to the issuance. Stock returns are positive at the withdrawal and negative at the issuance. Furthermore, the average stock returns associated with withdrawals are significantly different from zero only when the reported reason for the withdrawals is unfavorable market conditions. Our evidence suggests that managers' decisions to withdraw equity offerings depend on recent stock price behavior, and that managers' decisions convey information about firm value to market participants. Copyright © School of Business Administration, University of Washington 1988 Mikkelson Wayne H. Partch M. Megan Journal of Financial and Quantitative Analysis Cambridge University Press 23/2(1988-06), 119-133 0022-1090 23:2<119 1988 23 JFQ https://doi.org/10.2307/2330876 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2330876 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Mikkelson Wayne H. NATIONALLICENCE 700 1- Partch M. Megan NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/2(1988-06), 119-133 0022-1090 23:2<119 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge