{"id":"https://openalex.org/W2059022232","doi":"https://doi.org/10.1093/rfs/4.4.685","title":"The Effect of Information Releases on the Pricing and Timing of Equity Issues","display_name":"The Effect of Information Releases on the Pricing and Timing of Equity Issues","publication_year":1991,"publication_date":"1991-10-01","ids":{"openalex":"https://openalex.org/W2059022232","doi":"https://doi.org/10.1093/rfs/4.4.685","mag":"2059022232"},"language":"en","primary_location":{"id":"doi:10.1093/rfs/4.4.685","doi":"https://doi.org/10.1093/rfs/4.4.685","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/4.4.685","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5086664610","display_name":"Robert A. Korajczyk","orcid":"https://orcid.org/0000-0003-2436-2324","observed_orcids":["https://orcid.org/0000-0003-2436-2324"]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Robert A. Korajczyk","raw_affiliation_strings":["Northwestern University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Northwestern University","institution_ids":["https://openalex.org/I111979921"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5083781272","display_name":"Deborah J. Lucas","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Deborah J. Lucas","raw_affiliation_strings":["Northwestern University and National Bureau of Economic Research","National Bureau of Economic Research (NBER)","Northwestern University - Kellogg School of Management"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Northwestern University and National Bureau of Economic Research","institution_ids":["https://openalex.org/I111979921","https://openalex.org/I1321305853"]},{"raw_affiliation_string":"National Bureau of Economic Research (NBER)","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Northwestern University - Kellogg School of Management","institution_ids":["https://openalex.org/I111979921"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5110740506","display_name":"Robert L. McDonald","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I111979921","display_name":"Northwestern University","ror":"https://ror.org/000e0be47","country_code":"US","type":"education","lineage":["https://openalex.org/I111979921"]},{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Robert L. McDonald","raw_affiliation_strings":["Northwestern University and National Bureau of Economic Research","Northwestern University Kellogg School of Management"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Northwestern University and National Bureau of Economic Research","institution_ids":["https://openalex.org/I111979921","https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Northwestern University Kellogg School of Management","institution_ids":["https://openalex.org/I111979921"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4028,"currency":"USD","value_usd":4028},"apc_paid":null,"fwci":26.544,"has_fulltext":false,"cited_by_count":425,"citation_normalized_percentile":{"value":0.99191445,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":94,"max":100},"biblio":{"volume":"4","issue":"4","first_page":"685","last_page":"708"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.5273000001907349,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.5273000001907349,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.43970000743865967,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10081","display_name":"Auditing, Earnings Management, Governance","score":0.012400000356137753,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/information-release","display_name":"information release","score":0.7289999723434448},{"id":"https://openalex.org/keywords/stock-issuance","display_name":"share issuance","score":0.6470000147819519},{"id":"https://openalex.org/keywords/adverse-selection","display_name":"adverse selection","score":0.5870000123977661},{"id":"https://openalex.org/keywords/earnings-announcements","display_name":"earnings announcements","score":0.6740000247955322},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.7260000109672546},{"id":"https://openalex.org/keywords/stock-price-decline","display_name":"stock price decline","score":0.4020000100135803}],"concepts":[{"id":"https://openalex.org/C32252159","wikidata":"https://www.wikidata.org/wiki/Q380037","display_name":"Adverse selection","level":2,"score":0.6768531203269958},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6741623878479004},{"id":"https://openalex.org/C137577040","wikidata":"https://www.wikidata.org/wiki/Q431965","display_name":"Information asymmetry","level":2,"score":0.6588452458381653},{"id":"https://openalex.org/C2781426361","wikidata":"https://www.wikidata.org/wiki/Q5326940","display_name":"Earnings","level":2,"score":0.6182388067245483},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5491313338279724},{"id":"https://openalex.org/C149866677","wikidata":"https://www.wikidata.org/wiki/Q5384698","display_name":"Equity risk","level":3,"score":0.4837646484375},{"id":"https://openalex.org/C2780148112","wikidata":"https://www.wikidata.org/wiki/Q1432581","display_name":"Proxy (statistics)","level":2,"score":0.47693151235580444},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.44426125288009644},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.43533551692962646},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3405413031578064},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3381742537021637},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.25929832458496094},{"id":"https://openalex.org/C71110296","wikidata":"https://www.wikidata.org/wiki/Q476115","display_name":"Private equity","level":2,"score":0.1630328893661499},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1093/rfs/4.4.685","doi":"https://doi.org/10.1093/rfs/4.4.685","is_oa":false,"landing_page_url":"https://doi.org/10.1093/rfs/4.4.685","pdf_url":null,"source":{"id":"https://openalex.org/S170137484","display_name":"Review of Financial Studies","issn_l":"0893-9454","issn":["0893-9454","1465-7368"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Financial Studies","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":19,"referenced_works":["https://openalex.org/W1542183466","https://openalex.org/W1989784141","https://openalex.org/W2002464023","https://openalex.org/W2010917876","https://openalex.org/W2024121040","https://openalex.org/W2048662624","https://openalex.org/W2050175305","https://openalex.org/W2053275427","https://openalex.org/W2055818557","https://openalex.org/W2098630070","https://openalex.org/W2108818539","https://openalex.org/W2126603824","https://openalex.org/W2156109180","https://openalex.org/W2286818759","https://openalex.org/W3121825198","https://openalex.org/W3123054707","https://openalex.org/W3123605165","https://openalex.org/W3123696576","https://openalex.org/W3124114405"],"related_works":["https://openalex.org/W1545104892","https://openalex.org/W3123516715","https://openalex.org/W3124877573","https://openalex.org/W3123054707","https://openalex.org/W3124811674","https://openalex.org/W4283259961","https://openalex.org/W1600496489","https://openalex.org/W6982392867","https://openalex.org/W1575925690","https://openalex.org/W2045122965"],"abstract_inverted_index":{"With":[0],"time-varying":[1],"adverse":[2],"selection":[3],"in":[4,45,65],"the":[5,18,24,27,43,53,57,66,69],"market":[6,19],"for":[7,79],"new":[8],"equity":[9,16,32,61],"issues,":[10],"firms":[11],"will":[12],"prefer":[13],"to":[14,35],"issue":[15,62],"when":[17],"is":[20],"most":[21],"informed":[22],"about":[23],"quality":[25],"of":[26,59],"firm.":[28],"This":[29],"implies":[30],"that":[31],"issues":[33],"tend":[34],"follow":[36],"credible":[37],"information":[38,46,51,71],"releases.":[39],"In":[40],"addition,":[41],"if":[42],"asymmetry":[44],"increases":[47],"over":[48],"time":[49,67],"between":[50],"releases,":[52],"price":[54],"drop":[55],"at":[56],"announcement":[58],"an":[60],"should":[63],"increase":[64],"since":[68],"last":[70],"release.":[72],"Using":[73],"earnings":[74],"releases":[75],"as":[76],"a":[77],"proxy":[78],"informative":[80],"events,":[81],"we":[82],"find":[83],"evidence":[84],"supporting":[85],"these":[86],"propositions.":[87]},"counts_by_year":[{"year":2026,"cited_by_count":9},{"year":2025,"cited_by_count":8},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":12},{"year":2020,"cited_by_count":14},{"year":2019,"cited_by_count":17},{"year":2018,"cited_by_count":12},{"year":2017,"cited_by_count":13},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":13},{"year":2014,"cited_by_count":17},{"year":2013,"cited_by_count":19},{"year":2012,"cited_by_count":24}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
