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This paper examines the valuation effect of Rule 144A equity offers on issuing firms common stocks for the period 1970 to 2010. Similar to findings for seasoned equity offerings, I find a statistically significant cumulative abnormal return of -3.07 percent over the three-day issue period for the overall sample of 160 Rule 144A equity offers. Further, I find that issuing firms exhibit significant long-run under-performance in stock returns over the three years after the issuance of Rule 144A equity offers. The results are consistent with the under-reaction hypothesis.

Stock Price Reactions And Long Run Performance Of Rule 144A Equity Issuance