Risk and Earnings Changes Subsequent to Equity Offerings

Whilst the greatest effort has been made to ensure the quality of this text, due to the historical nature of this content, in some rare cases there may be minor issues with legibility. We wish to thank Paul Asquith and David Mullins for making their data available for this paper and Eileen Pike for her help in collecting data and computing. We also thank Bob Kaplan, Richard Leftwich, Stewart Meyers, Pat O'Brien and the participants of the accounting workshops at Cornell University, Columbia University and M. I. T. for comments on an earlier version of the paper.