This paper uses a characteristics-based approach to examine the pattern of abnormal returns after seasoned equity offerings. Unlike previous studies the risk class of issuers are allowed to change in each of a series of six-month holding periods and firms are classified into categories based on...

Following several years of severe price volatility, market uncertainty and a number of well-publicized controversies, the issuance of high-yield bonds virtually ceased by 1990, suggesting that interest in these instruments might disappear as well. During 1991 and 1992, however, total annual...