Summary statistics of the financing events
Summary statistics for completed security offerings are presented in table 3.
Summary measures of the total and relative dollar size of the offerings are
presented in rows 1 and 2. The median dollar amount ranges from $24.0
million for common stock offerings to $112.5 million for straight debt offer-
ings. The median market value of common stock of the issuing firm is more
than four times greater for straight debt offerings than for common stock
offerings. Consequently, the four types of security offerings represent compar-
able dollar amounts measured relative to the market value of the issuing firm’s
common stock. The median amount issued relative to the market value of
equity is 0.111 for common stock offerings, similar in magnitude to the 0.136
for straight debt offerings.