Handbook of Corporate Finance Empirical Corporate Finance Volume 1

Ch. 6: Security Offerings 299

Ta b l e 1 0
SEOs by NYSE- and AMEX-listed firms, classified by flotation method (FC=firm commitments, Stand=
standby rights), 1935–1955 and 1963–1981a

Total issues Industrial issues Utility issues

Total FC Stand Right Total FC Stand Right Total FC Stand Right

1935 6 1 3 2 5 – 3 2 1 1 – –
1936 37 11 17 9 37 11 17 9 – – – –
1937 40 15 18 7 39 15 17 7 1 – 1 –
1938 5 2 – 3 4 1 – 3 1 1 – –
1939 13 6 3 4 8 5 3 – 2 1 – 1
1940 18 9 4 5 13 7 4 2 3 2 – 1
1941 9 1 3 5 9 5 3 1 6 2 – 4
1942 1 1 – – 1 1 – – – – – –
1943 14 8 5 1 13 7 5 1 1 1 – –
1944 23 13 9 1 22 12 9 1 1 1 – –
1945 52 23 18 11 45 20 15 10 7 3 3 1
1946 110 73 24 13 96 65 21 10 14 8 3 3
1947 53 27 12 14 29 19 5 5 24 8 7 9
1948 61 20 20 21 28 11 9 8 33 9 11 13
1949 79 27 30 22 14 7 5 2 65 20 25 20
1950 84 35 31 18 30 16 9 5 54 19 22 13
1951 131 61 49 21 63 40 16 7 68 21 33 14
1952 131 66 43 22 71 41 20 10 60 25 23 12
1953 120 55 47 18 43 28 11 4 77 27 36 14
1954 101 51 33 17 51 36 11 4 50 15 22 13
1955 113 44 56 13 56 29 25 2 57 15 31 11
1935–
1955

1 , 201 549 425 227 677 376 208 93 525 179 217 129

1963 12 2 6 4 5 1 3 1 7 1 3 3
1964 17 8 6 3 8 4 3 1 9 4 3 2
1965 20 5 9 6 11 5 4 2 9 0 5 4
1966 27 12 12 3 17 7 8 2 10 5 4 1
1967 26 12 9 5 17 9 4 4 9 3 5 1
1968 44 26 9 9 31 20 4 7 13 6 5 2
1969 42 24 15 3 22 13 7 2 20 11 8 1
1970 49 36 10 3 22 18 2 2 27 18 8 1
1971 84 65 15 4 44 40 2 2 40 25 13 2
1972 81 68 11 2 29 27 1 1 52 41 10 1
1973 58 50 6 2 12 10 1 1 46 40 5 1
1974 53 47 4 3 6 5 0 1 47 42 3 2
1975 89 79 8 1 20 19 1 0 69 60 8 1
1976 93 88 3 1 30 29 1 0 63 59 3 1
1977 65 62 3 0 2 2 0 0 63 60 3 0
1978 90 86 3 1 25 23 2 0 65 63 1 1
1979 85 81 2 2 21 20 0 1 64 61 2 1

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