According to the textbook, the market value of a ﬁrm's outstanding shares are most likely to fall
upon the announcement of a new equity offering.

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According to the textbook, the market value of a firm's outstanding shares are most likely to fall upon the announcement of a new equity offering as it increases the supply of shares, diluting the value of existing shares.

According to the Textbook, the Market Value of a ﬁRm's