Below is the market reaction in term of the change of stock price to different activities adopted by firms. For example, the stock price decreases on average 3% when a firm announces a seasoned equity offering; the stock price increases on average 5% when a firm announces stock repurchase. Issuing seasoned equity -3% reaction on average Issuing public bonds 0% reaction on average Issuing bank loans +2% reaction on average Announcing stock repurchase +5% reaction on average Can you provide rational explanation on these phenomena using corporate finance theories?