This paper relates the valuation consequences of common-stock, convertible-debt and straight-debt offering announcements to the issuing firms` stock price performance in periods before the announcements. Similar to pervious studies on equity offering, we find that the announcement effects of security offerings, regardless of offering types, are negatively correlated with the short-term pre-offering stock returns. We show that the informational impact of the preceding earnings and dividend(E/D) announcements account for the previous findings of the negative correlation. We further report that security issues following $quot;good-news$quot; E/D announcements result in larger stock price declines than issues following $quot;bad-news$quot; E/D announcements. The finding is consistent with the hypothesis that the E/D information affects the investors` assessments of the firm`s cash flow expectations and of the probability of external financing.