We examine the long-run stock returns, operating performance, and Tobin's Q following firms' issuances of straight debt, convertible debt, and common stock from 1990 to 2006. The abnormal stock returns, operating performance, and Tobin's Q show that common stock and convertible debt issuers suffer underperformance during the post-issue periods. However, we cannot find the underperformance problem for straight debt issuers. This is consistent with Myers and Majluf (1984) model. Firms with larger offerings have poorer stock returns, operating performance, and Tobin's Q after issuance. This study also supports Miller and Rock (1985) model.