First, understand that investors provide their capital to businesses in the hopes that mangers will use it wisely to create a return on that investment. That is, they entrust money to others to invest.
Issuance is the firm taking investor money rather than returning capital to investors. That is, investors are paying to buy more of the future returns of the firm. Market gets information from those purchases.
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If the price goes down relative to the % of dilution, then the previous market price was "correct"; the marginal buyer had full information. If the price goes up (or stays higher than %-diluted reference), investors are saying shares are now worth more.
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Context also matters; is the new issuance due to a capital shortage? To fund new expansion? Some other reason?
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And a buyback is investors giving up their future returns of the firm in exchange for cash. In both cases, investors are accepting a price offered by the company, which could be too high for issuance to succeed or too low for a buyback.
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Buybacks are manager-instigated, marginal investors have little say or agency.
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