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| Author: | Howton, S. Howton, S. Perfect, S. |
| Title: | The market reaction to straight debt issues: the effects of free cash flow |
| Journal: | Journal of Financial Research
1998 : SUMMER, VOL. 21:2, p. 219-228 |
| Index terms: | CASH FLOW DEBT MARKETS |
| Language: | eng |
| Abstract: | In this paper the authors measure the market reaction to 937 straight debt issues between 1983 and 1993. They find a negative and significant market reaction to a straight debt announcement. In addition, they find that the market reaction to a straight debt issue is directly related to the issuing firm's level of existing cash and inversely related to the issuing firm's investment opportunities. |
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