search query: @author Pettit, R. / total: 5
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| Author: | Akhigbe, A. Easterwood, J. Pettit, R. |
| Title: | Wealth effects of corporate debt issues: the impact of issuer motivations |
| Journal: | Financial Management
1997 : SPRING, VOL. 26:1, p. 32-47 |
| Index terms: | FINANCIAL MANAGEMENT WEALTH MOTIVATION |
| Language: | eng |
| Abstract: | In spite of strong reasons for expecting that new issues of debt would affect the prices of a firm's outstanding securities, empirical research has provided weak and conflicting evidence of such effects. This paper reexamines this subject by emphasizing the role of issuer motivation. The authors find negative and significant price reactions for outstanding debt and equity when the issue is motivated by an unexpected cash flow shortfall. |
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