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| Author: | Gillet, R.(et al.) |
| Title: | The Consequences of Issuing Convertible Bonds: Dilution and/or Financial Restructuring? |
| Journal: | European Financial Management
2010 : SEP, VOL. 16:4, p. 552-584 |
| Index terms: | convertible bonds debt corporate finance stock markets efficiency event studies France |
| Freeterms: | dilution financial restructuring investment financing |
| Language: | eng |
| Abstract: | The author based on the data from the French stock market and tests the significance of the dilution effect, coupled with a possible value creation effect, Focuses on and in-depth analyses a comparison between dilutive convertibles and non-dilutive exchangeable bonds. By integrating different corrections and by selecting a window of analysis over a longer period after the announcement of the issue. This paper expounds the view that the negative cumulative average abnormal returns generally observed in previous studies become non-significant. This absence of global incidence is indicative of large differences in individual behaviour by issuers of CBs, and leads us to take into account the strategic choices linked to the issue of a CB. |
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