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| Tekijä: | Affleck-Graves, J. Miller, R.E. |
| Otsikko: | The information content of calls of debt: evidence from long-run stock returns |
| Lehti: | Journal of Financial Research
2003 : WINTER, VOL. 26:4, p. 421-447 |
| Asiasana: | Call options Debt Performance appraisal Stock returns |
| Kieli: | eng |
| Tiivistelmä: | The long-run performance of the common stock of companies following calls of both straight and convertible debt are examined between years 1945 and 1995. A sample of 718 calls of straight debt is used and an average abnormal return in the five years following the call of between 0.16% and 0.34% per month is found, which compounds to an economically and statistically significant 11% to 22% over the five-year period. The evidence of overperformance following calls shows a distinct symmetry between the straight debt and equity markets. |
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