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| Tekijä: | Bae, G. S. (et al.) |
| Otsikko: | Stock returns and operating performance of securities issuers |
| Lehti: | Journal of Financial Research
2002 : FALL, VOL. 25:3, p. 337-352 |
| Asiasana: | Stock returns Share valuation |
| Kieli: | eng |
| Tiivistelmä: | The authors examine long-run stock returns and operating performance around firms' offerings of common stock, convertible debt, and straight debt from 1985 to 1990. They find that pre-issue abnormal returns are positive and significant for stock issuers, but not for convertible and straight debt issuers. Using a new approach in linear model estimations to correct heteroskedasticity and to adjust for finite sample, it is found a positive relation between post-issue operating performance and issue-period stock price reactions. |
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