haku: @author Mais, E.L. / yhteensä: 2
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| Tekijä: | Fields, L.P. Mais, E.L. |
| Otsikko: | The valuation effects of private placements of convertible |
| Lehti: | Journal of Finance
1991 : DEC, VOL. 46:5, p. 1925-1932 |
| Asiasana: | SECURITIES DEBT |
| Kieli: | eng |
| Tiivistelmä: | Share price reactions to announcements of 61 private placements of convertible debt securities are investigated and a significant positive average abnormal return of 1.80 percent is documented. This unique result constrasts with the negative average abnormal return associated with public sales of convertible debt securities. The positive effect on common shareholders' wealth appears to be related to the relative size of the private issue and unrelated to the degree to which the convertible bond is "out-of-the-money" at issurance. |
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