haku: @indexterm underwriting / yhteensä: 58
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| Tekijä: | Singh, A. K. Cowan, A. R. Nayar, N. |
| Otsikko: | Underwritten calls of convertible bonds. |
| Lehti: | Journal of Financial Economics
1991 : MAR, VOL. 29:1, p. 173-196 |
| Asiasana: | UNDERWRITING BONDS SHARE PRICES REGRESSION ANALYSIS |
| Kieli: | eng |
| Tiivistelmä: | Common-stock prices fall a statistically significant 2 percent in response to underwritten convertible debt call announcements. The significant negative price reaction is confined to underwritten calls - stock-price responses to non-underwritten calls average an insignificant - 0.84 percent. Managers are more likely to use underwriters the more unfavourable the information they possess about future firm cash flows is. An agency cost interpretation of underwritten calls is also consistent with the results, but is not supported by management ownership and corporate liquidity evidence. |
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