haku: @indexterm Convertible bonds / yhteensä: 8
viite: 8 / 8
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| Tekijä: | Ederington, L.H. Goh, J.C. |
| Otsikko: | Is a convertible bond call really bad news? |
| Lehti: | Journal of Business
2001 : JUL, VOL. 74:3, p. 459-476 |
| Asiasana: | CONVERTIBLE BONDS INSIDER TRADING STOCK MARKETS |
| Kieli: | eng |
| Tiivistelmä: | The authors test and reject the hypothesis that managers call in-the-money convertibles when they view a decline in the value of the firm as likely. Inconsistent with this view, they find that insiders generally buy equity before conversion-forcing calls. Also, analysts tend to raise their earnings forecasts following a call. Thus, the evidence supports the alternative hypothesis that the price decline immediately following conversion-forcing calls is a purely transitory decline caused by the anticipated increase in the supply of equity. |
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