Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/105362 
Year of Publication: 
2013
Citation: 
[Journal:] Contemporary Economics [ISSN:] 2084-0845 [Volume:] 7 [Issue:] 1 [Publisher:] Vizja Press & IT [Place:] Warsaw [Year:] 2013 [Pages:] 5-18
Publisher: 
Vizja Press & IT, Warsaw
Abstract: 
This study aims to investigate the effect of bond issuance announcements and to determine the company characteristics that could influence this effect. The findings reveal positive cumulative average abnormal returns following bond issuances, indicating that the market considers bond offers to be favorable news. Nevertheless, cross-sectional regression analysis shows an insignificant relation of company profitability, growth opportunities, asset tangibility, size, and managerial ownership with cumulative abnormal returns. The results confirm that there is a signaling effect of bond issuance announcements and that this effect is not affected by company characteristics.
Subjects: 
bond
equity market behavior
event study
JEL: 
G11
G32
G14
Persistent Identifier of the first edition: 
Document Type: 
Article

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