Short-term wealth effects from debt buyback announcements
This study provides evidence that, as with stock buyback announcements, investors believe that debt buyback announcements signal good news about the future cash flows of the announcing firm. This information is contained in the stock price reaction on the announcement date. On average, the firms sampled experienced an average 5.51% increase in their stock price on the day their plans to repurchase debt were announced in the financial media.
Year of publication: |
2010
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Authors: | Schaub, Mark |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 17.2010, 14, p. 1351-1354
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Publisher: |
Taylor & Francis Journals |
Saved in:
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