Berninger, Marc; Bossong, Paul; Schiereck, Dirk; … - In: Accounting & Finance 63 (2022) 3, pp. 3125-3145
Bond issues often result in negative revaluations of the market value of equity. These market reactions are usually explained by negative signals and asymmetric information about the use of the proceeds. In industries with rather transparent investment opportunities these arguments are not...