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Announcements effect of corporate bond issuance and its determinants
Chin, Sze Kim; Abdullah, Nur Adiana Hiau - In: Contemporary economics 7 (2013) 1, pp. 5-18
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 …
Persistent link: https://www.econbiz.de/10009770381
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Credit Default Swaps, the Leverage Effect, and Cross-Sectional Predictability of Equity and Firm Asset Volatility
Forte, Santiago - 2020
We investigate the informational content of credit default swap (CDS) spreads for future volatility of (firm) assets and equity. In the cross-section, CDS spreads are significantly more informative about future asset than equity volatility. The informational content of historical and option...
Persistent link: https://www.econbiz.de/10012848868
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The Tone of Financial News and the Perceptions of Stock and CDS Traders
Liebmann, Michael - 2018
This paper applies novel sentiment analyses to Reuters news to study stock and CDS traders' differential interpretations of financial news. We construct sentiment measures to identify which news content influences investors' behavior and create dynamic word lists that reflect the divergent...
Persistent link: https://www.econbiz.de/10012938022
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Informed Trading Around Merger and Acquisition Announcements : Evidence from the UK Equity and Options Market
Siougle, Georgia - 2011
This paper offers new evidence on informed trading around merger and acquisition announcements from the UK equity and options market. The analysis suggests that in about 25%-33% of events there is abnormal option trading volume during the month that precedes the announcement. Such evidence is...
Persistent link: https://www.econbiz.de/10013133655
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International Cross-Listing and Shareholders’ Wealth
Dodd, Olga - 2013
This study evaluates the relationship between international cross-listings and shareholders' wealth across different host markets and across time. For a sample of cross-listings by European companies in the US, in the UK, and within Europe, the findings show that US and UK cross-listings, on...
Persistent link: https://www.econbiz.de/10013089787
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Does the Stock Market Fully Value Layoff Announcements? Employee Downsizing versus Reorganizing
Kannan, Bharadwaj - 2016
Contrary to popular belief, layoff announcements do not always lead to reduced employment. Using hand-collected data on layoff announcements for S&P 500 firms, I show that 32% of layoffs announced do not lead to employment downsizing. While the market, in the short run, does not react...
Persistent link: https://www.econbiz.de/10013002734
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International Cross-Listing and Shareholders' Wealth
Dodd, Olga - 2016
This study evaluates the relationship between international cross-listings and shareholders' wealth across different host markets and across time. For a sample of cross-listings by European companies in the US, in the UK, and within Europe, the findings show that US and UK cross-listings, on...
Persistent link: https://www.econbiz.de/10013004545
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The ups and downs of Wirecard AG : an application of the reversed news model
Stadtmann, Georg; Croonenbroeck, Carsten - 2019
In early 2019, the stock prices of the German company Wirecard AG experienced market turmoil after several critical reports on activities claimed to be illegal. To analyze the market impact of news, we use stock price data for Wirecard AG and apply the reversed news model. We elaborate on...
Persistent link: https://www.econbiz.de/10012108832
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Do Investors See Value in Ethically Sound CEO Apologies? Investigating Stock Market Reaction to CEO Apologies
Koehn, Daryl; Goranova, Maria L. - 2017
Since the late 1990s, the number of apologies being offered by CEOs of large companies has exploded. Communication and management scholars have analyzed whether and why some of these apologies are more effective or more ethical than others. Most of these analyses, however, have remained at the...
Persistent link: https://www.econbiz.de/10014121225
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Dividend Initiations, Information Content and Informed Trading in the Options Market
Balachandran, Balasingham - 2016
We find that informed trading in the option market prior to dividend initiation is negatively related to announcement period price reactions. This relation is more prevalent among firms with abnormal trading in call options, higher stock price runup, and higher option liquidity. We also find...
Persistent link: https://www.econbiz.de/10013003299