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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
We study the economic sources of stock-bond return comovement and its time variation using a dynamic factor model. We … dynamics of stock-bond return correlations poorly. Alternative factors, such as liquidity proxies, help explain the residual …
Persistent link: https://www.econbiz.de/10013132852
In this study, we analyze the effects of sovereign credit rating reviews on national stock market performances in GIIPS and BRIC countries during the European Sovereign Debt Crisis of 2009-2013. Through an event study, we test the Null Hypothesis that cumulative abnormal returns on national...
Persistent link: https://www.econbiz.de/10013060066
Do equity investors care about pay dispersion and income inequality? We address this question by examining equity markets' reaction and investors' portfolio rebalancing in response to the first-time disclosure by U.S. public companies of the ratio of CEO to median worker pay in 2018. We find...
Persistent link: https://www.econbiz.de/10012843823
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
This paper tests for the stock market reaction to corporate debt-based securities offering. A standard event study framework is applied to calculate and test Average Abnormal Returns (AARs) and Cumulative Average Abnormal Returns (CAARs), both on and surrounding the announcement date. A...
Persistent link: https://www.econbiz.de/10013029075
During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS) typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis, based on...
Persistent link: https://www.econbiz.de/10013125357
During 2005-2006, the Chinese government implemented a reform aimed at eliminating the so-called non-tradable shares (NTS), shares typically held by the State or by politically connected institutional investors that were issued at the early stage of financial market development. Our analysis,...
Persistent link: https://www.econbiz.de/10009008185
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
Before shares of a company are sold to the general public on a security exchange for the first time, regulatory publication requirements force U.S. firms to file an initial public offering prospectus. While accounting information in IPO filings are closely studied by investors and analysts,...
Persistent link: https://www.econbiz.de/10013046950