THE VALUATION EFFECTS OF PRIVATE PLACEMENTS OF CONVERTIBLE DEBT

被引：26

作者：

FIELDS, LP ^{[1
]}

MAIS, EL ^{[1
]}

机构：

[1] UNIV HAWAII,DEPT FINANCE,HONOLULU,HI 96822

来源：

JOURNAL OF FINANCE | 1991年 / 46卷 / 05期

关键词：

D O I：

10.2307/2328579

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Share price reactions to announcements of 61 private placements of convertible debt securities are investigated and a significant positive average abnormal return of 1.80% is documented. This unique result contrasts with the negative average abnormal return associated with public sales of convertible debt securities. The positive effect on common shareholders' wealth appears to be related to the relative size of the private issue and unrelated to the degree to which the convertible bond is "out-of-the-money" at issuance.

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页码：1925 / 1932

页数：8

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