Some Evidence on The Uniqueness of Initial Public Debt Offerings  

Oleh:

Patel, Ajay ; Datta, Mai Iskandar ; Datta, Sudip

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 715-744.
Topik: EVIDENCE; going public; debt financing; stock prices; corporate debt; effects; studies
Fulltext: p 715.pdf (135.76KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Debt initial public offerings (IPOs) represent a major shift in a firm's financing policy by both extending debt maturity and altering the public - private debt mix. In contrast to findings for seasoned debt offerings, we document a significanlty negative stock price response to debt IPO announcements. This resut is consistent with debt maturity and debt ownership structure theories. The equity wealth effect is negatively related to the offer's maturity and positively related to the degree of bank monitoring. We find that firms with less information asymmetry and firms with higher growth opportunities experience a less adverse stock price response.

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