Analyzing Wealth Effects for Bondholders : New Insight on Major Corporate Events from the Debtholders’ Perspective
New
by
Daniel Maul
Book Details
Format
Paperback / Softback
Book Series
Corporate Finance and Governance
ISBN-10
3631671199
ISBN-13
9783631671191
Edition
New
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Mar 8th, 2016
Print length
183 Pages
Weight
282 grams
Dimensions
15.00 x 21.00 x 1.40 cms
Product Classification:
Budgeting & financial management
Ksh 9,050.00
Manufactured on Demand
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The book examines the impact of firm events on bondholder wealth. First, the methodologies of papers that conduct bond event studies are reviewed. Second, the impact of synergy forecasts at M&A announcements on corporate debt and equity securities is investigated. Finally, regular debt offerings are compared to reopenings of corporate bonds.
Despite the growing importance of funds through corporate bonds, most investigations on the short-term effects of certain events on firm value are only conducted for stocks. Thus, research provides an incomplete view on how firm value is truly affected. The author fills this gap and focuses his research on corporate debt. The first section of the book provides a comprehensive overview of existing methodologies to calculate abnormal bond returns. Subsequently, two frameworks are selected to investigate the importance of corporate debt when empirically assessing major corporate events: Synergy disclosure at M&A announcements and debt offerings through reopenings. Both provide evidence for the necessity to regard corporate debt to fully assess changes in firm value.
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