Do Shareholders Value Bond Offerings? A Meta-Analysis

Paul-Olivier Klein ()
Additional contact information
Paul-Olivier Klein: LaRGE Research Center, Université de Strasbourg

Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg

Abstract: Empirical literature finds contradicting results on the value shareholders give to a bond offering. To address this issue, this paper performs a meta-analysis on the stock reaction to bond offerings. I use a sample of 21,157 issues from 29 studies published between 1984 and December 2015. Overall, shareholders react positively to a bond issue. Heterogeneity in previous results can be explained by the length of the observation windows and the choice of the event date. Differences in the significance of the results are mainly due to the estimation length, the sample screening, the quality of the publication and the statistic used to test the significance of the abnormal returns.

Keywords: Meta-Analysis; Bond Issue; Stock Reaction. (search for similar items in EconPapers)
JEL-codes: G14 G3 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://ifs.u-strasbg.fr/large/publications/2017/2017-04.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2017-04

Access Statistics for this paper

More papers in Working Papers of LaRGE Research Center from Laboratoire de Recherche en Gestion et Economie (LaRGE), Université de Strasbourg Contact information at EDIRC.
Bibliographic data for series maintained by Christophe J. Godlewski ().