Do Shareholders Value Bond Offerings? A Meta-Analysis
Paul-Olivier Klein ()
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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
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: G3 G14 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:lar:wpaper:2017-04
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