Year: 2010
Author: Betzer, André, Limbach, Peter
Credit and Capital Markets – Kredit und Kapital, Vol. 43 (2010), Iss. 2 : pp. 243–270
Abstract
Announcement Effects of High-Yield Bond Issues in Europe
This article examines for the still young European corporate high-yield bond market in what way bond-issue announcements affect the issuing companies' share prices and which determinants can explain the share price responses observed. On the basis of all events identifiable for the period 1998–2006, this study suggests the existence of a significant, negative cumulated abnormal return of -1.14% on the three days around the date the issue was announced. This study, like the US studies hitherto made (Huffman/Ward (1996) inter alia), is not able to identify determinants of abnormal return levels.
Journal Article Details
Publisher Name: Global Science Press
Language: German
DOI: https://doi.org/10.3790/kuk.43.2.243
Credit and Capital Markets – Kredit und Kapital, Vol. 43 (2010), Iss. 2 : pp. 243–270
Published online: 2010-04
AMS Subject Headings: Duncker & Humblot
Copyright: COPYRIGHT: © Global Science Press
Pages: 28