Suchergebnisse
Filter
6 Ergebnisse
Sortierung:
THE LONG‐RUN PERFORMANCE OF COMPANIES THAT WITHDRAW SEASONED EQUITY OFFERINGS
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 23, Heft 2, S. 157-178
ISSN: 1475-6803
AbstractWe examine the long‐run stock price and operating performance of companies that withdraw seasoned equity offerings (SEOs). Firms that withdraw an offering provide an opportunity to examine whether markets fully adjust to the information conveyed when managers announce the intent to issue shares, independent of any agency problems that might be intensified by the completion of the offering. As in completed seasoned equity offerings, long‐horizon event‐time operating and stock price performance in sample firms is substantially lower than what is observed among control firms. Underperformance is also observed in an equally weighted calendar‐time analysis. Results are consistent with overpricing among small firms that attempt, but then withdraw, SEOs.
ON COMPUTING BOND RETURNS: THE EVALUATION OF LOW‐GRADE DEBT
In: The journal of financial research: the journal of the Southern Finance Association and the Southwestern Finance Association, Band 17, Heft 3, S. 403-415
ISSN: 1475-6803
AbstractPrevious research attributes disparities in the reported performance of junk bonds to differences in bond issues and time periods. The potential effect of apparently subtle differences in methodology is overlooked. We find that the methodologies used in computing performance vary significantly across representative junk bond studies. The differences in methodology can induce dramatic differences in reported performance, even with identical price data. These findings lead to the conjecture that the entire junk bond controversy might never have occurred had bond portfolio returns been computed consistent with the well‐established computations of stock returns.
Corporate pension policy and capital structure decisions
In: Journal of economics and business, Band 40, Heft 3, S. 209-228
ISSN: 0148-6195
Human and Social Factors As Endogenous Factors Stimulating the LEADER Programme in Hungary
In: Rural Areas and Development, Band 4, Heft 2657-4403
SSRN