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that bond prices rise, equity prices fall, and the volatility of both securities drops for firms whose CEOs have sizeable …
Persistent link: https://www.econbiz.de/10013134104
Persistent link: https://www.econbiz.de/10009381403
We investigate whether firms manage stock prices in anticipation of share issuance. Warrant exercise results in share … engage in stock price management in anticipation of share issuance …
Persistent link: https://www.econbiz.de/10011870355
This study aims to investigate the effect of bond issuance announcements and to determine the company characteristics … that could influence this effect. The findings reveal positive cumulative average abnormal returns following bond issuances …, indicating that the market considers bond offers to be favorable news. Nevertheless, cross-sectional regression analysis shows an …
Persistent link: https://www.econbiz.de/10009770381
. The crash-reduction effect is stronger when CDS trading is more active or when corporate managers are more likely to hide …
Persistent link: https://www.econbiz.de/10012854023
This study investigates market reactions to announcements of CEO turnover and finds that forced turnovers are not accompanied by positive returns, which contradicts the broad view that firing a CEO sends a positive signal to the market. This contradiction is further explored by focusing on the...
Persistent link: https://www.econbiz.de/10012587940
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...
Persistent link: https://www.econbiz.de/10013064748
This paper analyzes informed trading in acquiring firms through (stock) merger announcements. We show that pre-announcement abnormal option volumes in acquiring firms strongly increase ahead of a stock merger (by approximately 300%). Furthermore, we show that the direction of option trades (puts...
Persistent link: https://www.econbiz.de/10013028075
This paper studies the first day return of 227 carve-outs during 1996-2013. I find that the first day return of newly issued subsidiary stocks is explained by the reporting distortions in the pre IPO period, conditioned on whether the executives and directors of the subsidiary received stock...
Persistent link: https://www.econbiz.de/10012970504
volatility skew” are negatively related to event period abnormal returns for accelerated share repurchases (ASRs) announcements …
Persistent link: https://www.econbiz.de/10012972855