Equity valuation effects of the issuance of convertible bonds: UK evidence
Gwilym, Owain Ap, Wolfe, Simon and Daliakopolous, Stavros (1999) Equity valuation effects of the issuance of convertible bonds: UK evidence. The Journal of Fixed Income, 9, (4), 7-18.
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Description/Abstract
The article compares the equity valuation effects of the convertible bonds, straight debt, and common equity offerings in the U.K. market. Our results on announcement dates are similar to those of studies in the U.S. in several respects. Convertible bond offerings have a significant negative impact on the underlying stock price; straight debt offerings are accompanied by a small negative stock price reaction; and rights issues have significantly negative valuation effects. A result that is at variance with U.S. results is that we find no stock price reaction on the issue date of convertible bonds.
| Item Type: | Article |
|---|---|
| Related URLs: | |
| Subjects: | H Social Sciences > HG Finance H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management H Social Sciences > HF Commerce > HF5601 Accounting |
| Divisions: | University Structure - Pre August 2011 > School of Management |
| Item ID: | 36591 |
| Date Deposited: | 15 Mar 2007 |
| Last Modified: | 02 Mar 2012 13:50 |
| Contributors: | Gwilym, Owain Ap (Author) Wolfe, Simon (Author) Daliakopolous, Stavros (Author) |
| Date: | December 1999 |
| Status: | Published |
| Contact Email Address: | ssjw@soton.ac.uk |
| URI: | http://eprints.soton.ac.uk/id/eprint/36591 |
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