Analyzing Wealth Effects for Bondholders

New Insight on Major Corporate Events from the Debtholders Perspective

Business & Finance, Accounting, Budgeting, Finance & Investing, Finance
Cover of the book Analyzing Wealth Effects for Bondholders by Daniel Maul, Peter Lang
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Author: Daniel Maul ISBN: 9783653952575
Publisher: Peter Lang Publication: March 11, 2016
Imprint: Peter Lang GmbH, Internationaler Verlag der Wissenschaften Language: English
Author: Daniel Maul
ISBN: 9783653952575
Publisher: Peter Lang
Publication: March 11, 2016
Imprint: Peter Lang GmbH, Internationaler Verlag der Wissenschaften
Language: English

Despite the growing importance of funds through corporate bonds, most investigations on the short-term effects of certain events on firm value are only conducted for stocks. Thus, research provides an incomplete view on how firm value is truly affected. The author fills this gap and focuses his research on corporate debt. The first section of the book provides a comprehensive overview of existing methodologies to calculate abnormal bond returns. Subsequently, two frameworks are selected to investigate the importance of corporate debt when empirically assessing major corporate events: Synergy disclosure at M&A announcements and debt offerings through reopenings. Both provide evidence for the necessity to regard corporate debt to fully assess changes in firm value.

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Despite the growing importance of funds through corporate bonds, most investigations on the short-term effects of certain events on firm value are only conducted for stocks. Thus, research provides an incomplete view on how firm value is truly affected. The author fills this gap and focuses his research on corporate debt. The first section of the book provides a comprehensive overview of existing methodologies to calculate abnormal bond returns. Subsequently, two frameworks are selected to investigate the importance of corporate debt when empirically assessing major corporate events: Synergy disclosure at M&A announcements and debt offerings through reopenings. Both provide evidence for the necessity to regard corporate debt to fully assess changes in firm value.

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