Berninger, Marc ; Bossong, Paul ; Schiereck, Dirk ; Steinhardt, Marcel (2023)
Too transparent for signalling? A global analysis of bond issues by property companies.
In: Accounting & Finance, 63 (3)
doi: 10.1111/acfi.13024
Article, Bibliographie
This is the latest version of this item.
Abstract
Bond issues often result in negative revaluations of the market value of equity. These market reactions are usually explained by negative signals and asymmetric information about the use of the proceeds. In industries with rather transparent investment opportunities these arguments are not applicable and we expect to find no negative revaluations. Consequently, analysing the stock price reactions to 2299 bond issues by real estate companies between 1996 and 2019, we observe none to positive reactions on the announcement of an upcoming bond issue. The findings underpin the necessity for controlling of industry effects in empirical studies on capital structure decisions.
| Item Type: | Article |
|---|---|
| Erschienen: | 2023 |
| Creators: | Berninger, Marc ; Bossong, Paul ; Schiereck, Dirk ; Steinhardt, Marcel |
| Type of entry: | Bibliographie |
| Title: | Too transparent for signalling? A global analysis of bond issues by property companies |
| Language: | English |
| Date: | 2023 |
| Place of Publication: | Melbourne |
| Publisher: | Wiley-Blackwell |
| Journal or Publication Title: | Accounting & Finance |
| Volume of the journal: | 63 |
| Issue Number: | 3 |
| DOI: | 10.1111/acfi.13024 |
| Corresponding Links: | |
| Abstract: | Bond issues often result in negative revaluations of the market value of equity. These market reactions are usually explained by negative signals and asymmetric information about the use of the proceeds. In industries with rather transparent investment opportunities these arguments are not applicable and we expect to find no negative revaluations. Consequently, analysing the stock price reactions to 2299 bond issues by real estate companies between 1996 and 2019, we observe none to positive reactions on the announcement of an upcoming bond issue. The findings underpin the necessity for controlling of industry effects in empirical studies on capital structure decisions. |
| Uncontrolled Keywords: | bond issue, capital structure, property companies, REITs, signalling |
| Additional Information: | JEL CLASSIFICATION: G32, G14, R42 |
| Classification DDC: | 300 Social sciences > 330 Economics 600 Technology, medicine, applied sciences > 650 Management |
| Divisions: | 01 Department of Law and Economics 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Department of Management and Logistics 01 Department of Law and Economics > Betriebswirtschaftliche Fachgebiete > Corporate finance |
| Date Deposited: | 02 Aug 2024 13:16 |
| Last Modified: | 02 Aug 2024 13:16 |
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| Suche nach Titel in: | TUfind oder in Google |
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Too transparent for signalling? A global analysis of bond issues by property companies. (deposited 09 Feb 2024 14:18)
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