원문정보
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초록
영어
We examine the long-run stock returns, operating performance, and Tobin's Q following firms' issuances of straight debt, convertible debt, and common stock from 1990 to 2006. The abnormal stock returns, operating performance, and Tobin's Q show that common stock and convertible debt issuers suffer underperformance during the post-issue periods. However, we cannot find the underperformance problem for straight debt issuers. This is consistent with Myers and Majluf (1984) model. Firms with larger offerings have poorer stock returns, operating performance, and Tobin's Q after issuance. This study also supports Miller and Rock (1985) model.
목차
Abstract
I. Introduction
II. Literature Review
1. The signaling hypothesis
2. Empirical studies
III. Data and Methodology
1. Data
2. Methodology
IV. Results
1. Abnormal Stock Returns
2. Abnormal Operating Performance
3. Abnormal Tobin's Q
4. Differences Between Security Types
V. Conclusion
References
I. Introduction
II. Literature Review
1. The signaling hypothesis
2. Empirical studies
III. Data and Methodology
1. Data
2. Methodology
IV. Results
1. Abnormal Stock Returns
2. Abnormal Operating Performance
3. Abnormal Tobin's Q
4. Differences Between Security Types
V. Conclusion
References
저자정보
참고문헌
자료제공 : 네이버학술정보