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Ankündigungseffekte der Emission von High-Yield Bonds in Europa
Betzer, André | Limbach, Peter
Credit and Capital Markets – Kredit und Kapital, Vol. 43 (2010), Iss. 2 : pp. 243–270
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PD Dr. André Betzer, Bergische Universität Wuppertal, Schumpeter School of Business and Economics, Lehrstuhl für Finanz- und Bankwirtschaft, Gauß-straße 20, D-42119 Wuppertal.
Peter Limbach, Karlsruher Institut für Technologie (KIT), Institut für Finanzwirtschaft, Banken und Versicherungen – Abteilung Finanzwirtschaft und Banken –, Kaiserstraße 12, D-76131 Karlsruhe.
Abstract
Announcement Effects of High-Yield Bond Issues in Europe
This article examines for the still young European corporate high-yield bond market in what way bond-issue announcements affect the issuing companies' share prices and which determinants can explain the share price responses observed. On the basis of all events identifiable for the period 1998–2006, this study suggests the existence of a significant, negative cumulated abnormal return of -1.14% on the three days around the date the issue was announced. This study, like the US studies hitherto made (Huffman/Ward (1996) inter alia), is not able to identify determinants of abnormal return levels.