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Analyzing Wealth Effects for Bondholders: New Insight on Major Corporate Events from the Debtholders’ Perspective - Couverture souple
Synopsis
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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À propos de l?auteur
Daniel Maul studied Business Administration and Engineering (Wirtschaftsingenieurwesen) at Darmstadt University of Technology. He worked as a research and teaching assistant at the Chair of Corporate Finance.
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Analyzing Wealth Effects for Bondholders: New Insight on Major Corporate Events from the Debtholders Perspective (Corporate Finance and Governance, Band 20)
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Ancien ou d'occasion
Couverture souple
Vendeur : Fundus-Online GbR Borkert Schwarz Zerfaß, Berlin, Allemagne
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Etat : Sehr gut. Auflage: New edition. 183 Seiten Tadelloses Exemplar. - Overview -- List of Tables XV -- List of Figures XIX -- List of Abbreviations XXI -- 1 Introduction1 -- 11 The Importance and Economic Relevance of -- Corporate Bonds 1 -- 12 Thesis Structure5 -- 2 Review of Event Study Procedures to detect -- Wealth Effects in Bondholder Research7 -- 21 Bond Characteristics affecting Event Study Methodology 19 -- 22 Bond Event Study Methodology22 -- 23 Test Statistics31 -- 24 Data and Data Sources 33 -- 25 The Link between Bondholder and Stockholder Returns38 -- 26 Summary and Conclusion 40 -- 3 Wealth Effects of Synergy disclosing M&A -- Announcements in the US Energy Sector43 -- 31 Literature Review44 -- 32 Data and Methodology 49 -- 33 Empirical Results57 -- 34 Summary and Conclusion103 -- 4 Wealth Effects of CorporateBond Reopenings105 -- 41 Related Research108 -- 42 Data and Methodology110 -- 43 Empirical Results 115 -- 44 Summary and Conclusion 158 -- 5 Concluding Remarks 161 -- 51 Summary and Discussion of the Main Results161 -- 52 Limitations and Avenues for Future Research 164 -- 6 Reference List 167 -- List of TablesXV -- List of Figures XIX -- List of AbbreviationsXXI -- 1 Introduction1 -- 11 The Importance and Economic Relevance of Corporate Bonds 1 -- 12 Thesis Structure 5 -- 2 Review of Event Study Procedures to detect Wealth -- Effects in Bondholder Research 7 -- 21 Bond Characteristics affecting Event Study Methodology 19 -- 211 Illiquidity of Bond Price Data 19 -- 212 Multiple Bonds Outstanding per Company 20 -- 22 Bond Event Study Methodology22 -- 221 Market Model22 -- 222 Multi-Factor Models 23 -- 223 Valuation Prediction Error27 -- 224 Mean Adjusted Model 28 -- 225 Matching Portfolio Model29 -- 23 Test Statistics 31 -- 24 Data and Data Sources 33 -- 25 The Link between Bondholder and Stockholder Returns38 -- 26 Summary and Conclusion40 -- 3 W ealth Effects o f Synergy disclosing M & A -- A n n o u n c em en ts in th e US E nergy S ector 43 -- 31 Literature Review 44 -- 311 Voluntary Synergy Disclosure and Shareholder -- Wealth Effects44 -- 312 Bondholder Wealth Effects associated with M&A 47 -- 32 Data and Methodology 49 -- 321 Data 49 -- 322 Calculation of Abnormal Bond Returns 53 -- 323 Calculation of Abnormal Stock Returns 55 -- 33 Empirical Results 57 -- 331 Bond Event Study 57 -- 332 Stock Event Study 64 -- 333 Cross Sectional Regression Analysis of -- Synergy Communication70 -- 334 Analysis of the Transfer of Wealth between -- Bondholders and Stockholders 80 -- 34 Summary and Conclusion 103 -- 4 W ealth Effects o f C o rp o ra te B ond R eo p en in g s 105 -- 41 Related Research108 -- 42 Data and Methodology110 -- 421 Data and Descriptive Statistics 110 -- 422 Methodology113 -- 43 Empirical Results 115 -- 431 Bond Event Study 115 -- 432 Stock Event Study 122 -- 433 Cross Sectional Regression Analysis 127 -- 434 Potential Endogeneity137 -- 435 Wealth Transfer of Different Debt Offering Types 140 -- 436 Window of Opportunity Framework 144 -- 44 Summary and Conclusion 158 -- 5 Concluding Remarks161 -- 51 Summary and Discussion of the Main Results161 -- 52 Limitations and Avenues for Future Research164 -- 6 Reference List 167 ISBN 9783631671191 Sprache: Englisch Gewicht in Gramm: 288 21,0 x 15,2 x 1,3 cm, Taschenbuch. N° de réf. du vendeur 1087488
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Analyzing Wealth Effects for Bondholders
Edité par
Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Neuf
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Analyzing Wealth Effects for Bondholders: New Insight on Major Corporate Events from the Debtholders' Perspective (Corporate Finance and Governance)
Edité par
Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Neuf
Couverture souple
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Analyzing Wealth Effects for Bondholders : New Insight on Major Corporate Events from the Debtholders' Perspective
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Peter Lang Gmbh, Internationaler Verlag Der W 2016-03, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
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Analyzing Wealth Effects for Bondholders : New Insight on Major Corporate Events from the Debtholders' Perspective
Edité par
Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Neuf
Couverture souple
Vendeur : GreatBookPricesUK, Woodford Green, Royaume-Uni
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Analyzing Wealth Effects for Bondholders : New Insight on Major Corporate Events from the Debtholders' Perspective
Edité par
Peter Lang GmbH, Internationaler Verlag der Wissenschaften, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Neuf
Couverture souple
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Analyzing Wealth Effects for Bondholders : New Insight on Major Corporate Events from the Debtholders¿ Perspective
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Taschenbuch. Etat : Neu. Druck auf Anfrage Neuware - Printed after ordering - 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. N° de réf. du vendeur 9783631671191
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Analyzing Wealth Effects for Bondholders
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Taschenbuch. Etat : Neu. This item is printed on demand - it takes 3-4 days longer - Neuware -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. 210 pp. Englisch. N° de réf. du vendeur 9783631671191
Quantité disponible : 2 disponible(s)
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Analyzing Wealth Effects for Bondholders: New Insight on Major Corporate Events from the Debtholdersâ Perspective (Corporate Finance and Governance)
Edité par
Peter Lang GmbH, Internationaler, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Ancien ou d'occasion
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Analyzing Wealth Effects for Bondholders
Edité par
Peter Lang, Peter Lang Mär 2016, 2016
ISBN 10 : 3631671199
ISBN 13 : 9783631671191
Neuf
Taschenbuch
Vendeur : buchversandmimpf2000, Emtmannsberg, BAYE, Allemagne
Évaluation du vendeur 5 sur 5 étoiles
Taschenbuch. Etat : Neu. Neuware -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. 210 pp. Englisch. N° de réf. du vendeur 9783631671191
Quantité disponible : 2 disponible(s)