A Note on the Shareholder Wealth Effects of HY bonds.pdfVIP

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A Note on the Shareholder Wealth Effects of HY bonds.pdf

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A Note on the Shareholder Wealth Effects of HY bonds

FM Letters A Nonrefereed Communications Section Featuring Letters to the Editor, Comments, Notes, and Replies A Note on the Shareholder is accompanied by a negative equity debt and that straight high-yield debt is Wealth Effects of valuation effect, this finding suggests not associated with an equity trait. High-Yield Bonds market participants perceive junk bonds References as having an equity trait. During the decade of the eighties, 1. L. Dann and W. Mikkelson, high-yield bonds played an important Our sample covers the years 1979 Convertible Debt Issuance, Capital role in the capital markets. According to through 1985 and includes only original Structure Change and Financing Related issue bonds denominated in U.S . Perry and Taggart [5], new issues of Information: Some New Evidence, straight high-yield bonds accounted for currency with SP ratings of BB and Journal of Financial Fconomics (June 2.5 percent of total bonds issued by U.S. lower. Our convertible high-yield sample 1984), pp. 157-186. consists of 155 announcements while our corporations in 1977. By 1987, junk 2. B. Eckbo, Valuation Effects of bonds participation had risen to 13.2 straight debt sample consists of 127 Corporate Debt