Ankündigungseffekte der Emission von High-Yield Bonds in Europa
Ankündigungseffekte der Emission von High-Yield Bonds in Europa Diese Arbeit untersucht für den noch jungen europäischen Corporate-High-Yield-Bond-Markt, wie sich die Ankündigung einer Anleiheemission auf den Aktienkurs der emittierenden Unternehmen auswirkt und welche Determinanten einen Erklärungsgehalt für die beobachtete Aktienkursreaktion liefern können. Anhand aller identifizierbaren Ereignisse im Zeitraum 1998 bis 2006 findet diese Studie eine signifikante, negative kumulierte abnormale Rendite von -1,14% in den drei Tagen um den Ankündigungstag. Wie bisherige US-Studien (u. a. Huffman/Ward (1996)) kann auch diese Studie keine Determinanten für die Höhe der abnormalen Renditen identifizieren. (JEL G32)
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.
- Standort
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Deutsche Nationalbibliothek Frankfurt am Main
- Umfang
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Online-Ressource
- Sprache
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Deutsch
- Erschienen in
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Ankündigungseffekte der Emission von High-Yield Bonds in Europa ; volume:43 ; number:2 ; year:2010 ; pages:243-270
Kredit und Kapital ; 43, Heft 2 (2010), 243-270
- Urheber
- DOI
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10.3790/kuk.43.2.243
- URN
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urn:nbn:de:101:1-2023013009490421660591
- Rechteinformation
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Open Access; Der Zugriff auf das Objekt ist unbeschränkt möglich.
- Letzte Aktualisierung
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15.08.2025, 07:39 MESZ
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