Earticle

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

저자

• Yong Hyeon Kim [ 김용현 | Hansei University ]
• Nam Gon Kim [ 김남곤 | Dongduk Women's University ]
• Young S. Park [ 박영석 | Sogang University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330