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Some Evidence on the Uniqueness of Initial Public Debt Offerings

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Author Info
Sudip Datta (Bentley College,)
Mai Iskandar-Datta (Suffolk University,)
Ajay Patel (Wake Forest University)
Abstract

Debt initial public offerings (IPOs) represent a major shift in a firm's financing policy by both extending debt maturity and altering the public-private debt mix. In contrast to findings for seasoned debt offerings, we document a significantly negative stock price response to debt IPO announcements. This result is consistent with debt maturity and debt ownership structure theories. The equity wealth effect is negatively related to the offer's maturity, and positively related to the degree of bank monitoring. We find that firms with less information asymmetry and firms with higher growth opportunities experience a less adverse stock price response. Copyright The American Finance Association 2000.

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Article provided by American Finance Association in its journal The Journal of Finance.

Volume (Year): 55 (2000)
Issue (Month): 2 (04)
Pages: 715-743
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Handle: RePEc:bla:jfinan:v:55:y:2000:i:2:p:715-743

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  1. Hsu-Huei Huang & Paochung Hsu & Haider A. Khan & Yun-Lin Yu, 2006. "Does the Appointment of the Outside Director Increase Firm Value? The Evidence from Taiwan," CIRJE F-Series CIRJE-F-427, CIRJE, Faculty of Economics, University of Tokyo. [Downloadable!]
  2. Galina Hale & João A. C. Santos, 2006. "Evidence on the costs and benefits of bond IPOs," Working Paper Series 2006-42, Federal Reserve Bank of San Francisco. [Downloadable!]
  3. Nikolas Rokkanen, 2009. "Lemmings in the bond market? An empirical analysis of the term structure of credit spreads," Financial Markets and Portfolio Management, Springer, vol. 23(1), pages 31-57, March. [Downloadable!] (restricted)
  4. Ricardo Correa, 2008. "Bank integration and financial constraints: evidence from U.S. firms," International Finance Discussion Papers 925, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
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