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On the Listing of Corporate Debt: A Note

Author

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  • Boardman, Calvin M.
  • Dark, Frederick H.
  • Lease, Ronald C.

Abstract

While the value of listing equity securities has been researched extensively, no studies have examined the market reaction to the decision to list corporate debt. Since the listing of corporate bonds on the major exchanges is a significant corporate activity, this study examines the impact of bond listing on shareholder wealth. Using a variety of possible announcement dates as well as cumulative abnormal returns between dates, no detectable market reaction to debt listing is found. Therefore, the listing of corporate bonds does not appear to be valued by the common shareholders of those same firms.

Suggested Citation

  • Boardman, Calvin M. & Dark, Frederick H. & Lease, Ronald C., 1986. "On the Listing of Corporate Debt: A Note," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(1), pages 107-114, March.
    • Handle: RePEc:cup:jfinqa:v:21:y:1986:i:01:p:107-114_01
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    Cited by:

    1. McConnell, John J. & Dybevik, Heidi J. & Haushalter, David & Lie, Erik, 1996. "A survey of evidence on domestic and international stock exchange listings with implications for markets and managers," Pacific-Basin Finance Journal, Elsevier, vol. 4(4), pages 347-376, December.

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