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Wealth effects of convertible bond and convertible preference share issues: An empirical analysis of the UK market

  • Abhyankar, Abhay
  • Dunning, Alison
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    File URL: http://www.sciencedirect.com/science/article/B6VCY-3WRBNMD-4/2/c4a7c55ada6768de3c4b086f9704095a
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    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 23 (1999)
    Issue (Month): 7 (July)
    Pages: 1043-1065

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    Handle: RePEc:eee:jbfina:v:23:y:1999:i:7:p:1043-1065
    Contact details of provider: Web page: http://www.elsevier.com/locate/jbf

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    3. Jeremy C. Stein, 1992. "Convertible Bonds as "Back Door" Equity Financing," NBER Working Papers 4028, National Bureau of Economic Research, Inc.
    4. Linn, Scott C. & Michael Pinegar, J., 1988. "The effect of issuing preferred stock on common and preferred stockholder wealth," Journal of Financial Economics, Elsevier, vol. 22(1), pages 155-184, October.
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    7. Kraus, Alan & Litzenberger, Robert H, 1973. "A State-Preference Model of Optimal Financial Leverage," Journal of Finance, American Finance Association, vol. 28(4), pages 911-22, September.
    8. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
    9. Brennan, Michael J & Kraus, Alan, 1987. " Efficient Financing under Asymmetric Information," Journal of Finance, American Finance Association, vol. 42(5), pages 1225-43, December.
    10. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
    11. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
    12. Lease, Ronald C & Masulis, Ronald W & Page, John R, 1991. " An Investigation of Market Microstructure Impacts on Event Study Returns," Journal of Finance, American Finance Association, vol. 46(4), pages 1523-36, September.
    13. Smith, Clifford Jr., 1986. "Investment banking and the capital acquisition process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 3-29.
    14. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
    15. Eckbo, B. Espen, 1986. "Valuation effects of corporate debt offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 119-151.
    16. de Roon, F.A. & Veld, C.H., 1995. "Announcement effects of convertible bond loans versus warrant-bond loans : An empirical analysis for the Dutch market," Discussion Paper 1995-9, Tilburg University, Center for Economic Research.
    17. Dann, Larry Y. & Mikkelson, Wayne H., 1984. "Convertible debt issuance, capital structure change and financing-related information : Some new evidence," Journal of Financial Economics, Elsevier, vol. 13(2), pages 157-186, June.
    18. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    19. Billingsley, Randall S & Lamy, Robert E & Smith, David M, 1990. "Units of Debt with Warrants: Evidence of the "Penalty-Free" Issuance of an Equity-Like Security," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 13(3), pages 187-99, Fall.
    20. Andrew P. Marshall, 1995. "Innovation in Euromarket hybrid funding instruments," European Financial Management, European Financial Management Association, vol. 1(3), pages 331-340.
    21. Green, Richard C., 1984. "Investment incentives, debt, and warrants," Journal of Financial Economics, Elsevier, vol. 13(1), pages 115-136, March.
    22. Hansen, Robert S & Crutchley, Claire, 1990. "Corporate Earnings and Financings: An Empirical Analysis," The Journal of Business, University of Chicago Press, vol. 63(3), pages 347-71, July.
    23. Kang, Jun-Koo & Kim, Yong-Cheol & Park, Kyung-Joo & Stulz, René M., 1995. "An Analysis of the Wealth Effects of Japanese Offshore Dollar-Denominated Convertible and Warrant Bond Issues," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(02), pages 257-270, June.
    24. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1980. " A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework," Journal of Finance, American Finance Association, vol. 35(5), pages 1223-34, December.
    25. Kim, Yong-Cheol & Stulz, Rene M, 1992. "Is There a Global Market for Convertible Bonds?," The Journal of Business, University of Chicago Press, vol. 65(1), pages 75-91, January.
    26. Dimson, Elroy, 1979. "Risk measurement when shares are subject to infrequent trading," Journal of Financial Economics, Elsevier, vol. 7(2), pages 197-226, June.
    27. Harris, Milton & Raviv, Artur, 1991. " The Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 46(1), pages 297-355, March.
    28. Scholes, Myron & Williams, Joseph, 1977. "Estimating betas from nonsynchronous data," Journal of Financial Economics, Elsevier, vol. 5(3), pages 309-327, December.
    29. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    30. Fields, L Paige & Mais, Eric L, 1991. " The Valuation Effects of Private Placements of Convertible Debt," Journal of Finance, American Finance Association, vol. 46(5), pages 1925-32, December.
    31. Wruck, Karen Hopper, 1989. "Equity ownership concentration and firm value : Evidence from private equity financings," Journal of Financial Economics, Elsevier, vol. 23(1), pages 3-28, June.
    32. Diamond, Douglas W., 1993. "Seniority and maturity of debt contracts," Journal of Financial Economics, Elsevier, vol. 33(3), pages 341-368, June.
    33. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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