Announcement effects of convertible bond loans versus warrant-bond loans: An empirical analysis for the Dutch market



12

Table 1: Stock price reactions to the announcement of convertible bond and warrant-bond
offerings
.

Study

Security

Research
period

Observations

Cumulative
average
abnormal
return
(-1,0)

- Dann/Mikkel-
son (1984)

Convertible bonds

1970-1979

132

-2.31%**

- Mikkelson/

Partch (1986)

Convertible bonds

1972-1982

33

-1.97%**

- Eckbo (1986)a

Convertible bonds

1964-1981

75

-1.25%**

- Brennan/

Her (1993)

Convertible bonds

1976-1985

155

-2.20%**

- Long/Sefcik

Convertible bonds

1965-1984

134

-0.61%**

(1990)

Warrant-bonds

1965-1984

54

-1.59%**

- Billingsley

Convertible bonds

1971-1986

104

-2.04%**

et. al. (1990)

Warrant-bonds

1971-1986

38

-0.33%

- Jayaraman

et. al. (1990)

Warrant-bonds

1977-1986

54

-0.64%

a

*

**


average abnormal return for the first announcements of the issues;

reported by the authors as being significant at the 5%-level;

reported by the authors as being significant at the 1%-level.



More intriguing information

1. The Interest Rate-Exchange Rate Link in the Mexican Float
2. TWENTY-FIVE YEARS OF RESEARCH ON WOMEN FARMERS IN AFRICA: LESSONS AND IMPLICATIONS FOR AGRICULTURAL RESEARCH INSTITUTIONS; WITH AN ANNOTATED BIBLIOGRAPHY
3. The name is absent
4. News Not Noise: Socially Aware Information Filtering
5. PERFORMANCE PREMISES FOR HUMAN RESOURCES FROM PUBLIC HEALTH ORGANIZATIONS IN ROMANIA
6. Barriers and Limitations in the Development of Industrial Innovation in the Region
7. Confusion and Reinforcement Learning in Experimental Public Goods Games
8. The name is absent
9. Reform of the EU Sugar Regime: Impacts on Sugar Production in Ireland
10. The name is absent