12
Table 1: Stock price reactions to the announcement of convertible bond and warrant-bond
offerings.
Study |
Security |
Research |
Observations |
Cumulative |
- Dann/Mikkel- |
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.
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