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.

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