13
Table 2: results from event study on announcement effects of convertible bond loans versus
warrant-bond loans
|
day:_____________________ |
-1 |
0 |
+1 |
|
Convertible bond loans: | |||
|
AAR: |
0.16% |
0.25% |
0.12% |
|
CAAR: |
0.16% |
0.41% (1.24) |
0.53% (1.30) |
|
AAR, standardized: |
(0.75) |
(0.61) |
(0.83) |
|
CAAR, standardized: |
(0.75) |
(0.96) |
(1.27) |
|
Sign-test |
45.7% |
53.2% |
61.7% (1.60) |
|
Warrant-bond loans: | |||
|
AAR: |
0.45% |
0.42% |
0.74% (1.58) |
|
CAAR: |
0.45% |
0.87% (1.31) |
1.61% (1.99) |
|
AAR, standardized: |
(1.44) |
(1.23) |
(2.05) |
|
CAAR, standardized: |
(1.44) |
(1.89) |
(2.73) |
|
Sign-test |
57.9% |
63.2% ______________(1.15) |
63.2% _____________(1.15) |
|
difference |
(0.60) |
(0.68) |
(1.31) |
Aar = Average Abnormal Return; CAAR = Cumulative Average Abnormal Retun; t-values in parenthese; difference is a t-
test for equality of the CAAR’s.
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