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

day:_____________________

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0

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Convertible bond loans:

AAR:

0.16%
(0.69)

0.25%
(1.06)

0.12%
(0.49)

CAAR:

0.16%
(0.69)

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%
(0.73)

53.2%
(0.44)

61.7%

(1.60)

Warrant-bond loans:

AAR:

0.45%
(0.96)

0.42%
(0.90)

0.74%

(1.58)

CAAR:

0.45%
(0.96)

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%
(0.69)

63.2%

______________(1.15)

63.2%

_____________(1.15)

difference

(0.60)

(0.68)

(1.31)