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



14

Table 3: regression results for abnormal returns (using GLS)

Dependent variable = CARi(-1,+1)

Variable:

Coefficient:

t-value

Intercept

-0.0225

-0.98

S ∙
k-^πew,i

0.0070

0.25

SBi

0.0217

0.99

dummy (1 = WB, 0 = CB)

0.0168*

1.71

R2

0.0415

ʌ _

R2

-0.0057

CAR = Cumulative Abnormal Return; Snew = amount of new equity as fraction of outstanding equity; SB = amount of new
equity as fraction of new debt; dummy = dummy which is 1 for warrant-bond loans and 0 for convertible bond loans.



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