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 ∙ |
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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