UNDERWRITING CALLS OF CONVERTIBLE SECURITIES - A NOTE
成果类型：
Note
署名作者：
COWAN, AR; NAYAR, N; SINGH, AK
署名单位：
University of Oklahoma System; University of Oklahoma - Norman
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90006-J
发表日期：
1992
页码：
269-278
关键词：
摘要：
Average common stock price responses to convertible preferred stock calls are significantly negative only when firms employ underwriters to assure conversion. Previous work reports similar results for convertible bond calls; we find that the stock price reaction does not depend upon the type of convertible security being called. The results support the idea that managers are more likely to have calls underwritten the more unfavorable their private information about firm value.