The Long-run Performance of Stock Returns Following Debt Offerings

@article{Spiess1997TheLP,
  title={The Long-run Performance of Stock Returns Following Debt Offerings},
  author={D. Spiess and J. Affleck-Graves},
  journal={Social Science Research Network},
  year={1997}
}
We document substantial long-run post-issue underperformance by "rms making straight and convertible debt o!erings from 1975 to 1989. This long-run underperformance is more severe for smaller, younger, and NASDAQ-listed "rms, and for "rms issuing speculative grade debt. We also "nd strong evidence that the underperformance of issuers of both straight and convertible debt is limited to those issues that occur in periods with a high volume of issues. In contrast to earlier event studies that… Expand
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