Wealth Effects of Corporate Debt Issues: The Impact of Issuer Motivations
研究发现市场对债务和股权发行公告的反应与发行人动机有关：当发行人面临意外现金流短缺时，现有债务和股权价格出现显著负向反应；而资本支出或杠杆意外增加或预期债务再融资时反应不显著。
This study documents a link between the market's reaction to a new issue announcement and the issuer's motivation for both debt and equity issues. Negative and significant price reactions occur for outstanding debt and equity when the issuer faces an unexpected cash flow shortfall. Insignificant reactions accompany unexpected increases in capital expenditures or leverage or an expected debt refinancing.