Valuation Effects of Cancelled Debt Offerings
研究公司取消普通债务发行时股价的反应，发现公告日和取消日均有负超额收益，且资金用于资本支出时反应更强，可能预示投资机会减少。
We examine the price behavior of the firm's common stock associated with cancelled straight debt offerings. Excluding utilities, we find negative excess returns associated with offering and cancellation announcements. Further, the stronger withdrawal reactions we find, when the funds were to be used for capital expenditures, may signal a decline in profitable investment opportunities. These results are consistent with Miller and Rock's (1985) hypothesis.