Some Evidence on the Uniqueness of Initial Public Debt Offerings
研究发现公司首次公开发行债券的公告会导致股价显著下跌，这与债券期限和所有权结构理论一致，且信息不对称程度低、成长机会高的公司股价反应更温和。
Debt initial public offerings (IPOs) represent a major shift in a firm's financing policy by both extending debt maturity and altering the public‐private debt mix. In contrast to findings for seasoned debt offerings, we document a significantly negative stock price response to debt IPO announcements. This result is consistent with debt maturity and debt ownership structure theories. The equity wealth effect is negatively related to the offer's maturity, and positively related to the degree of bank monitoring. We find that firms with less information asymmetry and firms with higher growth opportunities experience a less adverse stock price response.