On the Listing of Corporate Debt: A Note
研究公司债券上市对股东财富的影响，发现市场对此没有显著反应，表明股东并不看重债券上市。
While the value of listing equity securities has been researehed extensively, no studies have examined the market reaction to the decision to list corporate debt. Since the listing of corporate bonds on the major exchanges is a significant corporate activity, this study examines the impact of bond listing on shareholder wealth. Using a variety of possible announcement dates as well as cumulative abnormal returns between dates, no detectable market reaction to debt listing is found. Therefore, the listing of corporate bonds does not appear to be valued by the common shareholders of those same firms.