The Valuation Effects of Private Placements of Convertible Debt
研究61次可转换债券私募发行公告的股价反应，发现显著正平均异常收益1.80%，与公开发行的负效应形成对比，且正效应与发行相对规模有关。
ABSTRACT Share price reactions to announcements of 61 private placements of convertible debt securities are investigated and a significant positive average abnormal return of 1.80% is documented. This unique result contrasts with the negative average abnormal return associated with public sales of convertible debt securities. The positive effect on common shareholders' wealth appears to be related to the relative size of the private issue and unrelated to the degree to which the convertible bond is “out‐of‐the‐money” at issuance.