Information Effects Associated with Debt‐for‐Equity and Equity‐for‐Debt Exchange Offers
研究公司通过债转股和股转债交换要约改变资本结构时，股票价格出现异常变动，前者导致股价上涨，后者导致股价下跌，且证据支持信息效应假说而非财富转移或税收效应假说。
ABSTRACT This study investigates the information effect caused by a firm's change in capital structure via debt‐for‐equity and equity‐for‐debt exchange offers. The evidence suggests that the former transactions lead to abnormal stock price increases, while the latter lead to abnormal stock price decreases. In addition, findings based on analysis of bond returns and cross‐sectional regressions do not lend support to the wealth‐transfer‐ and tax‐effect hypotheses, but they are consistent with the information‐effect hypothesis.