A Re-Examination of Shareholder Wealth Effects of Calls of Convertible Preferred Stock
研究67次价内可转换优先股赎回公告对普通股价格的影响，发现平均异常收益为-1.6%，且与股息变化和投票权稀释相关。
Common stock price reactions to announcements of 67 calls of in-the-money convertible preferred stocks are examined, and a significant average abnormal return of −1.6 percent is documented. The finding is robust to the choice of estimation period and the assumed return-generating process. Annual dividend obligations for the called preferred issues in the sample typically are greater than the dividends for the common shares into which they are converted, and announcement-period abnormal returns are negatively correlated with changes in dividends. Moreover, calls that result in dilution of voting rights appear to have greater adverse valuation effects than calls that do not alter voting rights concentration.