Announcements effect of corporate bond issuance on share price returns: Evidence from three emerging markets
PurposeThe purpose of this paper is to investigate the effect of bond issuance announcements on share price returns in three emerging markets and examine the characteristics of bond issues that affect the abnormal share price returns of the company.Design/methodology/approachThis study employs event...
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| Veröffentlicht in: | International journal of emerging markets 2020-06, Vol.15 (3), p.534-558 |
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| container_title | International journal of emerging markets |
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| creator | M’ng, Jacinta Chan Phooi Rahman, Mahfuzur Kit, Goh Kok |
| description | PurposeThe purpose of this paper is to investigate the effect of bond issuance announcements on share price returns in three emerging markets and examine the characteristics of bond issues that affect the abnormal share price returns of the company.Design/methodology/approachThis study employs event study, correlation and multiple regression techniques to attain the research objectives. The authors test hypotheses on 105 public listed companies from Malaysia, Singapore and Thailand, during the period of 2008–2014.FindingsThe findings show positive cumulative average abnormal returns resulting from the announcement of corporate bond issuance for Malaysia, Singapore and Thailand. The results reveal that there is a significant effect of bond issuance announcements on share price returns. The results also disclose that the market is not efficient at its semi-strong form as proposed by the market efficiency hypothesis.Originality/valueThe results provide better references for fund managers and investors in capital markets to take advantage of the abnormal returns resulting from bond issuance announcements. |
| doi_str_mv | 10.1108/IJOEM-11-2018-0601 |
| format | Article |
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The authors test hypotheses on 105 public listed companies from Malaysia, Singapore and Thailand, during the period of 2008–2014.FindingsThe findings show positive cumulative average abnormal returns resulting from the announcement of corporate bond issuance for Malaysia, Singapore and Thailand. The results reveal that there is a significant effect of bond issuance announcements on share price returns. The results also disclose that the market is not efficient at its semi-strong form as proposed by the market efficiency hypothesis.Originality/valueThe results provide better references for fund managers and investors in capital markets to take advantage of the abnormal returns resulting from bond issuance announcements.</description><identifier>ISSN: 1746-8809</identifier><identifier>EISSN: 1746-8817</identifier><identifier>DOI: 10.1108/IJOEM-11-2018-0601</identifier><language>eng</language><publisher>Bradford: Emerald Group Publishing Limited</publisher><subject>Abnormal returns ; Announcements ; Averages ; Bond issues ; Bond markets ; Capital markets ; Corporate bonds ; Corporate debt ; Debt financing ; Economic crisis ; Efficiency ; Efficient markets ; Emerging markets ; Government bonds ; International finance ; Prices ; Regression analysis ; Stockholders</subject><ispartof>International journal of emerging markets, 2020-06, Vol.15 (3), p.534-558</ispartof><rights>Emerald Publishing Limited 2019</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><cites>FETCH-LOGICAL-c226t-5ca0f97a34647392122a004f1e0fc0c2cce75b58a2027ecb25f171bbb363c37f3</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,778,782,964,21682,27911,27912</link.rule.ids></links><search><creatorcontrib>M’ng, Jacinta Chan Phooi</creatorcontrib><creatorcontrib>Rahman, Mahfuzur</creatorcontrib><creatorcontrib>Kit, Goh Kok</creatorcontrib><title>Announcements effect of corporate bond issuance on share price returns: Evidence from three emerging markets</title><title>International journal of emerging markets</title><description>PurposeThe purpose of this paper is to investigate the effect of bond issuance announcements on share price returns in three emerging markets and examine the characteristics of bond issues that affect the abnormal share price returns of the company.Design/methodology/approachThis study employs event study, correlation and multiple regression techniques to attain the research objectives. The authors test hypotheses on 105 public listed companies from Malaysia, Singapore and Thailand, during the period of 2008–2014.FindingsThe findings show positive cumulative average abnormal returns resulting from the announcement of corporate bond issuance for Malaysia, Singapore and Thailand. The results reveal that there is a significant effect of bond issuance announcements on share price returns. 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The authors test hypotheses on 105 public listed companies from Malaysia, Singapore and Thailand, during the period of 2008–2014.FindingsThe findings show positive cumulative average abnormal returns resulting from the announcement of corporate bond issuance for Malaysia, Singapore and Thailand. The results reveal that there is a significant effect of bond issuance announcements on share price returns. The results also disclose that the market is not efficient at its semi-strong form as proposed by the market efficiency hypothesis.Originality/valueThe results provide better references for fund managers and investors in capital markets to take advantage of the abnormal returns resulting from bond issuance announcements.</abstract><cop>Bradford</cop><pub>Emerald Group Publishing Limited</pub><doi>10.1108/IJOEM-11-2018-0601</doi><tpages>25</tpages></addata></record> |
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| identifier | ISSN: 1746-8809 |
| ispartof | International journal of emerging markets, 2020-06, Vol.15 (3), p.534-558 |
| issn | 1746-8809 1746-8817 |
| language | eng |
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| source | Emerald A-Z Current Journals; Standard: Emerald eJournal Premier Collection |
| subjects | Abnormal returns Announcements Averages Bond issues Bond markets Capital markets Corporate bonds Corporate debt Debt financing Economic crisis Efficiency Efficient markets Emerging markets Government bonds International finance Prices Regression analysis Stockholders |
| title | Announcements effect of corporate bond issuance on share price returns: Evidence from three emerging markets |
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