M'ng, Jacinta Chan Phooi and Rahman, Mahfuzur and Kit, Goh Kok (2020) Announcements effect of corporate bond issuance on share price returns Evidence from three emerging markets. INTERNATIONAL JOURNAL OF EMERGING MARKETS, 15 (3). pp. 534-558. ISSN 1746-8809, DOI https://doi.org/10.1108/IJOEM-11-2018-0601.
Full text not available from this repository.Abstract
Purpose The 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/approach This 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. Findings The 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/value The results provide better references for fund managers and investors in capital markets to take advantage of the abnormal returns resulting from bond issuance announcements.
| Item Type: | Article |
|---|---|
| Funders: | UNSPECIFIED |
| Uncontrolled Keywords: | Emerging markets; Corporate bond; Share price returns |
| Subjects: | H Social Sciences > HF Commerce > Business H Social Sciences > HG Finance |
| Divisions: | Faculty of Business and Economics > Dept of Finance and Banking |
| Depositing User: | Ms Zaharah Ramly |
| Date Deposited: | 17 Jul 2024 00:18 |
| Last Modified: | 17 Jul 2024 00:18 |
| URI: | http://eprints.um.edu.my/id/eprint/36617 |
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