ABSTRACT

We investigate the valuation effects of debt issues on the issuing firms’ common stock using a sample of Turkish issuers. For the sample of non-financial firms, we find no significant wealth effects for debt issues around the announcement dates. However, market reactions are more positive when information asymmetry between firm managers and outside investors is low, agency costs are high, and when debt issues are likely to carry positive information about firms’ prospects. These results support pecking order, signaling, and agency theories of capital structure. In additional tests, we find positive market reactions to debt issue announcements of financial firms.

摘要

我们使用土耳其发行人的样本调查债务问题对发行公司普通股的估值影响。对于非金融公司的样本，我们发现在公告日期前后的债务问题没有显着的财富效应。然而，当公司经理和外部投资者之间的信息不对称程度低、代理成本高以及债务问题可能带来有关公司前景的积极信息时，市场反应会更加积极。这些结果支持了资本结构的啄序、信号和代理理论。在额外的测试中，我们发现市场对金融公司债务发行公告的积极反应。