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Some Evidence on the Uniqueness of Initial Public Debt Offerings
Authors:Sudip Datta  Mai Iskandar-Datta  & Ajay Patel
Institution:Bentley College,;Suffolk University,;Wake Forest University
Abstract:Debt initial public offerings (IPOs) represent a major shift in a firm's financing policy by both extending debt maturity and altering the public-private debt mix. In contrast to findings for seasoned debt offerings, we document a significantly negative stock price response to debt IPO announcements. This result is consistent with debt maturity and debt ownership structure theories. The equity wealth effect is negatively related to the offer's maturity, and positively related to the degree of bank monitoring. We find that firms with less information asymmetry and firms with higher growth opportunities experience a less adverse stock price response.
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