Ankündigungseffekte der Emission von High-Yield Bonds in Europa

This article examines for the still young European corporate high-yield bond market in what way bond-issue announcements affect the issuing companies’ share prices and which determinants can explain the share price responses observed. On the basis of all events identifiable for the period 1998–2006, this study suggests the existence of a significant, negative cumulated abnormal return of –1.14% on the three days around the date the issue was announced. This study, like the US studies hitherto made (Huffman/Ward (1996) inter alia), is not able to identify determinants of abnormal return levels.