کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
7364792 | 1479115 | 2014 | 44 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Franking credits and market reactions: Evidence from the Australian convertible security market
ترجمه فارسی عنوان
لغو اعتبارات و واکنش های بازار: شواهد از بازار امنیتی قابل تبدیل استرالیا
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
This study investigates whether convertible preference share issues affect firm value in Australia. The literature suggests that the announcement of straight equity issues has a negative impact. However, the outcome for convertible preference share issues (CPS) remains unknown. We selected those CPS deemed to be equity-like under the 2001 tax classification framework for this study, as only such convertibles may attach franking credits to their dividends. In line with the straight equity studies, we found significant and abnormal negative returns during the announcement periods. We initially report no statistical significance between the issuing firm's available franking credit levels and market reaction. When we controlled for ownership concentration, however, we found a positive and statistical association. This is the first study to report such an association within the CPS market, suggesting that equity-like CPS resident investors may seek franking credits and so react positively to an issuing firm's level of available franking credits.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 32, September 2014, Pages 1-19
Journal: Journal of International Financial Markets, Institutions and Money - Volume 32, September 2014, Pages 1-19
نویسندگان
Jean-Pierre Fenech, Michael Skully, Han Xuguang,