The Wealth Effects of Repurchases on Bondholders

By William F. Maxwell, C. Stephens. 2003

249 citations recorded by the source corpus.

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Citations in the corpus

Top Management Incentives and the Pricing of Corporate Public Debt (2006, unknown): “, Sorensen (1979), Dyl and Joehnk (1979), Gande, Puri, and Saunders (1999), and Gande, Puri, Saunders, and Walter (1997)) by suggesting that executive compen sation practices can affect the cost of new debt issues.”
Do Nonfinancial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers (2012, unknown): “3 Debt values fall in spinoffs (Maxwell and Rao, 2003), share repurchases (Maxwell and Stephens, 2003), takeovers and acquisitions (Shastry, 1990; Billet et al.”
Does Customer Satisfaction Matter to Investors? Findings from the Bond Market (2009, methodology): “The database contains data on more than 10,000 traded bonds from 1990 to 1998 and is commonly used in the fixed-income literature (see Anderson, Mansi, and Reeb 2003; Billett, King, and Mauer 2004; Maxwell and Stephens 2003).”
On the value of restrictive covenants: Empirical investigation of public bond issues (2014, unknown): “Within Merton’s (1974) model, a firm with more volatile equity is more likely to reach boundary conditions for default and bondholders require higher yields to compensate for this risk.”
Do Managers Intentionally Use Repurchase Tender Offers to Signal Private Information? Evidence from Firm Financial Reporting Behavior (2007, background): “financial leverage (Dittmar, 2000), reduction of agency costs (Denis and Denis, 1993; Grullon and Michaely, 2004), financing of employee stock option plans (Kahle, 2002), expropriation of creditors ( Maxwell and Stephens, 2003 ), earnings management (Grullon and Ikenberry, 2000), and maximization of”
Does Corporate Governance Matter to Bondholders? (2005, unknown): “The database contains data on over 10,000 traded bonds from 1990 to 1998 and is commonly used in the fixed income literature (Anderson, Mansi, and Reeb, 2003; Maxwell and Stephens, 2003; Billett, King, and Mauer, 2004).”
Corporate hedging and the cost of debt (2014, background): “…effects have been examined for corporate events such as buyouts, CEO incentive grants and turnover, mergers and acquisitions, and share repurchases (Baran and King (2010), Billett, Mauer, and Zhang (2010), Adams and Mansi (2009), Billett, King and Mauer (2004), and Maxwell and Stephens (2003)).”
Measuring Abnormal Bond Performance (2009, unknown): “For example, the abnormal returns associated with acquisitions (prior section results and Billet, King, and Mauer (2004)), repurchases (Maxwell and Stephens (2003)), and spin-offs (Maxwell and Rao) all show a distinct asymmetric pattern, with the absolute value of the mean two or more times greater ”
Did CDS Trading Improve the Market for Corporate Bonds (2014, unknown): “In addition, corporate news events such as mergers, takeovers, new debt issues, and/or stock repurchases involving wealth transfer to equity holders can further induce linkages between bonds and underlying stocks (Alexander, Edwards and Ferri (2000), and Maxwell and Stephens (2003)).”