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Analyzing Wealth Effects for Bondholders

New Insight on Major Corporate Events from the Debtholders’ Perspective


Daniel Maul

Despite the growing importance of funds through corporate bonds, most investigations on the short-term effects of certain events on firm value are only conducted for stocks. Thus, research provides an incomplete view on how firm value is truly affected. The author fills this gap and focuses his research on corporate debt. The first section of the book provides a comprehensive overview of existing methodologies to calculate abnormal bond returns. Subsequently, two frameworks are selected to investigate the importance of corporate debt when empirically assessing major corporate events: Synergy disclosure at M&A announcements and debt offerings through reopenings. Both provide evidence for the necessity to regard corporate debt to fully assess changes in firm value.
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I completed this dissertation while working as a research and teaching assistant at the Chair of Corporate Finance of the Technische Universität Darmstadt. The aim of my thesis is to provide insight into how corporate debt markets respond to new information and how this reaction correlates with the firms’ equity securities. I present evidence that proves that adding the “debt perspective” can alter the overall conclusion about the impact of an event on firm value. I would like to take the opportunity and thank all the people who contributed to this work and supported me during the last four years.

Firstly, I want to thank my supervisor Prof. Dr. Dirk Schiereck. His influence on me was the main reason that I decided to stay at the university after my first degree and work on receiving a doctorate. A step I certainly will never regret.

Secondly, I want to thank my colleagues at the Chair of Corporate Finance for their support. The opportunity to discuss one’s research, exchange ideas and receive helpful critics, as well as, from time to time, blow of some steam together very much helped to make this dissertation happen. A special thank goes out to Robert Fraunhoffer and Sascha Kolaric with whom I shared an office. Both were great sources of helpful comments and useful recommendations for my research.

Thirdly, I am grateful for the help my twin brother Stefan offered me. Lacking his support and encouragement, I...

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