New Insight on Major Corporate Events from the Debtholders’ Perspective
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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