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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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Bibliographic Information published by the Deutsche Nationalbibliothek The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the internet at

Zugl.: Darmstadt, Techn. Univ., Diss., 2015

Library of Congress Cataloging-in-Publication Data Names: Maul, Daniel, author. Title: Analyzing wealth effects for bondholders : new insight on major corporate events from the debtholders' perspective / Daniel Maul. Description: 1 Edition. | New York : Peter Lang, 2016. | Series: Corporate finance and governance, ISSN 1869-537X ; Volume 20 | Ph. D. Technische Universität Darmstadt 2015 Identifiers: LCCN 2016000978| ISBN 9783631671191 (Print : alk. paper) | ISBN 9783653064261 (E-Book) Subjects: LCSH: Corporate bonds. | Corporate debt. | Corporations—Finance. Classification: LCC HG4651 .M378 2016 | DDC 332.63/23—dc23 LC record available at

D 17 ISSN 1869-537X ISBN 978-3-631-67119-1 (Print) E-ISBN 978-3-653-06426-1 (E-Book) DOI 10.3726/978-3-653-06426-1

© Peter Lang GmbH Internationaler Verlag der Wissenschaften Frankfurt am Main 2016 All rights reserved. PL Academic Research is an Imprint of Peter Lang GmbH.

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