Refinancing and shareholder value: covered bond issuances between 2007 and 2010
| Autor: | Morvan, Jérémy, Cadiou, Christian, Cotillard, Nathalie, Moussavou, Jean |
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| Přispěvatelé: | Morvan, Jérémy, Laboratoire Information, Coordination, Incitations (ICI), Université européenne de Bretagne - European University of Brittany (UEB)-Université de Brest (UBO)-Télécom Bretagne-Institut Mines-Télécom [Paris] (IMT)-Institut Brestois des Sciences de l'Homme et de la Société (IBSHS), Université de Brest (UBO)-Université de Brest (UBO) |
| Jazyk: | angličtina |
| Rok vydání: | 2012 |
| Předmět: |
JEL: G - Financial Economics/G.G3 - Corporate Finance and Governance
issuance [QFIN.PR]Quantitative Finance [q-fin]/Pricing of Securities [q-fin.PR] covered bonds [SHS.GESTION]Humanities and Social Sciences/Business administration JEL: G - Financial Economics/G.G1 - General Financial Markets subprime mortgage crisis [SHS.ECO]Humanities and Social Sciences/Economics and Finance [SHS.ECO] Humanities and Social Sciences/Economics and Finance [SHS.GESTION] Humanities and Social Sciences/Business administration [QFIN.PR] Quantitative Finance [q-fin]/Pricing of Securities [q-fin.PR] event study |
| Zdroj: | Bankers Markets & Investors : an academic & professional review Bankers Markets & Investors : an academic & professional review, Groupe Banque, 2012, pp.4-11 |
| ISSN: | 2101-9304 |
| Popis: | International audience; This paper deals with an event study assessing the influence of covered bond issuance on European banks’ share prices. Covered bonds are debt securities backed by mortgages. In contrast to CDOs, mortgages remain on the issuer’s consolidated balance sheet. We show that covered bond issuances have a positive influence on issuers’ share prices with a three days’ delay. So, the stock market reacts not to the issuance announcement but to the success of the issuance. |
| Databáze: | OpenAIRE |
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