The impact of issuing warrant and debt on behavior of the firm's stock

Xiao, Weilin; Zhang, Weiguo; Zheng, Yao; Wang, Xiaohui

doi:10.1016/j.econmod.2013.01.007

Cited by 3 publications

(6 citation statements)

References 25 publications

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“…By contrast, this effect on the WTI-PPI mechanism was 0.076. These diverse mediating effects captured the differences between refined oil-related enterprises and their relative producer prices (Xiao et al, 2013); therefore, due to the significant mediating effect of government debt on both the PPI and MPPI, we concluded that government debt plays a crucial role in changes in the mechanism of oil price pass-through to producer prices.…”

Section: Financial Market Channel's Role In Transmitting Oil Price Pamentioning

confidence: 80%

Oil Price Pass-Through Into Consumer and Producer Prices With Monetary Policy in China: Are There Non-linear and Mediating Effects

2020

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Balancing the oil pass-through to consumer and producer prices is crucial for policymakers. This study aimed to advance associated thinking by examining how consumer and producer prices in China related to changes in global oil prices from 2006 to 2018. First, we investigated the pass-through of oil spot prices to consumer prices as indicated by the consumer price index (CPI) and means of consumption price index (MCPI), and to producer prices as indicated by the producer price index (PPI) and means of production price index (MPPI), with a monetary policy in China. This study also explored the non-linear and mediating effects of financial markets and government debt on linkages between oil prices and consumer/producer prices based on non-linear framework and causal steps approach, respectively. Our findings indicated some key points; for example, the pass-through of oil prices with a monetary policy in China shed light on a benchmark role in global oil markets. Additionally, the non-linear effect of oil prices on consumer/producer prices varied across the Brent and West Texas Intermediate (WTI) crude oil markets. The mediating effect of government debt also reflected the effectiveness in balancing the relationship between oil prices and producer prices. Government debt explained the −0.091 transition between the Brent oil price and the PPI and could explain the −0.095 transition between the Brent oil price and the MPPI, whereas the transition due to financial markets were −0.064 and −0.080, respectively. These outcomes have important implications for stabilizing price levels in countries.

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Section: Financial Market Channel's Role In Transmitting Oil Price Pamentioning

confidence: 80%

Oil Price Pass-Through Into Consumer and Producer Prices With Monetary Policy in China: Are There Non-linear and Mediating Effects

2020

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“…Penelitian terkait abnormal return karena peristiwa pencatatan waran menunjukkan hasil yang bervariasi. Chung et al (2014), Xiao et al (2013), Chung & Hseu (2006) dan Chen & Wu (2001) menemukan abnormal return saham positif pada saat peristiwa pencatatan waran. Namun, Wong et al (2018), Clarke et al (2011) dan Aitken & Segara (2004) menyimpulkan abnormal return saham negatif diakibatkan oleh peristiwa pencatatan waran.…”

Section: Bursaunclassified

“…Namun, Wong et al (2018), Clarke et al (2011) dan Aitken & Segara (2004) menyimpulkan abnormal return saham negatif diakibatkan oleh peristiwa pencatatan waran. Untuk jatuh tempo pun hasil dari penelitian sebelumnya juga bervariasi bahwa saat waran jatuh tempo in the money, Wong et al (2018), Chen & Liao (2010), Chiang (2014), Chung et al (2014), Xiao et al (2013) dan Klemkosky (1978) mendapat hasil abnormal return negatif signifikan pada saat jatuh tempo. Untuk out of the money, Tang & Wang (2011), Clarke et al (2011) dan Chen & Liao (2010) menyimpulkan bahwa waran yang berakhir out of the money tidak akan menghasilkan abnormal return pada harga saham.…”

Section: Bursaunclassified

“…Kami menggunakan metode event study berdasarkan penelitian terdahulu yang juga yang menggunakan metode event study (Wong et al, 2018;Florianova, 2015;Chiang, 2014;Chung et al, 2014;Xiao et al, 2013;Chen & Liao, 2010;Yip & Lai , 2009;Chung & Hseu 2006;Aitken & Segara, 2004;Chen & Wu, 2001;Howe & Howe, 2001;Hilliard & Leitch, 1997;Rush & Melicher, 1974). Oleh karena itu, penelitian akan dilakukan pada pengujian hipotesis untuk memecahkan argumen efficient market theory dan dilution effect pada bursa Indonesia.…”

Section: Analisis Dataunclassified

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Dampak Pencatatandan Jatuh TempoWaran terhadap Harga Saham yang Disertai Waran di Indonesia

Suryawinata¹,

Tekadtuera²,

Ervina

2020

SAKI

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This research discusses the stock abnormal return effect of warrants to its underlying stock on its listing and maturity date. This study sample is the stock price changes of stocks backed with a warrant in the Indonesian stock market for the year 2008 to 2018—using an event study approach to observe stock abnormal return effect on the listing and maturity date of warrants. The results of this research are that we find a significant negative abnormal return around the warrants' listing date. On the warrants' expiration date, we find a significant negative effect before and after the money warrants' maturity date. However, a different result is obtained for the observation of out-of-the-money warrants that do not show any significant abnormal return on the event window.

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“…This is to accommodate the issue with limited number of announcements for Green Bond offerings in a single country. Researches on shareholders' wealth reactions to debt offerings have been well documented in the past literatures such as in Reisel (2014), Xiao et al (2013), and de Roon and Veld (1998) in the context of public bond issues, warrant and debt and convertible bond, respectively. Majority of event studies published were concentrated on analysing corporate announcements in a single country solely.…”

Section: Introductionmentioning

confidence: 99%

Green Bond and shareholders' wealth: a multi-country event study

Roslen

Lee

Ibrahim

2017

IJGSB

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Recently, there has been increasing global interest and concerns towards sustainable and environmental friendly development among firms and investors. In conjunction to this rising demand, Green Bond market was introduced. In providing general overview on how Green Bond is perceived by shareholders, this study attempts to identify the shareholders' wealth reactions towards Green Bond announcements using multi-country samples. Specifically, we find that shareholders generally react positively a day after the Green Bond announcements were made by issuers. Overall, this study would be useful for future researchers who plan to explore the potential of using multi-country event study methodology and to add more evidence on existing literatures in relation to credit risk valuation for international corporate Green Bonds.

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The impact of issuing warrant and debt on behavior of the firm's stock

Cited by 3 publications

References 25 publications

Oil Price Pass-Through Into Consumer and Producer Prices With Monetary Policy in China: Are There Non-linear and Mediating Effects

Oil Price Pass-Through Into Consumer and Producer Prices With Monetary Policy in China: Are There Non-linear and Mediating Effects

Dampak Pencatatandan Jatuh TempoWaran terhadap Harga Saham yang Disertai Waran di Indonesia

Green Bond and shareholders' wealth: a multi-country event study

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