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Applied Economics Letters Volume 17, 2010 - Issue 14
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Original Articles

Short-term wealth effects from debt buyback announcements

Mark Schaub Department of Finance, College of Business, 312 Russell Hall, Northwestern State University, Natchitoches, Louisiana, 71497, USACorrespondence[email protected]
Pages 1351-1354 | Published online: 21 Sep 2009
 
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Abstract

This study provides evidence that, as with stock buyback announcements, investors believe that debt buyback announcements signal good news about the future cash flows of the announcing firm. This information is contained in the stock price reaction on the announcement date. On average, the firms sampled experienced an average 5.51% increase in their stock price on the day their plans to repurchase debt were announced in the financial media.

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