Initial corporate debt offerings, certification and equity valuation

Journal of Business Finance and Accounting

Volumn 23, Issue 3, 1996, Pages 399-416

  Burnie, David A ^a   Ogden, Joseph P ^b  

^a WESTERN MICHIGAN UNIVERSITY   (United States)

^b UNIVERSITY AT BUFFALO   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 77951602863     PISSN: 0306686X     EISSN: 14685957     Source Type: Journal    
DOI: 10.1111/j.1468-5957.1996.tb01129.x     Document Type: Article

References (22)

1. Akerlof, G.A. (1970), 'The Market For "Lemons": Quality and the Market Mechanism', Quarterly Journal of Economics, Vol. 84, No.3 (August), pp. 488-500.
2. Balvers, R.J., B. McDonald and R.E. Miller (1988), 'Underpricing of New Issues and the Choice of Auditor as a Signal of Investment Banker Reputation', The Accounting Review, Vol. 63, No.4 (October), pp. 605-622.
3. Beatty, R.P. (1989), 'Auditor Reputation and the Pricing of Initial Public Offerings', The Accounting Review, Vol. 64, No.4 (October), pp. 693-709.
4. Blackwell, D.W. and D.S. Kidwell (1988), 'An Investigation of Cost Differences Between Public Sales and Private Placements of Debt', Journal of Financial Economics, Vol. 22, No.2 (December), pp. 253-278.
5. -, M.W. Marr and M.F. Spivey (1990), 'Shelf Registration and the Reduced Due Diligence Argument: Implications of the Underwriter Certification and the Implicit Insurance Hypotheses', Journal of Financial and Quantitative Analysis, Vol. 25, No.2 (June), pp. 245-259.
6. Booth, J.R. and R.L. Smith, III (1986), 'Capital Raising, Underwriting and the Certification Hypothesis', Journal of Financial Economics, Vol. 15, No. 1 /2 (January/February), pp. 261-281.
7. Campbell, T. (1979), 'Optimal Investment Financing Decisions and the Value of Confidentiality', Journal of Financial and Quantitative Analysis, Vol. 14, No.5 (December), pp. 913-924.
8. Dann, L.Y. and W.H. Mikkelson (1984), 'Convertible Debt Issuance, Capital Structure Change and Financing-related Information: Some New Evidence', Journal of Financial Economics, Vol. 13, No.2 (June), pp. 157-186.
9. Eckbo, B.E. (1986), 'Valuation Effects of Corporate Debt Offerings', Journal of Financial Economics, Vol. 15, No. 1/2 (January/February), pp. 119-151.
10. Firth, M. (1985), 'An Analysis of Audit Fees and Their Determinants in New Zealand', Auditing: A Journal of Practice & Theory, Vol. 4, No. 2 (Spring), pp. 23-36.
11. -(1990), 'Auditor Reputation: The Impact of Critical Reports Issued by Government Inspectors', RAND Journal of Economics, Vol. 21, No. 3 (Autumn), pp. 374-387.
12. James, C. (1987), 'Some Evidence on the Uniqueness of Bank Loans', Journal of Financial Economics, Vol. 19, No. 2 (December), pp. 217-235.
13. Leland, H. and D. Pyle (1977), 'Information Asymmetries, Financial Structure and Financial Intermediaries', Journal of Finance, Vol. 32. No. 2 (May), pp. 371-387.
14. Lummer, S.L. and J.J. McConnell (1989), 'Further Evidence on the Bank Lending Process and the Capital-Market Response to Bank Loan Agreements', Journal of Financial Economics, Vol. 25, No. 1 (November) pp. 99-122.
15. McConnell, J.J. and C.J. Muscarella (1985), 'Corporate Capital Expenditure Decisions and the Market Value of the Firm', Journal of Financial Economics, Vol. 4, No. 3 (September), pp. 399-422.
16. Mikkelson, W.H. and M.M. Partch (1986), 'Valuation Effects of Security Offerings and the Issuance Process', Journal of Financial Economics, Vol. 15, No. 1/2 (January /February), pp. 31-60.
17. Miller, M.H. and K. Rock (1985), 'Dividend Policy Under Asymmetric Information', Journal of Finance, Vol. 40, No. 4 (September), pp. 1031-1051.
18. Myers, S.C. and N.S. Majluf (1984), 'Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have', Journal of Financial Economics, Vol. 13, No. 2 (June), pp. 187-221.
19. Simunic, D. and M. Stein (1987), 'Product Differentiation in Auditing: Auditor Choice in the Market for Unseasoned New Issues', Research Monograph Number 13 (The Canadian Certified General Accountants Research Foundation).
20. Smith, C.W. (1986), 'Investment Banking and the Capital Acquisition Process', Journal of Financial Economics, Vol. 15, No. 1/2 (January/February), pp. 3-29.
21. Titman, S. and B. Trueman (1986), 'Information Quality and the Valuation of New Issues', Journal of Accounting and Economics, Vol. 8, No. 2 (June), pp. 159-172.
22. Wakeman, L.M. (1981), 'The Real Function of Bond Rating Agencies', Chase Financial Quarterly, Vol. 1, No. 1 (Fall), pp. 18-26.