Publication d'un article dans "The Quarterly Review of Economics and Finance" (rang 3)

"The Quarterly Review of Economics and Finance" publie des manuscrits de haute qualité qui couvrent des sujets dans les domaines de l'économie, de l'économie financière et de la finance.

Laurent Weill  et Christophe Godlewski (LaRGE, EM Strasbourg) ont co-écrit l'article "Does the type of debt matter? Stock market perception in Europe", en collaboration avec Zuzana Fungáčová (Banque de Finlande).

Abstract : 
We study the effect of syndicated loan and bond announcements on the stock price of borrowers. No work since James (1987) on US data has compared the impact of both types of announcements on the same sample. Applying an event study methodology on a sample of companies from 17 Western European countries, we find that debt announcements tend to generate a positive stock market reaction. Our main conclusion is that loan issuance exerts a significantly stronger reaction than a bond issuance. This finding supports the hypothesis that loan issuance has a positive certification effect. The analysis of determinants of abnormal returns following debt announcements shows a positive impact for financial development and a negative effect for the Eurozone crisis.

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