Journal article
Pollution control revenue bond sales and public utility share prices
Journal of business research, v 21(2)
1990
Abstract
This article examines the effect of pollution control revenue bond offerings on public utility common stock prices. These securities provide a unique case in which public utilities were permitted to issue a limited quantity of debt offerings investors an income stream exempt from federal taxes with the proceeds from the issue targeted for a specific capital investment. Significant negative stock price effects are reported around the announcement of these securities. However, the stock price response to pollution control revenue bond sales is more favorable than that reported in earlier studies for straight debt offerings used to finance a utility's investment program.
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Details
- Title
- Pollution control revenue bond sales and public utility share prices
- Creators
- Raj Varma - University of DelawareSamuel H. Szewczyk - Drexel University
- Publication Details
- Journal of business research, v 21(2)
- Publisher
- Elsevier
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Finance
- Web of Science ID
- WOS:A1990DY17300002
- Scopus ID
- 2-s2.0-44949289551
- Other Identifier
- 991019173695304721
InCites Highlights
Data related to this publication, from InCites Benchmarking & Analytics tool:
- Collaboration types
- Domestic collaboration
- Web of Science research areas
- Business