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The Long-Run Performance of Firms Issuing Bonds

The authors examine equity returns of firm issuing public debt between 1980 - 1990 for three years following the debt issue. Bond rating has a strong impact upon the results. Equity returns of industrial issuers of B-rated non-shelf debt significantly underperformed the CRSP market value-weighted index over this period. All other issuers had equity returns not significantly different from the market value-weighted index. Returns for the B-rated issuers are also found to be highly skewed. A small number of firms experienced phenomenal returns, while the vast majority underperformed the market.