By G. Glenn Baigent and Vincent G. Massaro
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Extra resources for Review of Accounting and Finance ~ The 1987 market crash: 20 years later, Volume 8 Number 2 (2009)
Sample text
In terms of the dollar amount of debt, from 1984, there is a steady increase in the debt leading up to 1987. There had been a steady increase in debt/ leverage too, by issuers prior to the crash, however, the trend was reversed in 1988. It is interesting to note at in 1987, before the crash the average debt was $63 million, but in the months after the crash, the average level of debt was only $23 million, indicating that the market was not willing to accept an IPO from a risky company with a lot of debt.
And Ritter, J. (1995), ‘‘The new issues puzzle’’, Journal of Finance, Vol. 50 No. 1, pp. 23-56. Lowry, M. ’’, Journal of Financial Economics, Vol. 67, pp. 3-40. , Shapiro, M. and Poterba, J. ’’ Brookings Papers on Economic Activity, Vol. 1990 No. 2, pp. 157-215. Reilly, F. (1973), ‘‘Further evidence on short run results for new issues investors’’, Journal of Financial and Quantitative Analysis, Vol. 8. pp. 83-90. Shiller, R. (1989), Market Volatility, MIT Press, Cambridge, MA. Siegel, J. (1992), ‘‘Equity risk premia, corporate profit forecasts, and investor sentiment around the stock crash of October 1987’’, Journal of Business, Vol.
There had been a steady increase in debt/ leverage too, by issuers prior to the crash, however, the trend was reversed in 1988. It is interesting to note at in 1987, before the crash the average debt was $63 million, but in the months after the crash, the average level of debt was only $23 million, indicating that the market was not willing to accept an IPO from a risky company with a lot of debt. In terms of averages prior to the 1987 crash long term debt is $85 million, yet in the two years following the crash, long term debt declines to $55 million, yet creeps upwards to $70 million three to five years after the crash indicating that the market impact is temporary.