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English to Polish translations [PRO] Bus/Financial - Finance (general)
English term or phrase:announcement return
They were able to examine eight lessor announcement returns for aircraft transactions but found no announcement effect for these firms. They also examined 10 safe harbor leases of aircraft and found significant positive returns.
To examine how the market responds to varying types of SLB transactions, I examine the cumulative abnormal returns (CARs) around the announcements of SLBs. Similar to what has been documented by previous studies, I find that the average firm that initiates an SLB transaction has a positive and significant stock market return associated with the announcement of the transaction. I then divide my sample into transactions involving real estate and find that SLBs associated with real estate have higher CARs than transactions involving equipment. Furthermore, I find that the higher CARs associated with real estate are driven by certain property types. Specifically, SLBs of manufacturing facilities, retail locations, and hotels have higher cumulative abnormal returns than other property types around the announcement of the SLB. I also find that announcement returns are larger for firms that state that debt reduction motivates the SLB decision.