52 D.K.Spiess,J.Affleck-Graves Journal of Financial Economics 54199945-73 受 爱 8EIZ (8:.86) 6190 08500 爱 0519l 9059 7565 导 (416) 806 440 C15500 (I9811) 26.151 86.s05 8600- 4#5000- (65.1) ≥ 爱 swy paupiew 2760 144.00 (06.19) (450) I'E6 5255 K:S68 133.9.) 40000 65.60) (66t) (%uIno [euouqV ZqEL (suoillu s)azis anss]Table 2 Sample descriptive statistics for independent debt o !erings in 1975}1989 Entries are mean values, with medians in parentheses. The samples consist of all debt o !erings reported in Investment Dealers+ Digest Directory of Corporate Financing over the period 1975}1989 that meet the selection criteria and an additional screen requiring that the issuing "rm has not made any other debt issues during the "ve years following the sample o !ering. Matched "rms are chosen based on size and book-to-market ratio Straight debt (n"392) Convertible debt (n"400) Sample "rms Matched "rms Di !erence Sample "rms Matched "rms Di !erence Issue size ($ millions) 93.1 N/A N/A 47.7 N/A N/A (72.5) (30.0) Firm size! ($ millions) 898.4 872.5 25.9 210.6 213.8 !3.2** (242.4) (239.6) ( !0.3***) (97.4) (98.3) ( !0.1) Relative issue size" (%) 53.64 N/A N/A 40.75 N/A N/A (28.86) (32.08) Book-to-market ratio# 0.875 0.972 !0.096 0.545 0.619 !0.075*** (0.703) (0.754) ( !0.004**) (0.451) (0.530) ( !0.006***) 5-year pre-o !er returns$ Raw return (%) 143.88 121.51 273.75 161.40 (69.59) (61.90) 22.37 (118.61) (84.36) 112.34*** Abnormal return (%) 74.16 51.79 (7.59) 186.72 74.37 (34.74***) (13.99) (10.35) (55.75) (11.21) 52 D.K. Spiess, J. A{eck-Graves / Journal of Financial Economics 54 (1999) 45}73