The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price
碩士 === 國立雲林科技大學 === 財務金融系碩士班 === 93 === This paper uses the methodology of event study to examine the average abnormal return and cumulative average abnormal return of Convertible Bond and Euro Convertible Bond Issuance Company. Further analysis and evaluations are made based on the empirical result...
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ndltd-TW-093YUNT53040052015-10-13T11:53:59Z http://ndltd.ncl.edu.tw/handle/52430819124468827610 The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price 發行國內及海外可轉換公司債對標的股價的影響 Huei-Ting Chen 陳惠婷 碩士 國立雲林科技大學 財務金融系碩士班 93 This paper uses the methodology of event study to examine the average abnormal return and cumulative average abnormal return of Convertible Bond and Euro Convertible Bond Issuance Company. Further analysis and evaluations are made based on the empirical results to discuss the influences of Convertible Bond and Euro Convertible Bond issuance of Taiwanese company to its stock price, and later, to categorize sample companies by sector characters and conversion premiums. Further more, in expecting to provide critical information for investors while making decision on investment and company finance. The sample consists of 271 Convertible Bonds and 180 Euro Convertible Bonds over the period 2000-2004. The conclusions are as below: 1. Common stockholders earn non-significant negative abnormal returns at the initial announcement of a Convertible Bond offering, and significant negative at the issuance date. 2. In contrast, the valuation effect on common stock at the announcement of a Euro Convertible Bond offering is zero, and is significant positive at issuance. 3. On group categories, the influences of Convertible Bond and Euro Convertible Bond issuance of Taiwanese company to its stock price differs by sector characters, conversion premiums, and capital markets. Jack J.W. Yang 楊踐為 2005 學位論文 ; thesis 114 zh-TW |
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碩士 === 國立雲林科技大學 === 財務金融系碩士班 === 93 === This paper uses the methodology of event study to examine the average abnormal return and cumulative average abnormal return of Convertible Bond and Euro Convertible Bond Issuance Company. Further analysis and evaluations are made based on the empirical results to discuss the influences of Convertible Bond and Euro Convertible Bond issuance of Taiwanese company to its stock price, and later, to categorize sample companies by sector characters and conversion premiums. Further more, in expecting to provide critical information for investors while making decision on investment and company finance.
The sample consists of 271 Convertible Bonds and 180 Euro Convertible Bonds over the period 2000-2004. The conclusions are as below:
1. Common stockholders earn non-significant negative abnormal returns at the initial announcement of a Convertible Bond offering, and significant negative at the issuance date.
2. In contrast, the valuation effect on common stock at the announcement of a Euro Convertible Bond offering is zero, and is significant positive at issuance.
3. On group categories, the influences of Convertible Bond and Euro Convertible Bond issuance of Taiwanese company to its stock price differs by sector characters, conversion premiums, and capital markets.
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author2 |
Jack J.W. Yang |
author_facet |
Jack J.W. Yang Huei-Ting Chen 陳惠婷 |
author |
Huei-Ting Chen 陳惠婷 |
spellingShingle |
Huei-Ting Chen 陳惠婷 The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price |
author_sort |
Huei-Ting Chen |
title |
The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price |
title_short |
The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price |
title_full |
The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price |
title_fullStr |
The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price |
title_full_unstemmed |
The Impacts of Convertible Bond and Euro Convertible Bond Issuance on Stock Price |
title_sort |
impacts of convertible bond and euro convertible bond issuance on stock price |
publishDate |
2005 |
url |
http://ndltd.ncl.edu.tw/handle/52430819124468827610 |
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