Stocks Returns and ECB Conversion Premium Announcements
碩士 === 銘傳大學 === 財務金融學系碩士班 === 96 === This article investigates the existence of signaling effects which introduced by ECB issuer announced the conversion premium. The empirical results show that there is significantly abnormal return at the announcement date when the news is disseminate by daily new...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2008
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| Online Access: | http://ndltd.ncl.edu.tw/handle/ysjzg9 |
| Summary: | 碩士 === 銘傳大學 === 財務金融學系碩士班 === 96 === This article investigates the existence of signaling effects which introduced by ECB issuer announced the conversion premium. The empirical results show that there is significantly abnormal return at the announcement date when the news is disseminate by daily newspaper, but the same phenomenon does not find out when the information is hidden. Furthermore, the abnormal return is decreased with conversion premium, but increased with leverage ratio. It is consistent with Stein (1992) hypothesis that ECB is backdoor equity instrument for solving the firm’s financial structure problem.
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