| Summary: | 碩士 === 國立彰化師範大學 === 會計學系企業高階管理 === 101 === Convertible Bonds (CB) has been regarded as a new investment target, because investors generally have chances of gains from additional premiums on CB even if the market is bearish. This paper focuses on the investment trading issue of Convertible Bond Asset Swap (CBAS).
This paper employs investment theory and five case studies with regard to CB issued by listed firms in 2011 for analysis using a comparison between before and after asset swap of CB. The paper finds that the returns after asset swap are higher than those before asset swap, Moreover, the returns of CBAS over three-month period are generally higher than those over six-month, nine-month, or one-year period, implying that there is no significant relation between the period of CBAS and investment return. The findings of this paper are useful for investors to understand the CB and asset swap.
|
|---|
