A comparative study of the stock price behavior of issuing straight bonds and convertible bonds in Taiwan

• Main Authors: LIU,ZHE-MING, 劉哲銘
• Other Authors: 顧廣平
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/tsv46m

碩士 === 淡江大學 === 財務金融學系碩士在職專班 === 105 === In this study, from 1996 to 2015, has issued ordinary corporate bonds, domestic convertible bonds and foreign convertible bonds listed in Taiwan (cabinet) companies as research samples, the use of incident research methods were tested ordinary corporate bonds, domestic convertible bonds and Foreign shares before and after the issuance of 10 trading days before the common stock price changes. All sample prices are significantly positive for the issuance of corporate bonds and continue until the end of the issue date. The issue of domestic convertible bonds is the same as the whole sample, but its share price is significantly higher than that of the whole sample; and the stock price has a significant positive effect before and after the issuance of foreign convertible bonds, but the degree of reaction is significantly less than the issue of domestic convertible debt. Finally, there was no significant abnormality in the stock price before and after the issuance of ordinary corporate bonds, that is, the investor did not seem to have any reaction to the incident.