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.
| Identifer | oai:union.ndltd.org:TW/093YUNT5304005 |
| Date | January 2005 |
| Creators | Huei-Ting Chen, 陳惠婷 |
| Contributors | Jack J.W. Yang, 楊踐為 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 114 |
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