碩士 / 國立高雄第一科技大學 / 財務管理所 / 98 / Although some papers have studied the issuance of convertible bonds, they only focused on whether the abnormal returns existed after the announcement but omitting to discuss the impact of convertible bond issuance announcement on stock price under different systematic risks. Therefore, in exploring the unresearched in past literature, this paper examines the announcement effects of issuing convertible bonds(CB) and Euro convertible bonds(ECBs) under different systematic risks by the firms that openly traded in Taiwan, at the same time, we will also analyze the informational contents of issuing convertible bonds timing and the effects of asymmetric information.
This paper aims at discussing Taiwan’s firms that issued CB and ECB during the period of 2000 to 2008. We adopt the market model of event study to analyze the impact of CB and ECB issuance announcement on stock price of sample companies. In the study process, we not only compare the difference of the announcement effects of issuing CB and ECB, but also examine the announcement effects of issuing CB and ECB under different systematic risks.
The empirical results of the study are as follows: 1.Without considering the impact of systematic risks, both the announcement effect of issuing CB and ECB produced a negative outcome (received a negative evaluation).2.In bear market, the announcement effect of issuing CB is significantly negative; On the other hand, the abnormal returns of announcing to issue CB is also negative but not significant in bull market. 3. Before the date of the ECB issuance announcement, the stock price slightly increased; however, after the date of the ECB issuance announcement, the return immediately reverses back to negative, but this is not significant. Our study finds that there are significant differences in the informational contents of issuing convertible bonds under different systematic risks. Furthermore, our empirical results could contribute to solving the influence of asymmetric information between investors and the companies of issuing CB and ECB for financing.
| Identifer | oai:union.ndltd.org:TW/098NKIT5305019 |
| Date | January 2010 |
| Creators | Yi-Ting Wu, 吳怡葶 |
| Contributors | Ming-Hsien Chen, 陳明憲 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 69 |
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