碩士 / 國立高雄第一科技大學 / 財務管理所 / 98 / There are two types of price downward resetting of Euro-convertible bond issuing companies in Taiwan, one is traditional price downward resetting, another one is special price downward resetting. Theoretically, downward resetting of CB raises the conversion ratio and enhances the likelihood of conversion, but it may dilute EPS and infringe upon the rights of the shareholders. On the other hand, company can ease the burden of principal repayment by conversion.
This study finds that the negative stock price response to the effective date of the traditional price downward resetting. In special price downward resetting, we find that company may push stock price up to make investors convert bond to stock in conversion period. This study also finds that short selling of stock increase significantly around the effective date of the traditional price downward resetting, but not in the effective the date of special price downward resetting.
Identifer | oai:union.ndltd.org:TW/098NKIT5305026 |
Date | January 2010 |
Creators | Yi-Fan Chen, 陳逸凡 |
Contributors | Maju Wang, 王瑪如 |
Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
Language | zh-TW |
Detected Language | English |
Type | 學位論文 ; thesis |
Format | 77 |
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