碩士 / 國立臺北大學 / 國際財務金融碩士在職專班 / 105 / The study focuses on the companies which have been listed on Taiwan Stock Exchange (TWSE) or Taipei Exchange(OTC) and issuance of Euro Convertible Bond from 2003 to 2016 (total 202 samples in 148 listed companies). We study how the announcement effect of Euro Convertible Bond issuance on stock price and we use four categories to determine the effect of the issuance event, such as different exchange market, industry (electronic companies and non-electronic companies), size of revenue and level of TCRI. According to the empirical result, we can summarize the following conclusions:
1.The date of Euro Convertible Bond issuance announcement cause significant negative cumulative average abnormal returns, which means investors will consider the issuance announcement before the event date as a negative factor.
2.The announcement effect of Euro Convertible Bond issuance in TWES & OTC companies are different. After the announcement of Euro Convertible Bond issuance, the impact of negative abnormal returns on stock price in the TWSE companies are more significant than the OTC companies.
3.After the announcement of Euro Convertible Bond issuance, the impact of negative abnormal returns on stock price in the electronic companies are more significant than the non-electronic companies.
4.The announcement effect of Euro Convertible Bond issuance in different size of companies' revenue are different. After the announcement of Euro Convertible Bond issuance, the impact of negative abnormal returns on stock price which companies' revenue less than NTD 20bln are more significant than the companies’ revenue greater than NTD 20bln.
5. Finally, the announcement effect of Euro Convertible Bond issuance in different TCRI level of companies are different. After the announcement of Euro Convertible Bond issuance, the impact of negative abnormal returns on stock price which TCRI level of companies' ranking between level 1 to level 4 are more significant than the companies’ ranking between level 5 to level 9.
| Identifer | oai:union.ndltd.org:TW/105NTPU1304006 |
| Date | January 2017 |
| Creators | HUNG, WEN-CHANG, 洪文章 |
| Contributors | CHEN, DAR-HSIN, 陳達新 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 60 |
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