碩士
銘傳大學
管理研究所
95
This research employs event study’s market model to explore the impact on stock market returns when companies announce issuing convertible bonds on domestic and foreign markets on ...the board of director’s meeting date and the issuing date. The main difference between this research and the previous ones is that it incorporates not only domestic CB but also Euro CB. In addition, this research will categorize the underlying companies according to their industries, credit rating, size of the underlying industry, use of capital, EPS and P/E ratio in order to study which factors will influence the performance of the stock return when a company issues convertible bonds.
The result reveals that companies announce issuing convertible bonds on domestic and foreign markets on the board of director’s meeting date are negative abnormal returns and positive abnormal returns on the issuing date. Therefore, investors treat that issuing convertible bonds as a bad signal on the board of director’s meeting date.
碩士
國立臺灣大學
財務金融學研究所
92
This paper examines the impact of Convertible Bond (CB) announcements made by Taiwanese public- listed companies on their stock prices for the period from January 1, 2001 to ...April 30, 2004. This paper simultaneously tests the impact of issuer attribute, Electronics and Non-electronics, listing on OTC and TSE and issuing under new and old underwriting rules. This study uses Market Model Method to estimate the expected return rate for sample companies. Also, it uses the Standardized- Residual Cross-Sectional Method to calculate the cumulative abnormal return occurred during the period 20 days ahead and behind the announcement dates. The evidence and analysis show the following findings:
1.The Standardized Cumulative Abnormal Return (SCAR) turned from positive into negative since 7 days before the date of Board of Directors meeting basing on the data collected from sample companies. This evidence suggests that the related information have revealed before the B.O.D. meeting date which result
