碩士
國立臺灣大學
國際企業學研究所
99
According to the pecking order theory, business financing cost from high to low are new stock issued, debt financing and internal earning. Convertible bond is one of the debt ...financing and it owns debt and equity characteristics simultaneously. We use Black-Scholes formula to separate convertible bonds into debt-like and equity-like debt. Then, we apply classified convertible bonds to regress with financial characteristics of other business which hadn’t issue convertible bond ever. The results show business which are large firm size, low slack, high current asset ratio, high market to book value, high growth in asset change, high volatility and low stock return propensity to issue debt-like CB. There are similar results in equity-like CB, however, the stock return isn’t significant.
We also considered the specialty of Taiwan capital market and bifurcated into tech and non-tech industry. The study reveals equity-like CB has more significant variables than debt-like CB.
Last but not least,
碩士
國立高雄第一科技大學
金融營運所
93
We use Black, Derman, and Toy（1990）and Cox , Ross, and Rubinstein（1979）to describe the stochastic process of interest rate and stock price. We also assume firm will be default ...or not default at each node. By considering interest rate process, stock process and default status, we can construct the convertible bond pricing model, and as CB price as given to find out the implied default probability of CB.
Under no arbitrage opportunities, the value of credit default swaps (CDS) is zero at issuance. Therefore, given the zero price of CDS and convertible bond asset swaps (CBAS), we implicitly find out the CDS premium and the markup rate on CBAS. Our study also show that CDS premium is increased as default probability increased, but we do not find conclusive relationship between default probability and the markup rate on CBAS. On the other hand, we also find that the markup rate on CBAS increased as the option value on CB increased.
碩士
亞洲大學
國際企業學系碩士在職專班
102
This study employs theories of behavioral finance about subjective probability judgment bias (SPJB), conservatism bias (CB), and representativeness bias (RB) to explain the ...impact of large-volume share buyback events on stock prices. The SPJB causes investors to overestimate the implied underpricing probability when firms buyback stocks with large volume and the overpricing probability when ending in buyback, such that the stock prices first overly upward and then downward with a reversal U pattern. Investors’ CB causes them to underestimate the effect of events on prices with increasing in event frequency. Thus, with increasing in frequency of share buyback with large volume, the strength of signaling information contents reduces and the phenomenon of price overreaction weakens. Meanwhile, CB leads to investors underestimate the importance of signaling coming from early buybacks, and thus insignificant price overreactions. The RB causes investors to overestimate the importance of sig
碩士
輔仁大學
金融研究所
88
Beteen venture capitalist and entrepreneur exist The problem of asymmetric information. It affect the generation of finance contract. Especia-lly asymmetric information create the ...possibility of opportunistic behavior by entrepreneur. That will decrease the incentive of capital supplier by venture capitalist, and causing some company cannot sign finance contract with fair price.
This study develop the segment equilibrium that is developed Stein (1992) is not exist, and the capital market exist lemon problem that the firm true value of good firm will be underpricing, if we refer to Trester （1998）that develop contract under the opportunistic behavior by entrepreneur, and the definition of medium company by Bagella & Becchetti (1998). Further, This study develop the multiperiod supply capital framework cannot solve lemon problem too.
This model raises Reset CB, that it combines the properties of CB against Reset Option. It is not only has the advantages of the bond-cum-equity to increase the wil
碩士
東吳大學
法律學系
106
With the flourishing development of Fintech, the relevant financial market become more thriving than it used to be. As stated in the 2016 Fintech industry report, analized by KPMG ...and CB Insight, the cash flow of global financial market for Fintech industry is on a stably rising phase. Given fund flow of Venture Capital Market as an example, the amount of Seed Fund and Angel Fund which borrowd by Fintech firm in North America from VC firm are increasing consistently. Through all transactions, Fintech firm in Asia has the highest among all. Aside from the analyze reports proposed by above subject companies, BI Intelligence also presents relevant paper on Augest 2016. Indicates among the top 10 Fintech firms which has received the highest financing deals in global VC market, 5 firms come from Asia Pacific and 4 of which are located in Mainland while the other one is in Hong Kong. Based on the above knowledges, it is doubtless, Asia Capital Market plays a key role in the Fintech firm’s financing
碩士
國立交通大學
財務金融研究所
101
This thesis builds a three-dimensional tree that simulates the evolution of the issuing firm value and the stochastic short rate based on the Hull-White short rate tree model to ...price convertible bonds (CBs). My pricing model considers the influence of the dividend payout, tax benefit and the bankruptcy cost. The game theory is applied to model the sequential conversion behavior under two call policies, minimization of CB value and the maximization of the equity value, and three different conversion scenarios: monopoly case (CBs are owned by one holder), block case (sequential conversion is not allowed), and the competitive case (CBs are owned by many holders and each holder is a price taker). The Nash equilibrium for each node of our tree can be numerically searched to determine the call policy of issuer and the conversion policy of CB holder(s) at that node. I also consider how seniority of CBs influences the prices and the durations of CBs and other outstanding bonds. This thesis also
碩士
輔仁大學
會計學系碩士班
97
This thesis examines whether the issuance of convertible bonds (CB) results in accruals earnings management during the year of redemption and maturity, as well as prior to the year ...of issuance, using a sample selected from Taiwan listed and OTC firms which had issued CBs during the period from 2000 to 2003.
I find that firms having issued convertible bonds had significantly positive discretionary accruals during the life of CBs and the magnitude of earnings management was particularly pronounced during the year of redemption or maturity. I also find that those firms having worse credit ratings or having lower liquidity had higher incentive to engage in earnings management to avoid defaults during the year of maturity.
碩士
國立交通大學
科技管理研究所
85
Recently, the high-tech industries in Taiwan are experiencing
another cycle of rapid growth. To cope with the increased demand
for their products, many high-tech firms are ...considering
dramatic increase in their capital investment. Accompanied with
the expansion, there is an urgent need for financing. The
investors in Taiwan have gradually accepted the concept of
convertible bonds (CB). It is interesting to observe that the
CBs issued in recent years have come with various provisions
desirable to investors. The purpose of this study is to
investigate the preference of institutional investors toward the
desirability of the provisions provided in most of the CBs. The
industrial buyer behavior model suggested in Sheth (1973) was
used in the study as a basic framework in the design of our
survey questionnaire.The results of this study show that brokers
and underwriters of the CBs are important sources of information
for most of the institutional investors. Further, there is
preference of those
碩士
國立臺灣大學
商學系
82
In recent year , welfare advertising has gained more attention
in Taiwan , and firms have adopted different welfare
advertising to shape corporate''s image . This study attempts to
...explore the effects of welfare advertising and to test the
appropriateness of advertising hierarchical model . Because
welfare advertising generally doesn''t contain the product
message , it is hard to measure Cbu (utilitarian beliefs)
factor . Therefore Cbi (image beliefs) factor is used as proxy
for Cb(brand cognition) factor in this study to measure .
Results show that the advertising effect of low involvement
consumers is better than that of high involvement consumers .
The advertising effectiveness of high product-relevant and low
product-relevant welfare subject is no difference . Moreover ,
the goodness of fit of reciprocal mediation hypotheses (RMH)
is better than the others.
碩士
淡江大學
會計學系碩士在職專班
94
This study is based on CWS model(Copeland, Weston and Shastri,2005) to derive the relationship between the cost of capital for the convertible bond(kcv) and the systematic risk ...of common stock(βs), and the market value of the firm(V), and the amount of debt issued(D), and the risk-free rate of return(Rf), and the value of the equity option(C), and the variance of the value of the firm’s assets(σTA2), and the maturity date of the debt(T), and the fluctuate of exchang rate(σR), further find out the empirical evidences, using the data from 1995 to 2004 with regression method. The empirical results are as follows.
First, as the risk premium is positive, there is negative relationship between kcv and V, and C, andσTA2 , and T. Rf and C are determinants of value for convertible bonds(CB). On the other hand, there is negative relationship between the cost of capital for the european convertible bond(kecv) and V, and Rf, and C, and T, andσR , but with D andβs are positive. βs , V, Rf , C andσR a
