원문정보
초록
영어
We examine why firms issue hybrid securities including CBs and BWs, what are the determinants of choice of issuers between CBs and BWs and why market reactions to CBs and BWs issues are different in Korea. Our study is based on the sample of CBs and BWs that were issued in Korea between 2000 and 2010. Our empirical results are as follows. First, we find that the characteristics of hybrid security issuers are quite different from those of non-hybrid security issuers. Second, we find that difference in motives of issuing firms between CBs and BWs largely exist, even though these securities have very similar characteristics. Specifically, CBs are more likely issued by firms with more future growth opportunity whereas BWs are more likely issued by firms with higher short term growth rate. Third, we also find that the announcement effects of CBs are negative and statistically insignificant whereas the announcement effects of BWs are statistically significant and positive.
목차
1. Introduction
2. Characteristics of Firms that issue CBs and/or BWs
2.1 Growth Opportunities and Short-term Growth
2.2 Firm Size and Age
2.3 Risk Variables
2.4 Agency costs of equity
2.5 Governance Structure
3. Data and Methodology
3.1. Data description
3.2. Methodology
4. Empirical Results on Different Motives of Firms that issue CBs and BWs
4.1 Issue and issuer characteristics
4.2. Logit regression results
4.3. Comparison between KOSPI firms and KOSDAQ firms
5. Wealth effects of CBs and BWs
5.1. Analysis for the whole sample
5.2. Comparison of wealth effects between KOSPI firms and KOSDAQ firms
5.3. Comparison of wealth effects between Chaebol firms and nonChaebol firms
5.4. Comparison of wealth effects among high, medium and low growth opportunity firms.
6. Summary and Conclusion
Reference