earticle

영어

This study focuses on the effect of issuing corporate bond of shipping company. It is thought that Investors recognize signal on issuing bond of shipping company. This paper examines the case of Hanjin Shipping's issuing corporate bond. In order to analyze effect of issuing corporate bond on the stock price. By using the market model, we calculates the cumulative abnormal return(CAR) for 20 days before and after issuing corporate bond. This study also discussed a refunding bond and operating objective bond. the result, It find that the difference in CAR for 20 days before and after issuing corporate bond according to objective.