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논문검색

한국 주식관련사채의 전환공시효과 분석 : 국내외 CB, BW의 비교를 중심으로

원문정보

Announcement Effects of CB/BW Conversion into Stocks

정태영, 예민수

피인용수 : 0(자료제공 : 네이버학술정보)

초록

영어

In recent years, there have been a lot of empirical studies on the announcement effects of CB(convertible bond) and/or BW(bonds with warrant) issuing. To our knowledge, however,there is no literature on the announcement effects CB/BW conversion requests. In this paper,therefore, we tried to investigate the announcement effects of Korean firms' CB/BW conversion requests(hereafter, CB/BW conversion). The empirical findings are as follows. First, announcement of CB/BW conversion has a significant positive effect before announcement day plus a following significant negative effect after announcement day. Second, a significant positive effect before announcement day can be explained by timing strategy of bondholders. In other words, investors exercise conversion rights when stock prices are high enough to make money. Third, CBs and BWs issued overseas have a stronger negative announcement effect than domestic ones in issuing announcement while there are little differences in conversion announcement. In sum, announcement of Korean firm's CB/BW conversion have a significant negative effect after announcement day. These results imply that investors regard announcement of CB/BW conversion into stocks as a bad news even though market has already incorporated all the informations on CB/BW issuing.

목차

I. 서론
 II. 선행연구 고찰
 III. 자료 및 연구방법
 IV. 분석곁과
 V. 결론
 〈참고문헌〉
 〈부록〉
 Abstract

저자정보

  • 정태영 Tae-young Chung. 홍익대학교 경영대학 교수
  • 예민수 Min-Soo Yae. 홍익대학교 경영대학 겸임교수

참고문헌

자료제공 : 네이버학술정보

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