A Study on the Performance of Convertible Bonds for Listed Companies
| Autor: | Mei-Ying Chang, 張美英 |
|---|---|
| Rok vydání: | 2007 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 95 In the study, we employed event-study method to examine changes in common price and in operating performance through six financial rates (current ratio, cash flow ratio, debt ratio, net profit margin, return on assets, and return on equity) after companies issued convertible bonds. The sample covers companies that issued convertible bonds in Taiwan Stock Exchange Market during the period from 1997 to 2001. Furthermore, we employed Pearson correlation coefficient to explore the relationship between abnormal stock returns and operating performance. The empirical results are summarized as follows: there are abnormal stock returns in companies issuing convertible bonds. As in operating performance, we find that companies issuing convertible bonds experienced a poor operating performance. Finally, we find that returns on equity have a negative relation with abnormal stock returns. However, we fail to significant relationship between abnormal stock returns and operating performance as we consider the factors of the current ratio, cash flow ratio, debt ratio, net profit margin and return on assets. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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