Earticle

초록

영어

We examine why firms issue hybrid securities including both Convertible Bonds (CBs) and Bonds with Warrants (BWs), what characteristics of issuing firms affect the choice between CBs and BWs and why market reactions to the announcement of CBs and BWs offerings are different in Korea. Our study is based on the sample of CBs and BWs that were issued in Korea between 2000 and 2011. 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 and characteristics of issuing firms choosing between CBs and BWs largely exist, even though these securities have very similar characteristics. Lastly, we find that the announcement effects of both CBs and BWs are positive and statistically significant in Korea, which is different from the studies for other countries.

목차

Abstract
 1. Introduction
 2. Motives and Financial 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 Financial Leverage, Profitability, Credit Rating and Fund Deficit
  2.4 Agency costs of equity
  2.5 Corporate Governance Structure
 3. Data and Methodology
  3.1. Data description
  3.2. Methodology
 4. Empirical Results on Different Motives and Characteristics of Firms that issue Hybrid Securities, CBs or BWs
  4.1 Issue and issuer characteristics
  4.2. Panel logit regression results
  4.3. Comparison between KOSPI firms and KOSDAQ firms
  4.4. Comparison between Chaebol firms and Non-chaebol firms
 5. Market reactions to the announcement of CBs and BWs offerings
  5.1. Analysis for the whole sample
  5.2. Comparison of market reactions to the announcement of CBs and BWs offerings between KOSPI firms and KOSDAQ firms
  5.3. Comparison of market reactions to the announcement of CBs and BWs offerings between Chaebol firms and non-Chaebol firms
  5.4. Comparison of market reactions to the announcement of CBs and BWs offerings between high and low growth opportunity firms
  5.5. Comparison of market reactions to the announcement of CBs and BWs offerings between public offering and private placement and between domestic offering and overseas offering
 6. Summary and Conclusion
 Reference
 Table

키워드

저자

• Sekyung Oh [ Department of Business Administration, College of Business Administration, Konkuk University, 263 Achasan-ro Gwangjin-gu, 143-701, Seoul, Korea. ]
• Woo Sung Kim [ Department of Business Administration, College of Business Administration, Konkuk University, 263 Achasan-ro Gwangjin-gu, 143-701, Seoul, Korea. ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330