Earticle

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

키워드

저자

• 정태영 [ Tae-young Chung | 홍익대학교 경영대학 교수 ] 제1저자
• 예민수 [ Min-Soo Yae | 홍익대학교 경영대학 겸임교수 ] 교신저자

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  생산성연구: 국제융합학술지 [Productivity Research: An International Interdisciplinary Journal]

• 간기

  격월간

• pISSN

  1225-3553

• 수록기간

  1987~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 325 DDC 330