Empirical Study of the Returns of Taiwan's Convertible Bonds

• Main Authors: Chou,Yu-Liang, 周裕亮
• Other Authors: Lee,Tsung-Pei
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/85811054151094241182

碩士 === 輔仁大學 === 金融研究所 === 95 === The samples of this study are based on 353-CB which were issued by Taiwan between 2002 and 2006. The market price information of these samples is from TEJ, SEC, and OTC. Till 2006, the issue value of convertible bond grew to 2,933 billions, and the outstanding amount is 1,905 billions. . It shows the rapid growth of the CB market. From the research of the author, the returns of Buy-and-Sell strategy from 2002 to 2006 are positive. Furthermore, the average total can reach 18.69%; it is a lot better than the deposit in the banks. Besides, through the regression analysis, we can know the EPS and D1(electronic industry=1, non electronic industry=0) are outstanding in 2005 and 2006 from the regression results of the two years. However, the CB returns of electronic industry are better than the CB returns of non electronic industry in 2005, but the situation was completely oppositely in 2006. It shows the profits of enterprise will respond to the investment return of CB. Consequently, the investors can find the suitable invest objective through observing the profits of enterprises. Keywords:convertible bond, return