The influence between the ownership structure and the abnormal return from the convertible bond
碩士 === 國立中正大學 === 會計與資訊科技研究所 === 104 === This paper examines the relationship between the ownership structure and abnormal stock return from the firm which issued the convertible bond. This study uses the event study and the market model to calculate abnormal returns as the dependent variable. The e...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/51032354256362393672 |
| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 104 === This paper examines the relationship between the ownership structure and abnormal stock return from the firm which issued the convertible bond. This study uses the event study and the market model to calculate abnormal returns as the dependent variable. The event windows are employed three deffrernt settings: 30days, 60days and 90days after issuing the convertible bond.
This empirical results show that after the issuance date of issuing the convertible bond, the abnormal returns are negative in average. The abnormal returns will increase when the concentration of ownership structure and the ratio of equity holdings by large shareholders is higher than others. However, there are no relationship between the deviation of control rights from cash flow rights of the controllingshareholder and the abnormal stock return.
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