Relationship between Convertible Bonds Split Ratio and Short-term Stock Performance.
碩士 === 南臺科技大學 === 會計資訊系 === 106 === This article investigates a sample of domestic convertible bond made on the Taiwanese stock markets between 2011 and 2016. We used asset swap option trading volume to calculate convertible bonds split ratio, through convertible bonds split ratio to verify the rela...
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2018
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| Online Access: | http://ndltd.ncl.edu.tw/handle/7rpd4z |
| Summary: | 碩士 === 南臺科技大學 === 會計資訊系 === 106 === This article investigates a sample of domestic convertible bond made on the Taiwanese stock markets between 2011 and 2016. We used asset swap option trading volume to calculate convertible bonds split ratio, through convertible bonds split ratio to verify the relationship with the firm short-term stock performance, and analyze whether it is related to the central agency problem. The results indicated that the higher convertible bonds split ratio on the issue date have higher short-term stock performance after issuance. Further, we find the convertible bonds split ratio is positively correlated with the short-term stock performance, mainly from the firms with more serious central agency problems.
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