전환사채 발행공시에 따른 시장반응 및 시장반응 결정요인에 관한 연구 : 전환사채의 내재적 특성과 발행기업 특성을 중심으로 = An Empirical Analysis of Convertible Bond Issues : Focused on Characteristics of Convertible Bonds and Issuing Firms

다국어 초록 (Multilingual Abstract)

This study examines the announcement effects of offering convertible bonds using data for 236 firms listed in KRX over the period of 2001 to 2009. Furthermore, this study analyzes the impact of inherent characteristics in convertible bonds and characteristics of issuing firms on the announcement effects by controlling for the firm size, leverage ratio and etcetera. The proxies for characteristics of convertible bonds include PREM(conversion premium), GCB(a dummy variable that takes the value of one if convertible bonds are guaranteed, and zero otherwise), CB_SIZE(size of issuing amount). The characteristics of issuing firms are measured by the GROW(firms' growth potential), PROF(firms' performance), and CDQ(a dummy variable that takes the value of one if the company belongs to the investment grade issuers, and zero otherwise). The analysis yields following findings. First, The announcement effects of convertible bonds are associated with significantly negative abnormal returns. Second, GCB negatively influences the cumulative abnormal return around issue announcement of convertible bond. Finally, I find that the announcement effect of convertible bonds is positively related with the increases in growth of issuing firm and good credit rating.

목차 (Table of Contents)

• 국문초록
• Abstract
• Ⅰ. 서론
• Ⅱ. 선행연구의 검토와 연구가설의 설계
• Ⅲ. 연구설계
• Ⅳ. 실증분석 결과
• Ⅴ. 결론
• 참고문헌