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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | An analysis of announcements effects of onvertible bond issues on equity returns |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 71 |
| Date | 2021 |
| Abstract Text | Convertible bonds have shown an incredible growth over the recent years and have become an important source of financing for companies. Their announcements are considered to induce stock price movements. This thesis aims to captures the announcement effects on stock prices of convertible bond offerings for US and Japanese companies for the last twenty years with the help of a standard event study. Cross-sectional regressions are run to find potential determinants of cumulative abnormal returns. Evidence is found that US convertible bond issues are accompanied with negative stock movements. The cumulative average abnormal returns range from -3.44% to -2.95%. There is mixed evidence for Japanese firms with cumulative average abnormal returns ranging from -1.05% to 2.31%. |
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