Please use this identifier to cite or link to this item: https://ah.nccu.edu.tw/handle/140.119/104245


Title: Information Effects, Bid-Ask Spreads, and Convertible Calls on OTC Markets
Authors: 徐燕山
Hsu, Yen-shan
Contributors: 財管系
Date: 1994-03
Issue Date: 2016-11-23 14:33:18 (UTC+8)
Abstract: 本文探討美國店頭市場上櫃買賣公司,宣佈贖回該公司可轉換證券,對其普通股股價的影響。本研究發現,公司宣佈贖回消息後,該公司普通股股價有顯著下跌的現象。究其原因,贖回消息的宣佈,傳遞了公司前景不佳的訊息於投資大眾,因而造成該公司股價的下跌。本研究進一步探討普通股股價的價差變化,是否與上述的訊息效果相吻合。實證結果顯示,普通股價差的變化,支持了訊息效果的解釋。
This paper examines the valuation effects of OTC convertible calls and the changes of bid-ask sprreads on the underlying common stock. Similar to those studies on NYSE/AMEX convertible calls, we find a negative stock price reaction to the announcement of an in-the-money convertible calls on OTC markets. Examination of the bid-ask spread change of the underlying common stock around the announcement of covertible calls lends support to the argument that in-the-money convertible calls signal the unfavorable information on firms' operations to the public.
Relation: 國立政治大學學報, 68 part 2,519-540
Data Type: article
Appears in Collections:[第68期] 期刊論文

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