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https://ah.lib.nccu.edu.tw/handle/140.119/104245
題名: | Information Effects, Bid-Ask Spreads, and Convertible Calls on OTC Markets | 作者: | 徐燕山 Hsu, Yen-shan |
貢獻者: | 財管系 | 日期: | 三月-1994 | 上傳時間: | 23-十一月-2016 | 摘要: | 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. |
關聯: | 國立政治大學學報, 68 part 2,519-540 | 資料類型: | article |
Appears in Collections: | 期刊論文 |
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fb161122110429.pdf | 1.48 MB | Adobe PDF2 | View/Open |
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