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    政大典藏 > College of Commerce > Department of Finance > Theses >  Item 140.119/117018


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/117018


    Title: 金融監管是否影響金融機構發行可轉債之宣告效果
    Does financial regulation influence convertible bond announcement effects of financial firms?
    Authors: 何宛庭
    Ho, Wan Ting
    Contributors: 湛可南
    Chan, Konan
    何宛庭
    Ho, Wan Ting
    Keywords: 金融監管
    可轉債宣告效果
    金融業
    Financial regulations
    Convertible bond announcement effects
    Financial firms
    Date: 2018
    Issue Date: 2018-05-02 15:46:46 (UTC+8)
    Abstract: 本文研究美國金融業發行可轉債之宣告效果，實證結果發現金融業與非金融業發行可轉債之宣告效果皆為負向，而金融業之宣告效果優於非金融業1.41%，本文推論金融監管可以緩和資訊不對稱，進而降低金融業藉由資訊不對稱而獲利的可能性。金融業的籌資決策受限於最低資本適足率與充分揭露等規範，因此，金融業發行證券時較無彈性去選擇發行時機，本文發現在適當的金融監管下，金融業發行可轉債有較良好的宣告效果。
    Using a sample of US convertible bonds, we confirm that both financial and non-financial firms experience negative announcement returns of convertible bond issuance, and find that financial firms exhibit a 1.41% return higher than non-financial firms. We posit that financial regulations mitigate information asymmetry, thus decreasing the likelihood for financial firms to profit from information asymmetry. Financial firms’ capital structure decisions are constrained by regulations. They are thus not flexible to set the optimal quantity of capital and to time the market. As a result, financial firms tend to have less negative convertible bond announcement returns under strict financial regulations.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    105357011
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0105357011
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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