政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/117552

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文笔数/总笔数 : 112721/143689 (78%)
造访人次 : 49675700 在线人数 : 500

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/117552

请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/117552

题名:	Why Firms Use Convertibles: A Further Test of the Sequential-Financing Hypothesis
作者:	陳聖賢 Chang, Shao-Chi Chen, Sheng-Syan Liu, Yichen
贡献者:	財管系
关键词:	Convertibles;Sequential-financing hypothesis;Corporate focus;Incremental financing
日期:	2004
上传时间:	2018-06-11 17:24:08 (UTC+8)
摘要:	The sequential-financing hypothesis advanced by Mayers [J. Financ. Econ. 47 (1998) 83] suggests that convertibles are more valuable for issuing firms with focused activities. The hypothesis also suggests that firms may design their convertibles so that there are sufficient internal funds for future investment expenditures so as to avoid the costs of accessing capital markets. This paper provides direct evidence for these two predictions. We find that the stock market responds more favorably to the announcements of convertible offerings by focused firms than to those by diversified firms. This finding holds even after controlling for other potential explanatory variables. We also find that the issuing firms` net new financing is not significantly different from zero over the life of the convertible debt. Thus, our results provide further support for the sequential-financing hypothesis that convertible debt financing is motivated by a desire to minimize security issue costs and agency costs of overinvestment for firms with promising growth opportunities to finance a sequence of potential investment options.
關聯:	Journal of Banking and Finance, Vol.28, No.5, pp.1163-1183
数据类型:	article
DOI 連結:	http://dx.doi.org/10.1016/S0378-4266(03)00117-1
DOI:	10.1016/S0378-4266(03)00117-1
显示于类别:	[財務管理學系] 期刊論文

文件中的档案:

档案	描述	大小	格式	浏览次数
11631183.pdf		230Kb	Adobe PDF2	452	检视/开启

在政大典藏中所有的数据项都受到原著作权保护.

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

数据加载中.....