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Convertible bonds: A literature review and some market evidence
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Resumo(s)
The goal of this paper is to identify the determinants in the issuing decision of convertibles and stock price fluctuation two days after an announcement. To do so, we review different papers to understand why we use convertibles and then apply the same methodology as Lewis (2003) used earlier. We apply this methodology to three different sectors, with larger samples than the ones used by Lewis. Furthermore, the selected period of our samples goes from 2001 to 2015 where in the previous study, the period was from 1979 to 1992. Our results show us that the economic environment has an important influence on the investor’s behaviors and therefore, on the determinants of the convertible bonds.
Descrição
A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics
Palavras-chave
Convertible bonds Pecking order Investment opportunities Debt Two days return