دانلود مقاله ISI انگلیسی شماره 42155
عنوان فارسی مقاله

تراکنش های مالی همزمان صادر کنندگان اوراق قرضه قابل تبدیل

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
42155 2014 23 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
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عنوان انگلیسی
More than meets the eye: Convertible bond issuers' concurrent transactions ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 24, February 2014, Pages 57–79

کلمات کلیدی
اوراق قرضه قابل تبدیل - بازخرید سهام - آربیتراژ تبدیل - صندوق های تامینی - عرضه سرمایه - فروش کوتاه مدت
پیش نمایش مقاله
پیش نمایش مقاله  تراکنش های مالی همزمان صادر کنندگان اوراق قرضه قابل تبدیل

چکیده انگلیسی

We document that, in recent years, over 60% of convertible bond issuers conduct concurrent transactions including share repurchases, call option purchases, warrant sales, seasoned equity offerings, and stock lending program initiations. We investigate the determinants of issuers' choice of concurrent transactions and find that a proxy for capital supply (flows to convertible bond arbitrage hedge funds) is a significant determinant. Option purchases are more likely when capital supply is low and the convertible is dilutive to earnings. SEOs are more likely when firms have valuable growth opportunities and capital supply is low. Convertible issuers establish lending programs when arbitrageurs likely encounter difficulty shorting their stock, suggesting that these firms facilitate short selling in their own stock. These results suggest that, in the convertible bond market, the influence of capital supply extends beyond the issuance decision to the use of concurrent transactions and that these transactions offer important flexibility to issuers. We find that average equity market announcement effects differ when issuers conduct concurrent transactions. Consistent with models of adverse selection, concurrent transactions that reduce the dilutive impact on earnings, thereby making the design more debt-like, are associated with less negative announcement effects. Conversely, concurrent transactions that increase the dilutive impact on earnings, thereby making the design more equity-like, are associated with more negative announcement effects.

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