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| Title: | Information Effects, Bid-Ask Spreads, and Convertible Calls on OTC Markets |
| Authors: | 徐燕山
Hsu, Yen-shan |
| Contributors: | 財管系 |
| Date: | 1994-03 |
| Issue Date: | 2016-11-23 14:33:18 (UTC+8) |
| Abstract: | 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. |
| Relation: | 國立政治大學學報, 68 part 2,519-540 |
| Data Type: | article |
| DCField |
Value |
Language |
| dc.contributor (Contributor) | 財管系 | |
| dc.creator (Authors) | 徐燕山 | zh_TW |
| dc.creator (Authors) | Hsu, Yen-shan | |
| dc.date (Date) | 1994-03 | |
| dc.date.accessioned | 2016-11-23 14:33:18 (UTC+8) | - |
| dc.date.available | 2016-11-23 14:33:18 (UTC+8) | - |
| dc.date.issued (Issue Date) | 2016-11-23 14:33:18 (UTC+8) | - |
| dc.identifier.uri (URI) | http://nccur.lib.nccu.edu.tw/handle/140.119/104245 | - |
| dc.description.abstract (Abstract) | 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。 | |
| dc.description.abstract (Abstract) | 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. | |
| dc.format.extent | 1513933 bytes | - |
| dc.format.mimetype | application/pdf | - |
| dc.relation (Relation) | 國立政治大學學報, 68 part 2,519-540 | |
| dc.title (Title) | Information Effects, Bid-Ask Spreads, and Convertible Calls on OTC Markets | |
| dc.type (Data Type) | article | |
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