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Dissertations / Theses on the topic 'Convertible debt'

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Published: 4 June 2021

Last updated: 25 July 2025

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1

Bremser, Albert W. "Two Essays on Convertible Debt." Diss., Virginia Tech, 1997. http://hdl.handle.net/10919/30327.

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This dissertation examines two different topics related to the issuance of a convertible debt security. The first essay addresses the question of how managers set the equity value in a convertible debt issue. A convertible debt security has value derived from an equity component and a debt component. As a result, managers must decide how much of the convertible debt's value will be derived from equity at issuance. I examine three hypotheses in addressing this question. Empirical evidence is provided supporting the assertion that managers issue more equity-like debt when the firm will have lowe

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2

Janjigian, Vahan. "The leverage changing consequences of convertible debt financing." Diss., Virginia Polytechnic Institute and State University, 1985. http://hdl.handle.net/10919/53882.

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Dann and Mikkelson (1984) report that the common stockholders of firms issuing convertible debt realize significantly negative returns upon the announcement of such financing. They further state that this observation is not consistent with the leverage hypothesis nor with the new financing models of Myers and Majluf (1984) and Miller and Rock (1982). This study also documents negative returns to the stockholders of convertible debt issuing firms on the announcement date. However, Dann and Mikkelson's assumption that the issuance of convertible debt increases financial leverage is questioned.

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3

Verwijmeren, Patrick. "Empirical essays on debt, equity, and convertible securities." [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2008. http://hdl.handle.net/1765/14312.

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4

Ziegan, Marius Christoph. "Essays on the determinants and costs of corporate security offerings." Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-the-determinants-and-costs-of-corporate-security-offerings(f687d966-21d1-46e0-987b-cf366b8ee456).html.

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This thesis presents three essays on the determinants and costs of corporate security offerings. The essays contribute to an ongoing debate in the literature on what determines firms’ security choice by examining the following issues: “Does corporate governance influence convertible debt issuance?”; “The signaling content of security offerings proceeds”; and “The costs of raising capital: New evidence.”In the first essay, we explore the influence of corporate governance on firms’ choice between equity, convertible debt and straight debt. For a sample of Western European corporate security offe

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5

Aguiar, Manuel Maria do Nascimento. "Contingent convertible debt: The case study of Banco Comercial Português." Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11687.

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6

Smith, David M. "An empirical analysis of the choice among issuing straight debt, equity, and equity-linked debt securities." Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54431.

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This dissertation analyzes factors associated with the apparent decision that firms make when choosing a source of long-term capital. Straight debt, common stock, convertible debt, and units of debt with warrants (units) are included in the issuer’s opportunity set, with particular emphasis being placed on the choice between convertible debt and units. A unit of debt with warrants is a financial package consisting of a straight bond or note, and one or more common stock warrants. This study finds that issuers earn insignificant average abnormal returns around the announcement and issuance peri

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7

Fairchild, Richard. "Optimal long term financing." Thesis, University of Bristol, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.310694.

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8

Gutierrez, Ivan. "The Proper Accounting and Valuation of Convertible Debt in the Modern Market." Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/439.

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Under current GAAP principles convertible debt is valued and accounted for using an outdated practice. Only one aspect of these complex financial instruments are valued at a time resulting in flawed financial statements. Although the Accounting Principles Board agreed with this sentiment, originally proclaiming that both the debt and equity aspects be valued together, significant resistance by the public forced the Board to amend its Opinion to the current standard. In this paper three ratios that measure company performance and health will be tested against the amount of convertible debt in s

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9

Yoshida, Aki-joe. "New Evidence on the Stock Price Reaction Following Convertible Bond Issuance Announcements in Japan." Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1100.

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This study examines the stock market reaction to new convertible bond (CB) issuing firms in Japan during the period 2009 to 2013. The evidence suggests that issuing firms experience significantly negative abnormal following the announcement dates. The relationship between certain firm characteristics and magnitude of market reaction is also studied. Firm size, leverage and book-to-market ratios are found to have no association with abnormal return following a CB announcement.

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10

Tan, Juan Edward Banking &amp Finance Australian School of Business UNSW. "The announcement effect of private placements of hybrid securities in Australia." Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/20549.

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This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impa

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11

Wormald, Simon. "An analysis of the benefits of issuing convertible debt in South Africa: Shoprite Holdings Ltd case study." Master's thesis, University of Cape Town, 2013. http://hdl.handle.net/11427/11058.

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Includes bibliographical references.<br>The aim of this paper is to investigate Shoprite’s decision to issue convertible bonds despite South African firms tending to favour traditional forms of debt or equity. The paper first revisits the theory on convertible debt to consider the possible reasons for why Shoprite elected to issue convertible debt, and then develops two models, the first to quantify Shoprite’s debt capacity and cost of debt, the second to value the convertible bond issue, and quantify the benefit, if any, that convertible bonds achieved as opposed to a straight debt or equity

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12

Coelho, Giulliano Tozzi. "A utilização de títulos de dívida conversíveis para o investimento anjo em startups no Brasil: Risco e segurança jurídica do investidor." Universidade do Vale do Rio dos Sinos, 2018. http://www.repositorio.jesuita.org.br/handle/UNISINOS/7122.

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Submitted by JOSIANE SANTOS DE OLIVEIRA (josianeso) on 2018-07-31T16:29:25Z No. of bitstreams: 1 Giulliano Tozzi Coelho_.pdf: 3230618 bytes, checksum: 1bd46fd793c7c58d0750efa206629e74 (MD5)<br>Made available in DSpace on 2018-07-31T16:29:25Z (GMT). No. of bitstreams: 1 Giulliano Tozzi Coelho_.pdf: 3230618 bytes, checksum: 1bd46fd793c7c58d0750efa206629e74 (MD5) Previous issue date: 2018-05-03<br>Nenhuma<br>As startups desempenham um papel relevante na produção de inovações e, por consequência, no desenvolvimento econômico. Por não possuírem todos os recursos necessários para o desenvolvim

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13

Ferreira, Tadeu Cendon. "Instrumentos financeiros patrimoniais previstos na legislação societária brasileira à luz das normas internacionais de contabilidade." Universidade de São Paulo, 2016. http://www.teses.usp.br/teses/disponiveis/12/12136/tde-30092016-144559/.

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Desde a adoção das normas internacionais de relatórios financeiros (IFRS) no Brasil, em 2010, a discussão sobre a classificação de instrumentos financeiros entre instrumentos de dívida ou de patrimônio tem se intensificado. Quando a Lei 11.638/07 foi emitida, alterando a Lei das Sociedades por Ações de 1976, teve o condão de introduzir o padrão contábil internacional na contabilidade brasileira. Entretanto, muitos dos instrumentos e aspectos da legislação societária brasileira não foram alterados ou reavaliados à luz desse novo padrão. De um momento para o outro, empresas se viram obrigadas a

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14

Amaral, Jose Romeu Garcia do. "Ensaio sobre o regime jurídico das debêntures." Universidade de São Paulo, 2014. http://www.teses.usp.br/teses/disponiveis/2/2132/tde-21012015-093339/.

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Este trabalho propõe-se a estudar, mediante abordagem teórica e prática, o regime jurídico das debêntures, tendo em vista as recentes alterações introduzidas pela Lei nº 12.431, de 24 de junho de 2011, que promoveu mudanças significativas em sua disciplina, bem como examinar os problemas e questões atuais das debêntures em um contexto evolutivo da doutrina e dos casos práticos que lhe são submetidos à análise, tendo em vista o uso cada vez mais frequente desse mecanismo de financiamento das sociedades. Busca-se, também, examinar o funcionamento do mercado de debêntures e as novas propostas par

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15

Lee, Wonil. "Cross-sectional determinants of convertible debt issues of the U.S. and Japanese firms." 1993. http://catalog.hathitrust.org/api/volumes/oclc/33095280.html.

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16

"Convertible debt--a dynamic test of call policy." Alfred P. Sloan School of Management, Massachusetts Institute of Technology, 1992. http://hdl.handle.net/1721.1/2402.

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17

Kung, Chun-Chan, and 龔群旃. "Inside Debt, Contingent Convertible Bonds, and Capital Structure." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/et6czm.

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碩士<br>國立交通大學<br>財務金融研究所<br>105<br>The recent financial crisis leads researchers to focus on contingent capital. There are a lot of reason caused financial crisis. Managers’ wealth is one of the important element caused financial crisis. In this paper, we provide a framework to analysis firm’s capital structure with the presence of inside debt and contingent convertible bonds. Our main analysis focus on the agency problem when issue contingent convertible bonds and inside debt. We show that if managers and shareholders can make investment decision, they will raise more fund from CoCo bonds rath

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18

Lee, Chang-Tse, and 李昌澤. "The Choice among Convertible Debt and Straight Debt: Evidence from New Corporate Borrowing." Thesis, 2007. http://ndltd.ncl.edu.tw/handle/84771689993335055677.

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碩士<br>國立成功大學<br>國際企業研究所碩博士班<br>95<br>在過去對於可轉換公司債的研究裡，學者推導出幾個重要的理論來解釋為何公司會選擇可轉換公司債來作為融資的工具：代理成本、資訊不對稱、融資順位、後門權益融資、後續融資理論。依據上述理論所衍生出來的意涵，本研究整理出相關假設，利用新發行的債務資料來提供實證研究。Denis（2003）提出了增額法的特色為可用來探討公司發行新債與公司既有舊債之間的關連性。因此，本研究利用增額法來檢驗公司發行可轉債與直接債的決定因素。更進一步地，本研究嘗試探討公司的舉債模式是否會受到既有債務結構影響。利用1996年到2005年間所發行的1,733筆新債資料，本研究發現，當公司在決定發行傳統直接債與可轉換公司債時，該公司資訊不對稱問題嚴重程度扮演著很重要的腳色，資訊不對稱越嚴重越傾向於發行可轉換公司債。此外，公司的財務狀況也是發行新債決定的重要考量，財務健全的公司傾向於發行直接債。本研究發現市價淨值比對於公司舉債決策影響較不顯著，然而當公司發行新的可轉換公司債時，倘若先前公司舉債模式皆為可轉換公司債，則隱含著該公司的高成長潛力。最後，公司在發行新債時會受到先前舉債模式的影響，遵循既有經驗發行同類型的新債。

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19

Peng, I.-Ting, and 彭怡婷. "A Study on Conversion Premium of US Convertible Debt." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/10984135236036748850.

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碩士<br>國立臺北大學<br>經濟學系<br>96<br>This paper studies the issue decision problem of the convertible debt. It particularly analyzes the relation between the conversion premium, and different enterprises characteristics and industry classification. The purpose is in order to examine how the company determines the conversion premium. The research sample includes public U.S. convertible debt issued between January, 1992 and March, 2007. The empirical results are summarized as follows. The issuers with low coupon rate, low debt ratio and higher credit rating would set higher conversion premium. In a

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20

Chang, Hsiao-Yun, and 張筱筠. "Debt or Equity?The Characteristics of European Convertible Bonds." Thesis, 2017. http://ndltd.ncl.edu.tw/handle/t63eft.

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碩士<br>國立臺灣大學<br>會計學研究所<br>105<br>Under current accounting rules, Convertible Bonds (CBs) are treated as equity while European Convertible Bonds (ECBs) are treated as debt. This study reviews the logic and the theories behind this controversial rule and investigates empirically whether European Convertible Bonds share key characteristics of liabilities or equities. We find evidence that ECBs, similar to CBs, are negatively associated with the common equity risk and expected return, consistent with the notion that the market treated it as equity. The above association still exist for ECBs with r

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21

Faria, Luís de Andrade Guerra Leal de. "Banco BPI and the reimbursement of contingent convertible subordinated bonds (CoCos)." Master's thesis, 2015. http://hdl.handle.net/10362/15381.

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This case study focuses on the BPI’s recapitalization plan, its causes and the reasons for the early reimbursement of CoCos in June 2014. The need for a capital intervention and the subsequent subscription agreement with the Portuguese Government of €1 500 million Core Tier 1 instruments were the result of a temporary capital buffer for sovereign debt exposures imposed by the European Banking Authority. The capital increase, the positive earnings in 2012 and 2013, the improvements in the sovereign debt crisis, the implementation of Basel III, in addition to the public exchange offer and the co

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22

Fei, Pai-Ta, and 費百達. "The Choice Among Equity, Debt, and Convertible Bonds:An Europe and Domestic study." Thesis, 1996. http://ndltd.ncl.edu.tw/handle/73628132798726026516.

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23

Chang, Tzu-Yang, and 張梓洋. "The Financing Decisions of Convertible Debt and The Long-Run Performance after Conversion." Thesis, 2008. http://ndltd.ncl.edu.tw/handle/07116440230992354463.

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碩士<br>國立交通大學<br>財務金融研究所<br>96<br>In the past, there was lots of literatures treating firms' performance after issuing convertible debt, but few scholars tended to discuss the long run performance after conversion. It is difficult to collect the information about the date when the convertible is converted on. Therefore, in this study, we treat the case where the price exceeds the conversion price as the timing of conversion. Then, we exam the long run performance after conversion. Literatures suggest that convertible debt reduces the debt- and equity-related costs of external finance, so many f

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24

Fievez, Arnaud. "Convertible bonds: A literature review and some market evidence." Master's thesis, 2016. http://hdl.handle.net/10362/18670.

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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

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25

Syu-Shan, Wei. "The Determinants of Convertible Debt Issuance and Call Protection Strength: Evidence from New Corporate Borrowings." 2006. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-2207200612591700.

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26

Wei, Syu-Shan, and 魏序珊. "The Determinants of Convertible Debt Issuance and Call Protection Strength: Evidence from New Corporate Borrowings." Thesis, 2006. http://ndltd.ncl.edu.tw/handle/34018656448346687067.

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碩士<br>國立臺灣大學<br>財務金融學研究所<br>94<br>Abstract The main purpose is to identify the determinants of convertible debt’s call provision design. We divide our study into three parts. First, we use a sample of new debt financings in 1999 and 2000 to examine the choice between convertible debt and straight debt. Our results indicate that the likelihood of issuing convertible debt compared to straight debt is higher for small firms, high technology firms, high growth firms, and high investment growth firms, which is consistent with information asymmetry and the agency costs theories. Also, consistent wi

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27

Kang, Yu-Chi, and 康禹吉. "The impact of convertible financing on firms'' investment dividend and debt financing decisions-empirical evidence on Taiwan public firms." Thesis, 1994. http://ndltd.ncl.edu.tw/handle/50090685669258666654.

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碩士<br>國立臺灣大學<br>財務金融學系<br>82<br>The purpose of this paper is to use financial data of public firms in the Taiwan stock market to study the interaction among the investment, dividend and financing decisions of firms under issuing convertibles or not, and to decide the imperfect degree of Taiwan capital market.　　1. The scholars didn''t consider convertibles in the past papers.So we take the convertibles into account and use Two-Stage Switching Simultaneous Equation system to research thi

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28

Chang, Han-Wei. "The relationship among firms' convertible debt financing, capital expenditure timing and investment in Mainland China --Empirical results in Taiwan's market." 2005. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0001-2107200513483800.

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29

Chang, Han-Wei, and 張涵媁. "The relationship among firms’ convertible debt financing, capital expenditure timing and investment in Mainland China --Empirical results in Taiwan’s market." Thesis, 2005. http://ndltd.ncl.edu.tw/handle/37782844272743493671.

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碩士<br>國立臺灣大學<br>財務金融學研究所<br>93<br>This paper examines the relationship between firms’ convertible debt issuing and their subsequent capital expenditures as noted by Korkeamaki and Moore (2004). We investigate whether the subsequent capital expenditures of Taiwanese firms following their issue of convertible bond are in accordance with the theory of optimal timing proposed by McDonald and Siegel (1986) and Dixit and Pindyck (1994). As an extension to Korkeamaki and Moore (2004), this paper classified sample firms into two groups: China-concept group and non-China-concept group and did the empir

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30

CHIUNG-YI, FU, and 傅瓊儀. "The Risk Relevance of the Debt and Equity Components of Convertible Bonds – Implication for the Accounting of Financial Instruments with Characteristics of Equity." Thesis, 2011. http://ndltd.ncl.edu.tw/handle/72401723530903705892.

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碩士<br>輔仁大學<br>會計學系碩士班<br>99<br>This study was to review the rules of financial instruments with characteristics of equity under United States, international and R.O.C., as well as discuss how should the convertible debts classify and express under the current standards; supported by empirical testing between 2006-2009 that whether the components of the convertible bonds with reset terms or not affect systematic risk of equity to the company, the results are as follows: 1. The debt components (embedded derivative financial liabilities) separated from the convertible bonds increases systematic r

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31

Syp, Szymon. "Obligacje zamienne w świetle prawa polskiego i amerykańskiego." Doctoral thesis, 2015. https://depotuw.ceon.pl/handle/item/1174.

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Przedmiotem rozprawy jest przedstawienie problematyki obligacji zamiennych w świetle polskich i amerykańskich regulacji prawnych (w ujęciu prawnoporównawczym). Rozwiązania prawne przyjęte w zakresie prawa papierów wartościowych w skali światowej często kopiują rozwiązania amerykańskie, jako najbardziej rozwiniętego rynku papierów wartościowych na świecie. Centralnym zagadnieniem rozprawy stała się przeto analiza konstrukcji prawnej obligacji zamiennych w obu tych systemach prawnych jako papierów wartościowych dłużnych (ujęcie cywilistyczne), tudzież instrumentów finansowych (ujęcie administrac

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