| Residential College | false |
| Status | 已發表Published |
| The Impact of Convertible Bonds on Firm Value | |
QUE TINGTING
| |
| 2024-09 | |
| Size of Audience | 30 |
| Type of Speaker | Conference presentation |
| Abstract | Using data on convertible bond (CB) issuances by Chinese firms, this study shows that firms issuing convertible bonds exhibit significantly higher market value than other firms. We mitigate the endogeneity concern via a propensity score matching (PSM) method and an analysis of the 2017 reform that exogenously increases convertible bond issuance. In our analysis of potential underlying mechanism, we find that the positive effect of convertible bond issuance on firm value is driven by CBs’ impact on enhancing the firm’s investment efficiency. The positive impact on firm value is particularly pronounced among firms with better corporate governance and more transparent information environments. Finally, we observe that the positive impact of convertible bond issuance on firm value decreases over time. |
| Keyword | Convertible Bond Firm Value |
| Source Publication | 2024 PBFJ Special Issue Conference |
| Conference Date | Sep 28, 2024 |
| Conference Place | Xi'an |
| Language | 英語English |
| Document Type | Presentation |
| Collection | DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS |
| Affiliation | University of Macau |
| Recommended Citation GB/T 7714 | QUE TINGTING. The Impact of Convertible Bonds on Firm Value[Z]. 2024 PBFJ Special Issue Conference, Sep 28, 2024. |
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