Convertible Bonds Issued in the Bear Market Period: Evidence from Taiwan

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Title:	Convertible Bonds Issued in the Bear Market Period: Evidence from Taiwan
Other Titles:	英文
Authors:	Yen-sen Ni;Pao-yu Huang
Keywords:	corporate governance;convertible bonds;directors' holding ratio;tech bubble;G30;G32;G34
Date:	2015-04-08
Issue Date:	2016-08-15
Publisher:	Routledge
Abstract:	We argue that the behaviour of enterprises might be modified or even changed completely after black swan events occur. We explore why high-tech firms preferred to issue convertible bonds in 2001–2003, the bear market period after the tech bubble in Taiwan. We show that firms issuing convertible bonds are those with low directors’ holding ratio and high debt ratio. Results also reveal that corporate governance was worse in the firms that issued convertible bonds, as revealed by the finding that the directors’ holding ratio of these issuing firms declined considerably. This finding also implies that corporate governance issues become more serious after black swan events.
Relation:	Applied Economics 47(42), p.4501-4510
DOI:	10.1080/00036846.2015.1031871
Appears in Collections:	[Department of Management Sciences] Journal Article

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