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政大機構典藏 > 政大學報 > 第68期 > 期刊論文 > Item 140.119/104245

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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
Appears in Collections:	[第68期] 期刊論文

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