Convertible Bond Issuances
Author | : Johannes Lampert |
Publisher | : |
Total Pages | : |
Release | : 2012 |
Genre | : |
ISBN | : |
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A vast amount of literature is dedicated to the usage of convertible bonds in practice, their advantages and disadvantages, and especially the pricing of convertibles. This thesis primarily deals with the question why convertible bonds are issued in the first place. The current work studies firm specific characteristics of convertible bond issuers from the USA, Europe, and Asia in order to see what type of companies issue convertible securities. Based on issuing theories the results are analyzed regarding the rationales of companies to issue convertible debt. Moreover the design of convertible bonds is analyzed to find similarities and differences of securities issued within the three analyzed regions regarding the equity-like or debt-like structure of their issues. This work aims to complement existing literature geographically and temporally. While plenty of research is conducted on the US and European convertible markets and their similarities and differences, this thesis adds Asian issues to the performed issuer related analysis. Moreover, this thesis provides relatively recent results by studying convertible issues between 2006 and 2010.