Graduation Year

2015

Date of Submission

4-2015

Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts

Department

Economics

Reader 1

Douglas McEachern

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Terms of Use for work posted in Scholarship@Claremont.

Rights Information

@ 2015 Aki-Joe Yoshida

Abstract

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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