Graduation Year


Date of Submission


Document Type

Campus Only Senior Thesis

Degree Name

Bachelor of Arts



Reader 1

Douglas McEachern

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@ 2015 Aki-Joe Yoshida


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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