전환사채 발행 비중이 일별 주가 변동성에 미치는 영향

• 영문명: The Effect of Convertible Bond Issuance on High-Low Stock Price Volatility
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 박형주(Hyung Ju Park)
• 간행물 정보: 『아태비즈니스연구』제16권 제3호, 269~286쪽, 전체 18쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2025.09.30

국문 초록

Purpose - This study aims to empirically examine how the proportion of convertible bond (CB) issuance affects daily stock price volatility. Given the hybrid nature of CBs—possessing both debt and equity characteristics—the research seeks to understand the signaling effects and risk implications of CB issuance in capital markets. Design/methodology/approach - The study utilizes panel data regression analysis to explore the relationship between the proportion of CB issuance and daily stock price volatility, measured as the daily price range (difference between highest and lowest stock prices each day). The analysis also includes sub-group tests based on firm size to identify heterogeneous effects. Findings - Empirical results yield two key findings. First, a higher proportion of CB issuance is significantly associated with increased daily stock price volatility. Second, this volatility effect is more prominent in small and medium-sized firms compared to large firms, suggesting firm size plays a moderating role in how CBs influence stock price behavior. Research implications or Originality - With the growing trend of CB issuance, this study provides timely insights into the market consequences of hybrid financing instruments. The findings highlight the need for investors to be vigilant about potential opportunistic uses of CBs by insiders. They also point to the importance of regulatory oversight and transparency in corporate financing to mitigate the potential misuse of convertible securities.

목차

Ⅰ. 서론

Ⅱ. 선행연구 및 가설 설정

Ⅲ. 연구방법론

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Convertible Bond Financial Instruments High-Low Stock Price Volatility Information Asymmetry