[商管] [財管]-東華94-國經所

[yaevna (yaevna)]

Which of the following statements about convertibles is true?

A. The coupon interest rate on convertibles is generally higher than on
   straight debt.

B. New equity funds are raised by the issuer when convertibles are converted.

C. Investors are willing to accept lower interest rates on convertibles
   because they are less risky than straight debt.

D. At issue, a convertible's conversion (exercise) price is often set equal
   to the current underlying stock price.

E. None of the above statements is true.

Ans:E

請問B、C、D分別是錯在哪呢?!

還有一個敘述

Other things equal, if dividend payments rise, bond holders are more likely
to convert before maturity.

這個敘述為什麼是對的呢?!

股利增加，不是會造成股價下跌嗎?!為什麼還會轉換呢?!

感謝~~


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◆ From: 220.228.251.160
推 kenmanla:C 並不是因為風險較小 是因為擁有轉換權利
→ kenmanla:D 通常通常都會定大於市價
→ yaevna:因為有轉換的權利，所以風險不是就比較小嗎?!
※ 編輯: yaevna          來自: 220.228.251.160      (08/26 19:56)
推 tyshowman:風險不會比較小吧，你可以想成以一定的利率去換一個買權
→ tyshowman:所以除了承擔原本債券的利率風險 還多承擔了股票波動性
→ tyshowman:的風險   也就是轉換溢酬
→ yuluen:第二個問題我想是不是因為CB在轉換比率＆轉換價格固定的情
→ yuluen:況下，愈早轉換愈能避免發放股利造成股價下跌的情況發生