对冲基金策略：可转债套利与市场有效性

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

Convertible bonds (CBs), which can be converted into a firm’s stock at a specified price during a given period, have become increasingly popular financing instruments. New issues can be consummated rapidly since they tend to be marketed via conference calls rather than road shows. Furthermore, the execution risk, from exposure to random price changes as a consequence of the time required to execute an order, is limited. CBs can also be flexible tools for balance sheet management since coupons and conversion prices can be tailored to the issuer’s needs. Additional features can also be included in convertible bond issues in order to meet issuer’s needs as well as investors’ needs. Ostensibly, the option features will permit the firm to enjoy lower interest costs relative to straight debt. However, accountants and rating agencies treat convertible bonds as debt.1 On the other hand, it is argued that convertible bonds are issued by firms with speculative-grade ratings that could not raise capital either by issuing equity or straight debt. The implication of this is that convertible bonds are likely to be issued by firms that are smaller and riskier.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏3 回帖

关键词：对冲基金 有效性 可转债 金策略 Increasingly management execution financing specified required