OPERATING PERFORMANCE AND SEQUENCE OF CONVERTIBLE BONDS

Onur Arugaslan, Department of Finance and Commercial Law, Western Michigan University, Kalamazoo, MI, U.S.A.
Ajay Samant, College of Business, Illinois State University, Normal, IL, U.S.A.
Devrim Yaman, Haworth College of Business, Western Michigan University, Kalamazoo, MI, U.S.A.

Published in

JOURNAL OF INTERNATIONAL FINANCE AND ECONOMICS
Volume 20, Issue 1, p5-16, March 2020

ABSTRACT

This paper studies the relationship between the convertible bond issue sequence and the issuing firms’ operating performance. The results show that firms that issue convertible bonds multiple times have higher operating performance compared to firms that issue these bonds once. The operating performance for the first issue of firms that make multiple offerings is also higher than the performance of single issuers. The results also indicate a negative relationship between convertible bond sequence and operating performance.

Keywords

Operating performance, convertible bonds


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