作者yaevna (yaevna)
看板Grad-ProbAsk
标题[商管] [财管]-东华94-国经所
时间Tue Aug 25 22:11:04 2009
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
请问B、C、D分别是错在哪呢?!
还有一个叙述
Other things equal, if dividend payments rise, bond holders are more likely
to convert before maturity.
这个叙述为什麽是对的呢?!
股利增加，不是会造成股价下跌吗?!为什麽还会转换呢?!
感谢~~
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◆ From: 220.228.251.160
1F：推 kenmanla:C 并不是因为风险较小 是因为拥有转换权利 08/26 10:35
2F：→ kenmanla:D 通常通常都会定大於市价 08/26 10:37
3F：→ yaevna:因为有转换的权利，所以风险不是就比较小吗?! 08/26 16:26
※ 编辑: yaevna 来自: 220.228.251.160 (08/26 19:56)
4F：推 tyshowman:风险不会比较小吧，你可以想成以一定的利率去换一个买权 08/26 22:07
5F：→ tyshowman:所以除了承担原本债券的利率风险 还多承担了股票波动性 08/26 22:07
6F：→ tyshowman:的风险 也就是转换溢酬 08/26 22:08
7F：→ yuluen:第二个问题我想是不是因为CB在转换比率＆转换价格固定的情 08/29 07:58
8F：→ yuluen:况下，愈早转换愈能避免发放股利造成股价下跌的情况发生 08/29 07:59