The Study of the Redemption Announcement Effect of Convertible Corporate Bonds in China
研究了中国可转换债券赎回公告的市场反应，发现公告后短期和中期有显著负效应，支持卖方压力假说，对理解中国上市公司融资行为有参考价值。
The paper measures and tests the announcement effect of redemption of convertible bonds.It is found that the effect is not significant at the day and day before the announcement,but significantly negative at the day after and medium-term of the announcement release.The authors think that since there is strong preference for equity financing of the listed companies,therefore,the announcement of redemption of convertible bonds is not the negative signal of the fundamentals for a listed company.According to the test of convertible bonds data in Shanghai Stock Exchange,the authors found evidence to support the hypothesis of seller pressure,that means the negative effects of redemption of convertible bond in the short and medium-term in China results from the behavior of cash conversion of the convertible bond holders.