- 學位論文
An Empirical Examination of Poison Puts on U.S. Corporate Debt
An Empirical Examination of Poison Puts on U.S. Corporate Debt
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摘要
由於1980年代，公司重組的事件頻傳，使得 poison puts 開始在市場上被推行，投資人也因而開始注意到 event risk（poison put）。本文首先要討論債券的covenant bundle的情形。接著本文利用比較多的樣本和較長的樣本期間，來討論公司特質與發行poison put的傾向之間的關係，和poison put隨著時間的發展變化。此外，本文將比較債券上傳統的put option和poison put。而投資人是否真的執行過 poison put 也是我們有興趣的議題。最後，我們希望可以提供一個評價poison put的方法。
關鍵字
Poison Put並列摘要
Poison puts have been introduced in recent years due to the wave of corporate restructuring in the 1980s’. At the time, investors started to concern event risk and invest in poison put. First of all, this study examines if there exist the covenant bundles. Then the study also examines characteristics of firms who issue poison puts, and the development on poison put with time series, base on the larger samples and longer period than previous studies. Additionally, we compare the difference between regular put and poison put. The fifth part is that we want to know if investors really exercise poison puts. Finally, we like to give a method to price the bond with a poison put.
並列關鍵字
無資料參考文獻
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