Long-Run Performance of Redeemable Convertible Unsecured Loan Stocks (RCULS) and Irredeemable Convertible Unsecured Loan Stocks (ICULS)

• 主要作者: Mohd Abdoh, Wan Mohd Yaseer
• 格式: Thesis
• 语言: 英语; 英语
• 出版: 2007
• 主题: HG Finance
• 在线阅读: https://etd.uum.edu.my/16/1/wan_mohd_yaseer.pdf; https://etd.uum.edu.my/16/2/wan_mohd_yaseer-1.pdf

This study examines the long-run performance of Redeemable Convertible Unsecured Loan Stocks (RCULS) and Irredeemable Convertible Unsecured Loan Stocks (ICULS). Using the monthly data on corporations listed on the Main Board, Bursa Malaysia, that issued the RCULS and ICULS; buy-and-hold abnormal returns (BHAR) and cumulative abnormal returns (CAR) methods are conducted to examine the long - run performance of the two instruments. The findings and analysis of this thesis were made based on the data collected from Bursa Malaysia Bloomberg and Investor's Digest and Datastream. The results indicate that overperformance exists on the issuing firms1 stock returns for all one - year, two - year and three - year periods, regardless whether buy-and-hold abnormal returns (BHAR) or cumulative abnormal returns (CAR) is applied. Although, the results do contra with Gompers and Lemer (2003), Ritter and Welch (2002), Loughran and Ritter (1995) and Loughran (1993). the argument is based on the sample size being used in the study.