{"id":"https://openalex.org/W3097065331","doi":"https://doi.org/10.3390/su12218933","title":"Announcement Effects of Convertible and Warrant Bond Issues with Embedded Refixing Option: Evidence from Korea","display_name":"Announcement Effects of Convertible and Warrant Bond Issues with Embedded Refixing Option: Evidence from Korea","publication_year":2020,"publication_date":"2020-10-27","ids":{"openalex":"https://openalex.org/W3097065331","doi":"https://doi.org/10.3390/su12218933","mag":"3097065331"},"language":"en","primary_location":{"id":"doi:10.3390/su12218933","doi":"https://doi.org/10.3390/su12218933","is_oa":true,"landing_page_url":"https://doi.org/10.3390/su12218933","pdf_url":"https://www.mdpi.com/2071-1050/12/21/8933/pdf?version=1603807513","source":{"id":"https://openalex.org/S10134376","display_name":"Sustainability","issn_l":"2071-1050","issn":["2071-1050"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Sustainability","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/2071-1050/12/21/8933/pdf?version=1603807513","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5100615231","display_name":"Yongsik Kim","orcid":"https://orcid.org/0000-0001-9525-0384","observed_orcids":["https://orcid.org/0000-0001-9525-0384"]},"institutions":[{"id":"https://openalex.org/I4405259167","display_name":"Korea Exchange","ror":"https://ror.org/01vf6fe11","country_code":"KR","type":"other","lineage":["https://openalex.org/I2801338522","https://openalex.org/I2801339556","https://openalex.org/I4405259167"]}],"countries":["KR"],"is_corresponding":true,"raw_author_name":"Yongsik Kim","raw_affiliation_strings":["Securities\u00b7Derivatives R & D Center, Korea Exchange, 76 Yeouinaru-ro, Yeongdeungpo-gu, Seoul 07329, Korea"],"raw_orcid":"https://orcid.org/0000-0001-9525-0384","affiliations":[{"raw_affiliation_string":"Securities\u00b7Derivatives R & D Center, Korea Exchange, 76 Yeouinaru-ro, Yeongdeungpo-gu, Seoul 07329, Korea","institution_ids":["https://openalex.org/I4405259167"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5100615231"],"corresponding_institution_ids":["https://openalex.org/I4405259167"],"apc_list":{"value":1800,"currency":"CHF","value_usd":1901},"apc_paid":{"value":1800,"currency":"CHF","value_usd":1901},"fwci":0.0,"has_fulltext":true,"cited_by_count":2,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":95,"max":96},"biblio":{"volume":"12","issue":"21","first_page":"8933","last_page":"8933"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8564000129699707,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8564000129699707,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.06949999928474426,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.04470000043511391,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/convertible-bonds","display_name":"convertible bonds","score":0.9879999756813049},{"id":"https://openalex.org/keywords/convertible-bond-issuance","display_name":"convertible bond issuance","score":0.5189999938011169},{"id":"https://openalex.org/keywords/announcement-effects","display_name":"announcement effects","score":0.6449999809265137},{"id":"https://openalex.org/keywords/cumulative-abnormal-returns","display_name":"cumulative abnormal returns","score":0.953000009059906},{"id":"https://openalex.org/keywords/shareholder-dilution","display_name":"shareholder dilution","score":0.8109999895095825},{"id":"https://openalex.org/keywords/macroeconomic-conditions","display_name":"macroeconomic conditions","score":0.8199999928474426},{"id":"https://openalex.org/keywords/stock-exchange-listing","display_name":"stock market listing","score":0.5830000042915344},{"id":"https://openalex.org/keywords/korean-capital-market","display_name":"Korean capital market","score":0.6769999861717224}],"concepts":[{"id":"https://openalex.org/C192081164","wikidata":"https://www.wikidata.org/wiki/Q1056625","display_name":"Convertible bond","level":3,"score":0.8611060380935669},{"id":"https://openalex.org/C2776916960","wikidata":"https://www.wikidata.org/wiki/Q637156","display_name":"Warrant","level":2,"score":0.7794786691665649},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6934471726417542},{"id":"https://openalex.org/C171493342","wikidata":"https://www.wikidata.org/wiki/Q5166503","display_name":"Convertible arbitrage","level":5,"score":0.5717964768409729},{"id":"https://openalex.org/C2776116443","wikidata":"https://www.wikidata.org/wiki/Q55989","display_name":"Convertible","level":2,"score":0.545009970664978},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5208452343940735},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5106537938117981},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.4782339930534363},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.4509621560573578},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.436083048582077},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.4311946928501129},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4300996661186218},{"id":"https://openalex.org/C32959826","wikidata":"https://www.wikidata.org/wiki/Q2361268","display_name":"Bond valuation","level":3,"score":0.4180350601673126},{"id":"https://openalex.org/C2988984586","wikidata":"https://www.wikidata.org/wiki/Q1020013","display_name":"Stock price","level":3,"score":0.410929411649704},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3535236716270447},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.18530908226966858},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.15623128414154053},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.12010067701339722},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.0950503945350647},{"id":"https://openalex.org/C42854785","wikidata":"https://www.wikidata.org/wiki/Q2154735","display_name":"Risk arbitrage","level":4,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C181236170","wikidata":"https://www.wikidata.org/wiki/Q848354","display_name":"Capital asset pricing model","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C66938386","wikidata":"https://www.wikidata.org/wiki/Q633538","display_name":"Structural engineering","level":1,"score":0.0},{"id":"https://openalex.org/C143724316","wikidata":"https://www.wikidata.org/wiki/Q312468","display_name":"Series (stratigraphy)","level":2,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C142450864","wikidata":"https://www.wikidata.org/wiki/Q629941","display_name":"Arbitrage pricing theory","level":3,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.3390/su12218933","doi":"https://doi.org/10.3390/su12218933","is_oa":true,"landing_page_url":"https://doi.org/10.3390/su12218933","pdf_url":"https://www.mdpi.com/2071-1050/12/21/8933/pdf?version=1603807513","source":{"id":"https://openalex.org/S10134376","display_name":"Sustainability","issn_l":"2071-1050","issn":["2071-1050"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Sustainability","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:gam:jsusta:v:12:y:2020:i:21:p:8933-:d:435680","doi":null,"is_oa":false,"landing_page_url":"https://www.mdpi.com/2071-1050/12/21/8933/","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/su12218933","doi":"https://doi.org/10.3390/su12218933","is_oa":true,"landing_page_url":"https://doi.org/10.3390/su12218933","pdf_url":"https://www.mdpi.com/2071-1050/12/21/8933/pdf?version=1603807513","source":{"id":"https://openalex.org/S10134376","display_name":"Sustainability","issn_l":"2071-1050","issn":["2071-1050"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-class-a","anvur-scientific","cwts-core","poland-100","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Sustainability","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3097065331.pdf","grobid_xml":"https://content.openalex.org/works/W3097065331.grobid-xml"},"referenced_works_count":47,"referenced_works":["https://openalex.org/W1691007356","https://openalex.org/W1975523785","https://openalex.org/W1978567396","https://openalex.org/W1991384670","https://openalex.org/W2010727870","https://openalex.org/W2013303055","https://openalex.org/W2017713899","https://openalex.org/W2019607731","https://openalex.org/W2031677017","https://openalex.org/W2033349808","https://openalex.org/W2041175793","https://openalex.org/W2043219156","https://openalex.org/W2058516498","https://openalex.org/W2066276137","https://openalex.org/W2083797782","https://openalex.org/W2085189944","https://openalex.org/W2096599169","https://openalex.org/W2109280207","https://openalex.org/W2119383572","https://openalex.org/W2137582495","https://openalex.org/W2140536065","https://openalex.org/W2144470805","https://openalex.org/W2146880834","https://openalex.org/W2160885508","https://openalex.org/W2165693776","https://openalex.org/W2171798971","https://openalex.org/W2188107086","https://openalex.org/W2734778847","https://openalex.org/W2891714099","https://openalex.org/W2902998833","https://openalex.org/W2908173616","https://openalex.org/W2939255680","https://openalex.org/W2944229399","https://openalex.org/W2966347641","https://openalex.org/W2966456646","https://openalex.org/W2974749147","https://openalex.org/W3021397630","https://openalex.org/W3021768487","https://openalex.org/W3122089047","https://openalex.org/W3122945659","https://openalex.org/W3123571357","https://openalex.org/W3124047669","https://openalex.org/W3124114405","https://openalex.org/W3124364840","https://openalex.org/W3125212695","https://openalex.org/W3125761640","https://openalex.org/W3183245795"],"related_works":["https://openalex.org/W3021547810","https://openalex.org/W3183245795","https://openalex.org/W2902998833","https://openalex.org/W4402627250","https://openalex.org/W3128707899","https://openalex.org/W2041175793","https://openalex.org/W1507712920","https://openalex.org/W4403848088","https://openalex.org/W4407934541","https://openalex.org/W3123571357"],"abstract_inverted_index":{"This":[0,86],"study":[1],"examines":[2],"the":[3,31,39,63,80,90,94,102,105,111,118,127,133,138,150],"announcement":[4],"effects":[5],"of":[6,30,52,65,73,96,104,120,152],"convertible":[7],"and":[8,69,132,155],"warrant":[9],"bond":[10],"issues":[11],"with":[12],"embedded":[13,34],"refixing":[14,67,106],"option":[15,25],"in":[16,35,58,110,129],"Korea":[17],"from":[18,82],"January":[19],"2001":[20],"to":[21,54,75,84,101,126],"December":[22],"2018.":[23,85],"Refixing":[24],"denotes":[26],"an":[27],"adjustment":[28],"right":[29],"conversion":[32,45],"price":[33,42],"equity-linked":[36],"debt":[37],"when":[38],"underlying":[40],"stock":[41,134],"falls":[43],"under":[44],"price.":[46],"I":[47,114],"find":[48,116],"statistically":[49],"significant":[50],"declines":[51,72],"2.6":[53],"2.7":[55],"percentage":[56,77],"points":[57,78],"cumulative":[59],"abnormal":[60],"returns":[61],"for":[62,149],"inclusion":[64],"a":[66],"clause":[68],"especially":[70],"further":[71,115],"6.2":[74],"6.3":[76],"during":[79],"period":[81],"2016":[83],"result":[87],"implies":[88],"that":[89,117],"market\u2019s":[91],"concerns":[92],"about":[93],"dilution":[95],"existing":[97],"shareholder":[98],"value":[99],"due":[100],"exercise":[103],"rights":[107],"are":[108,141,145],"reflected":[109],"market":[112,122],"response.":[113],"degree":[119],"negative":[121],"response":[123],"varies":[124],"according":[125],"changes":[128],"macroeconomic":[130],"conditions":[131],"exchange":[135],"on":[136],"which":[137],"issuing":[139],"firms":[140],"listed.":[142],"The":[143],"findings":[144],"robust":[146],"after":[147],"controlling":[148],"effect":[151],"firm-,":[153],"issue-,":[154],"market-specific":[156],"characteristics.":[157]},"counts_by_year":[{"year":2026,"cited_by_count":2}],"updated_date":"2026-11-13T13:42:25.865203","created_date":"2020-11-09T00:00:00"}