University of South Carolina Scholar Commons Theses and Dissertations 2014 An Analysis of Convertible Bond Issuance: Design Features, Market Conditions and Private Placement Ashleigh Poindexter University of South Carolina - Columbia Follow this and additional works at: https://scholarcommons.sc.edu/etd Part of the Business Administration, Management, and Operations Commons Recommended Citation Poindexter, A.(2014). An Analysis of Convertible Bond Issuance: Design Features, Market Conditions and Private Placement. (Master's thesis). Retrieved from https://scholarcommons.sc.edu/etd/2719 This Open Access Thesis is brought to you by Scholar Commons. It has been accepted for inclusion in Theses and Dissertations by an authorized administrator of Scholar Commons. For more information, please contact
[email protected]. An Analysis of Convertible Bond Issuance: Design Features, Market Conditions and Private Placement By Ashleigh Poindexter Bachelor of Science University of Michigan, 2010 Submitted in Partial Fulfillment of the Requirements For the Degree of Master of Science in Business Administration Darla Moore School of Business 2014 Accepted by: Jean Helwege, Director of Thesis Tanakorn Makaew, Reader Lacy Ford, Vice Provost and Dean of Graduate Students Abstract Over the last two decades convertible debt issues have been steadily increasing in both frequency and magnitude and several high volume issuance periods. Although convertible debt issuance is inherently influenced by debt and equity market volatilities, the convertible market has been shown to have an independent presence in terms of issuance volume, issue design and market participants.Are concerns of asset substitution, risk uncertainty, or asymmetric information the primary factors in convertible debt design, timing and placement? This paper aims to examine how the design of convertible bonds and the characteristics of convertible issuers shift over time and under different market conditions.