Convertible Bonds and Firm Value: Evidence from China and Beyond
Prof. Tingting QUE
Associate Professor in Finance
FBA, UM
Date: 27 October 2025 (Monday)
Time: 13:00-14:00
Venue: FBA Lobby
Abstract
Analyzing data on convertible bond issuances by Chinese firms, this study demonstrates that firms issuing convertible bonds achieve significantly higher market value than non-issuers. To mitigate endogeneity concerns, we apply matching procedures and leverage the 2017 China Securities Regulatory Commission (CSRC)regulatory reforms, which tightened equity refinancing and facilitated convertible bond issuance through credit-based subscription, as an exogenous shock that increased convertible bond issuance in China. The positive impact on firm value is especially pronounced among state-owned enterprises (SOEs) and firms with foreign investors, and better external corporate governance. In addition, we extend our analyses to international settings and provide consistent worldwide evidence that convertible bond issuance has significantly positive effect on firm value.
About the speaker
Tingting Que is an Associate Professor of Finance at the Faculty of Business Administration, University of Macau. Her research interests encompass labor and finance, executive compensation, and mergers and acquisitions. Prof. Que’s work has been published in prestigious finance journals such as the Journal of Financial and Quantitative Analysis and the Financial Review, among others.
All are welcome!
