전환사채 발행공시와 주가반응에 관한 실증연구: 국내 문화콘텐츠 산업을 중심으로

This study empirically analyzes the stock price reaction to the announcement of convertible bond issuances in the culture contents industry. Key empirical findings regarding convertible bond issuances by culture content companies from 2000 to 2021 are as follows. First, there was a significant positive stock price change of approximately 1.6% on the announcement day and about 1.8% on the day before the announcement. The stock price reaction before the announcement day was more pronounced than on it. Second, in the overall KOSDAQ market, the announcement day stock prices showed a weaker positive reaction than the culture contents industry. Still, a clear positive reaction started before the announcement and persisted until the day after, showing a different pattern from the culture content industry. In summary, the analysis suggests that market participants perceive the issuance of convertible bonds by culture content companies as favorable information. Given the essential nature of capital raising for corporate growth and development, research on capital raising in the culture content industry is crucial. This study will enhance financial understanding of the culture contents industry and assist stock market investors in their investment decisions and corporate managers' financial decision-making.