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The Value Relevance of Information About Convertible Financial InstrumentsHelen Bishopaffiliation not provided to SSRN Tony Van ZijlVictoria University of Wellington - Faculty of Commerce and Administration Mike Bradburyaffiliation not provided to SSRN 2005 Abstract: We investigate the value relevance of the financial statement information about convertible financial instruments. Our findings indicate that the classification of convertibles provides incremental information over and above the book value of equity and net income. This finding is not as strong for convertibles that are classified as a form of mezzanine financing between debt and equity as for those classified as debt or equity. We also find that investors make use of information contained in the notes but only with respect to mandatory convertibles and convertibles where the right to make the decision about conversion or redemption rests with the issuer.
Number of Pages in PDF File: 33 Keywords: convertible financial instruments, financial reporting, value revelance JEL Classification: M41 working papers seriesDate posted: March 26, 2012Suggested CitationContact Information
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