TAILIEUCHUNG - Valuation of Convertible Bonds

By holding individual bonds, the investor chooses when to buy or sell—thus retaining control over the timing of any taxable capital gains or , the investor does not pay any fees for professional management or recordkeeping and so is able to receive all the income produced by the bonds—before any applicable taxes. Finally, the investor may want assurance that the value of the investment will be paid in full on a certain date—so that it can be “targeted” to pay for an expected cost, such as a college tuition bill. Because a bond’s interest rate is known, an investor can predict the value of the investment at maturity. Consider. | Valuation of Convertible Bonds Inaugural-Dissertation zur Erlangung des Grades eines Doktors der Wirtschafts- und Gesellschaftswissenschaften durch die Rechts- und Staatswissenschaftliche Fakultat der Rheinischen Friedlrich-Wilhelms-Universitat Bonn vorgelegt von Diplom Volkswirtin Haishi Huang aus Shanghai VR-China 2010 11 Dekan Erstreferent Zweltreferent Tag der mundlichen Priifung Prof. Dr. Christian Hlllgruber Prof. Dr. Klaus Sandmann Prof. Dr. Eva Lutkebohmert-Holtz Diese Dissertation 1st auf dem Hochschulschrlftenserver der ULB Bonn http diss_online elektronisch publiziert. iii ACKNOWLEDGEMENTS First I would like to express my deep gratitude to my advisor Prof. Dr. Klaus Sandmann for his continuous guidance and support throughout my work on this thesis. He aroused my research interest in the valuation of convertible bonds and offered me many valuable suggestions concerning my work. I was impressed about the creativity with which he approaches the research problem. I would also like to sincerely thank Prof. Dr. Eva Ltitkebohmert-Holtz for her numerous helpful advice and for her patience. I benefited much from her constructive comments. Furthermore I am taking the opportunity to thank all the colleagues in the Department of Banking and Finance of the University of Bonn Sven Balder Michael Brandl An Chen Simon Jager Birgit Koos Jing Li Anne Ruston Xia Su and Manuel Wittke for enjoyable working atmosphere and many stimulating academic discussions. In particular I would thank Dr. An Chen for her various help and encouragements. The final thanks go to my parents for their selfless support and to my son for his wonderful love. This thesis is dedicated to my .

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