{"id":{"repo_id":"ucf","oai_identifier":"oai:stars.library.ucf.edu:etd-1028"},"canonical_url":"https://search.dev.ndltd.org/etd/ucf/oai:stars.library.ucf.edu:etd-1028","repository":{"repo_id":"ucf","name":"Central Florida","base_url":"https://stars.library.ucf.edu/do/oai/"},"display":{"title":"The Pricing And Performance Of Convertible Preferred Stock Offerings Following Issuance","abstract":"This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance following issuance. It is the first major academic study that identifies significant abnormal performance of corporate contingent claims following issuance. The research utilizes both option-based contingent claims valuation models and econometric techniques to investigate the sources of superior investment performance of convertible securities as an asset class that has persisted for the past thirty years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 issues, 12,051 observations and 69 issues, 28,831 observations respectively), the study provides evidence of statistically and economically significant underpricing at issuance that ranges from 2.9% to 1.4% and persists from the first day of convertible trading up to six months following issuance. Underpricing is invariant to convertible ratings and the exchange where the issues are traded. It is found, however, that, large and mid cap issues are more likely to be underpriced than small cap convertibles. Also, the offerings that are underwritten by non-reputable investment bankers are more likely to be underpriced than those underwritten by reputable investment bankers.","abstract_html":"This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance following issuance. It is the first major academic study that identifies significant abnormal performance of corporate contingent claims following issuance. The research utilizes both option-based contingent claims valuation models and econometric techniques to investigate the sources of superior investment performance of convertible securities as an asset class that has persisted for the past thirty years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 issues, 12,051 observations and 69 issues, 28,831 observations respectively), the study provides evidence of statistically and economically significant underpricing at issuance that ranges from 2.9% to 1.4% and persists from the first day of convertible trading up to six months following issuance. Underpricing is invariant to convertible ratings and the exchange where the issues are traded. It is found, however, that, large and mid cap issues are more likely to be underpriced than small cap convertibles. Also, the offerings that are underwritten by non-reputable investment bankers are more likely to be underpriced than those underwritten by reputable investment bankers.","abstract_has_math":false,"creators":["Guzhva, Vitaly S."],"institution":null,"degree_name":null,"degree_level":null,"degree_discipline":null,"degree_department":null,"school":null,"contributors":["Ramanlal, Pradipkumar"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2004,"date_issued":"2004-01-01T08:00:00Z","date_published":"2004-01-01T08:00:00Z","updated_at":"2026-07-24T05:08:08Z","subjects":["Convertibles","Performance","Preferred stocks","Pricing","Finance and Financial Management","Business Administration -- Dissertations, Academic; Dissertations, Academic -- Business Administration"],"languages":["English"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["CFE0000079"],"render_values":[{"text":"CFE0000079","href":null,"code":true}]}]},"links":{"outbound_url":"https://stars.library.ucf.edu/etd/29","outbound_label":"Repository record","outbound_source":"dc:identifier.uri"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Ramanlal, Pradipkumar"]},{"key":"dc:creator","label":"Author","values":["Guzhva, Vitaly S."]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:type","label":"Dc Type","values":["Doctoral Dissertation (Open Access)"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Convertibles","Performance","Preferred stocks","Pricing","Finance and Financial Management","Business Administration -- Dissertations, Academic; Dissertations, Academic -- Business Administration"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["English"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["CFE0000079"]},{"key":"dc:identifier.uri","label":"Identifier URI","values":["https://stars.library.ucf.edu/etd/29"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["<p>If this is your thesis or dissertation, and want to learn how to access it or for more information about readership statistics, contact us at <a href=\"mailto:STARS@ucf.edu\">STARS@ucf.edu</a></p>","Doctor of Philosophy (Ph.D.)","College of Business Administration","Finance"]},{"key":"dc:description.abstract","label":"Abstract","values":["This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance following issuance. It is the first major academic study that identifies significant abnormal performance of corporate contingent claims following issuance. The research utilizes both option-based contingent claims valuation models and econometric techniques to investigate the sources of superior investment performance of convertible securities as an asset class that has persisted for the past thirty years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 issues, 12,051 observations and 69 issues, 28,831 observations respectively), the study provides evidence of statistically and economically significant underpricing at issuance that ranges from 2.9% to 1.4% and persists from the first day of convertible trading up to six months following issuance. Underpricing is invariant to convertible ratings and the exchange where the issues are traded. It is found, however, that, large and mid cap issues are more likely to be underpriced than small cap convertibles. Also, the offerings that are underwritten by non-reputable investment bankers are more likely to be underpriced than those underwritten by reputable investment bankers."]},{"key":"dc:format","label":"Dc Format","values":["application/pdf"]},{"key":"dc:title","label":"Title","values":["The Pricing And Performance Of Convertible Preferred Stock Offerings Following Issuance"]}]}],"canonical_facts":{"dc:contributor":["Ramanlal, Pradipkumar"],"dc:creator":["Guzhva, Vitaly S."],"dc:description":["<p>If this is your thesis or dissertation, and want to learn how to access it or for more information about readership statistics, contact us at <a href=\"mailto:STARS@ucf.edu\">STARS@ucf.edu</a></p>","Doctor of Philosophy (Ph.D.)","College of Business Administration","Finance"],"dc:description.abstract":["This dissertation is a comprehensive study of convertible-preferred-stock pricing and performance following issuance. It is the first major academic study that identifies significant abnormal performance of corporate contingent claims following issuance. The research utilizes both option-based contingent claims valuation models and econometric techniques to investigate the sources of superior investment performance of convertible securities as an asset class that has persisted for the past thirty years. Two main issues are examined: potential underpricing of convertible preferred stocks at issuance and their subsequent investment performance. Underpricing is examined based on a robust contingent-claims valuation model. Using two samples of convertible preferred stock offerings (24 issues, 12,051 observations and 69 issues, 28,831 observations respectively), the study provides evidence of statistically and economically significant underpricing at issuance that ranges from 2.9% to 1.4% and persists from the first day of convertible trading up to six months following issuance. Underpricing is invariant to convertible ratings and the exchange where the issues are traded. It is found, however, that, large and mid cap issues are more likely to be underpriced than small cap convertibles. Also, the offerings that are underwritten by non-reputable investment bankers are more likely to be underpriced than those underwritten by reputable investment bankers."],"dc:format":["application/pdf"],"dc:identifier":["CFE0000079"],"dc:identifier.uri":["https://stars.library.ucf.edu/etd/29"],"dc:language":["English"],"dc:subject":["Convertibles","Performance","Preferred stocks","Pricing","Finance and Financial Management","Business Administration -- Dissertations, Academic; Dissertations, Academic -- Business Administration"],"dc:title":["The Pricing And Performance Of Convertible Preferred Stock Offerings Following Issuance"],"dc:type":["Doctoral Dissertation (Open Access)"]},"updated_at":"2026-07-24T05:08:08Z"}