本文研究美國金融業發行可轉債之宣告效果，實證結果發現金融業與非金融業發行可轉債之宣告效果皆為負向，而金融業之宣告效果優於非金融業1.41%，本文推論金融監管可以緩和資訊不對稱，進而降低金融業藉由資訊不對稱而獲利的可能性。金融業的籌資決策受限於最低資本適足率與充分揭露等規範，因此，金融業發行證券時較無彈性去選擇發行時機，本文發現在適當的金融監管下，金融業發行可轉債有較良好的宣告效果。

Using a sample of US convertible bonds, we confirm that both financial and non-financial firms experience negative announcement returns of convertible bond issuance, and find that financial firms exhibit a 1.41% return higher than non-financial firms. We posit that financial regulations mitigate information asymmetry, thus decreasing the likelihood for financial firms to profit from information asymmetry. Financial firms’ capital structure decisions are constrained by regulations. They are thus not flexible to set the optimal quantity of capital and to time the market. As a result, financial firms tend to have less negative convertible bond announcement returns under strict financial regulations.

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