A legend in the history of the financial markets tells the story that the first convertible bond has been issued in 1880 by the American railway tycoon J.J. Hill. The oldest publicated study known to us dates from the year 1993 and analyses the risk-return characteristics of convertible bonds in the time period from 1957 until 1992 in the US (Lummer, Riepe 1993: „Convertible Bonds as an Asset Class 1957-1992“).