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| Author: | Kerins, F. J. Jr. |
| Title: | Do nonrefunding provisions constrain corporate behavior? Evidence from calls |
| Journal: | Financial Management
2001 : SPRING, VOL. 30:1, p. 57-83 |
| Index terms: | Bonds Corporate culture Organizational behaviour |
| Language: | eng |
| Abstract: | The author examines corporate call policy for nonrefundable debt. Nonrefundable bonds supposedly cannot be called with funds from lower-interest-cost debt. However, firms typically issue lower-interest-cost debt around the time of the call and do not identify the souce of funds used to call the debt. |
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