haku: @author Vermaelen, T. / yhteensä: 14
viite: 3 / 14
| Tekijä: | Hillion, P. Vermaelen, T. |
| Otsikko: | Death spiral convertibles |
| Lehti: | Journal of Financial Economics
2004 : FEB, VOL. 71:2, p. 381-415 |
| Asiasana: | Capital structure of companies Convertible bonds Financial innovation |
| Kieli: | eng |
| Tiivistelmä: | Floating-priced convertibles, known as death spirals, are privately held convertible securities with a conversion price set at a discount from the average of past stock prices in a look-back period. The issuance of floating-priced convertibles is followed by significant negative abnormal returns. The results are consistent with the faulty contract hypothesis that argues that the contract design encourages short-selling by the convertible holders and other professional short sellers. |
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