haku: @author Moore, W. / yhteensä: 7
viite: 5 / 7
| Tekijä: | Mazzeo, M. Moore, W. |
| Otsikko: | Liquidity costs and stock price response to convertible security calls |
| Lehti: | Journal of Business
1992 : JUL, VOL. 65:3, p. 353-370 |
| Asiasana: | BUSINESS ECONOMICS SHARE PRICES SECURITIES |
| Kieli: | eng |
| Tiivistelmä: | Firms' announcements to call in-the-money convertible securities for redemption essentially force their conversion into common stock, and such announcements are generally met with significant reductions in the calling firms' equity values. An explanation based on liquidity costs is advanced and tested. The explanation implies that investors who choose to sell their shares early in the conversion period bear liquidity costs by selling at reduced prices. |
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