haku: @author Nyborg, K. / yhteensä: 8
viite: 8 / 8
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| Tekijä: | Nyborg, K. |
| Otsikko: | Convertible debt as delayed equity: forced versus voluntary conversion and the information role of call policy |
| Lehti: | Journal of Financial Intermediation
1995 : OCT, VOL. 4:4, p. 358-395 |
| Asiasana: | DEBT FINANCIAL INTERMEDIARIES MODELS |
| Kieli: | eng |
| Tiivistelmä: | There is a common perception that many firms issue convertible debt as a form of delayed equity. The advantage of issuing equity in this delayed manner has been linked to the lower adverse selection properties of convertible debt as compared to equity; one can first issue convertibles and later call, forcing conversion, presumably preserving the initial advantage of the convertibles. However, this paper suggests that the benefits of callable convertible debt as delayed equity are preserved only if conversion is voluntary. |
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