Disappearing Call Delay and Dividend-Protected Convertible Bonds

被引：16

作者：

Grundy, Bruce D. ^{[1
]}

Verwijmeren, Patrick ^{[1
,2
]}

机构：

[1] Univ Melbourne, Melbourne, Vic 3010, Australia

[2] Erasmus Sch Econ, Rotterdam, Netherlands

来源：

JOURNAL OF FINANCE | 2016年 / 71卷 / 01期

关键词：

STOCK-PRICE BEHAVIOR; VOLUNTARY CONVERSION; SIGNALING HYPOTHESIS; POLICY; SECURITIES; MODEL; DEBT; REPURCHASES; VALUATION;

D O I：

10.1111/jofi.12363

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Firms do not historically call their convertible bonds as soon as conversion can be forced. A number of explanations for the delay rely on the size of the dividends that bondholders forgo so long as they do not convert. We investigate an important change in convertible security design, namely, dividend protection of convertible bond issues. Dividend protection means that the conversion value of the convertible bond is unaffected by dividend payments and thus dividend-related rationales for call delay become moot. We document that call delay is near zero for dividend-protected convertible bonds.

引用

页码：195 / 224

页数：30

共 18 条

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