Understanding The Design Of Convertible Debt
AbstractThere are now two dominant theories of convertible debt held by academic economists. One theory which has been called the "risk-shifting" hypothesis-effectively views convertibles as an alternative to straight debt. The second-known as the "sig-nalling" (or "backdoor-equity") theory-treats convertibles as an alternative to ordinary equity. This article attempts to unify (or at least to illustrate the relationship between) these two theories by focusing on the design of the securities. 1998 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 11 (1998)
Issue (Month): 1 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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- Renata Drumond Pinto Coelho Antonino & Wagner Moura Lamounier & Roberto Kaehler de Albuquerque Maranhão, 2010. "Systematic risk variations (beta) convertible debenture brazilian companies," Brazilian Business Review, Fucape Business School, vol. 7(3), pages 1-22, September.
- Wever, Jolle O. & Smid, Peter P.M. & Koning, Ruud H., 2002. "Pricing of convertible bonds with hard call features," Research Report 02E74, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
- Schmitt, Andre & Spaeter, Sandrine, 2005. "Improving the prevention of environmental risks with convertible bonds," Journal of Environmental Economics and Management, Elsevier, vol. 50(3), pages 637-657, November.
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