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Politique de remboursement anticipé des obligations

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Author Info
Annie Bellier-Delienne (Université de Cergy-Pontoise)
Abstract

Bond indentures can contain a number of provisions of optional nature. This study focuses on the call provisions. The contribution of this article is to provide an empirical analysis of the behaviour of bond issuers on the French market. The results show the firms delay the timing of calls and pay a large positive premium. Their motivations are often the bond refunding and, for public firms, the sending of a positive signal to investors.

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File URL: http://www.u-bourgogne.fr/LEG/rev/044027.pdf
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Publisher Info
Article provided by Editions Economica in its journal Revue Finance Contrôle Stratégie.

Volume (Year): 4 (2001)
Issue (Month): 4 (December)
Pages: 5-27
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Handle: RePEc:dij:revfcs:v:4:y:2001:i:q4:p:5-27

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Related research
Keywords: (non-convertible) called bond; call provision; refunding;

Find related papers by JEL classification:
G19 - Financial Economics - - General Financial Markets - - - Other

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