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Politique de remboursement anticipé des obligations

Author

Listed:
  • 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.

Suggested Citation

  • Annie Bellier-Delienne, 2001. "Politique de remboursement anticipé des obligations," Revue Finance Contrôle Stratégie, revues.org, vol. 4(4), pages 5-27, December.
  • Handle: RePEc:dij:revfcs:v:4:y:2001:i:q4:p:5-27
    as

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    References listed on IDEAS

    as
    1. Robbins, Edward Henry & Schatzberg, John D, 1986. "Callable Bonds: A Risk-Reducing Signalling Mechanism," Journal of Finance, American Finance Association, vol. 41(4), pages 935-949, September.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    (non-convertible) called bond; call provision; refunding;
    All these keywords.

    JEL classification:

    • G19 - Financial Economics - - General Financial Markets - - - Other

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