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Make-whole call provisions: A case of "much ado about nothing?"

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  • Nayar, Nandkumar (Nandu)
  • Stock, Duane
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Corporate Finance.

    Volume (Year): 14 (2008)
    Issue (Month): 4 (September)
    Pages: 387-404

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    Handle: RePEc:eee:corfin:v:14:y:2008:i:4:p:387-404

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    Web page: http://www.elsevier.com/locate/jcorpfin

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    1. Acharya, Viral V & Carpenter, Jennifer, 2002. "Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy," CEPR Discussion Papers 3328, C.E.P.R. Discussion Papers.
    2. Flannery, Mark J, 1986. " Asymmetric Information and Risky Debt Maturity Choice," Journal of Finance, American Finance Association, vol. 41(1), pages 19-37, March.
    3. Boehmer, Ekkehart & Masumeci, Jim & Poulsen, Annette B., 1991. "Event-study methodology under conditions of event-induced variance," Journal of Financial Economics, Elsevier, vol. 30(2), pages 253-272, December.
    4. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    5. Krishnaswami, Sudha & Yaman, Devrim, 2007. "Contracting costs and the window of opportunity for straight debt issues," Journal of Banking & Finance, Elsevier, vol. 31(3), pages 869-888, March.
    6. Smith, C.W. & Watts, R.L., 1992. "The Investment Oppotunity set and Corporate Financing, Dividend and Compensation Policies," Papers 92-02, Rochester, Business - Financial Research and Policy Studies.
    7. Shyam-Sunder, Lakshmi, 1991. "The Stock Price Effect of Risky versus Safe Debt," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(04), pages 549-558, December.
    8. Kadapakkam, Palani-Rajan & Kon, Stanley J, 1989. "The Value of Shelf Registration for New Debt Issues," The Journal of Business, University of Chicago Press, vol. 62(2), pages 271-92, April.
    9. Barclay, Michael J & Smith, Clifford W, Jr, 1995. " The Maturity Structure of Corporate Debt," Journal of Finance, American Finance Association, vol. 50(2), pages 609-31, June.
    10. Mikkelson, Wayne H. & Partch, M. Megan, 1986. "Valuation effects of security offerings and the issuance process," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 31-60.
    11. John D. Lyon & Brad M. Barber & Chih-Ling Tsai, 1999. "Improved Methods for Tests of Long-Run Abnormal Stock Returns," Journal of Finance, American Finance Association, vol. 54(1), pages 165-201, 02.
    12. Pilotte, Eugene, 1992. "Growth Opportunities and the Stock Price Response to New Financing," The Journal of Business, University of Chicago Press, vol. 65(3), pages 371-94, July.
    13. Bodie, Zvi & Taggart, Robert A, Jr, 1978. "Future Investment Opportunities and the Value of the Call Provision on a Bond," Journal of Finance, American Finance Association, vol. 33(4), pages 1187-1200, September.
    14. Jeremy C. Stein, 1992. "Convertible Bonds as "Back Door" Equity Financing," NBER Working Papers 4028, National Bureau of Economic Research, Inc.
    15. Eckbo, B. Espen, 1986. "Valuation effects of corporate debt offerings," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 119-151.
    16. Allen, David S & Lamy, Robert E & Thompson, G Rodney, 1990. " The Shelf Registration of Debt and Self Selection Bias," Journal of Finance, American Finance Association, vol. 45(1), pages 275-87, March.
    17. Chaplinsky, Susan & Hansen, Robert S, 1993. "Partial Anticipation, the Flow of Information and the Economic Impact of Corporate Debt Sales," Review of Financial Studies, Society for Financial Studies, vol. 6(3), pages 709-32.
    18. Krishnaswami, Sudha & Spindt, Paul A. & Subramaniam, Venkat, 1999. "Information asymmetry, monitoring, and the placement structure of corporate debt," Journal of Financial Economics, Elsevier, vol. 51(3), pages 407-434, March.
    19. Linn, Scott C. & Stock, Duane R., 2005. "The impact of junior debt issuance on senior unsecured debt's risk premiums," Journal of Banking & Finance, Elsevier, vol. 29(6), pages 1585-1609, June.
    20. Mikkelson, Wayne H. & Partch, M. Megan, 1988. "Withdrawn Security Offerings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(02), pages 119-133, June.
    21. Diamond, Douglas W, 1991. "Debt Maturity Structure and Liquidity Risk," The Quarterly Journal of Economics, MIT Press, vol. 106(3), pages 709-37, August.
    22. Mann, Steven V. & Powers, Eric A., 2003. "Indexing a bond's call price: an analysis of make-whole call provisions," Journal of Corporate Finance, Elsevier, vol. 9(5), pages 535-554, November.
    23. DeFond, Mark L. & Jiambalvo, James, 1994. "Debt covenant violation and manipulation of accruals," Journal of Accounting and Economics, Elsevier, vol. 17(1-2), pages 145-176, January.
    24. Allayannis, George & Weston, James P, 2001. "The Use of Foreign Currency Derivatives and Firm Market Value," Review of Financial Studies, Society for Financial Studies, vol. 14(1), pages 243-76.
    25. Ann E. Sherman, 1999. "Underwriter Certification and the Effect of Shelf Registration on Due Diligence," Financial Management, Financial Management Association, vol. 28(1), Spring.
    26. Barnea, Amir & Haugen, Robert A & Senbet, Lemma W, 1980. " A Rationale for Debt Maturity Structure and Call Provisions in the Agency Theoretic Framework," Journal of Finance, American Finance Association, vol. 35(5), pages 1223-34, December.
    27. Miller, Merton H & Rock, Kevin, 1985. " Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-51, September.
    28. Mitchell, Karlyn, 1991. "The Call, Sinking Fund, and Term-To-Maturity Features of Corporate Bonds: An Empirical Investigation," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 26(02), pages 201-222, June.
    29. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
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    Cited by:
    1. Choi, Seungmook & Jameson, Mel & Jung, Mookwon, 2013. "The issuance of callable bonds under information asymmetry," Journal of Empirical Finance, Elsevier, vol. 21(C), pages 1-14.

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