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Early and late calls of convertible bonds: Theory and evidence

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  • Sarkar, Sudipto
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    Article provided by Elsevier in its journal Journal of Banking & Finance.

    Volume (Year): 27 (2003)
    Issue (Month): 7 (July)
    Pages: 1349-1374

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    Handle: RePEc:eee:jbfina:v:27:y:2003:i:7:p:1349-1374

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    1. Dwight Jaffee & Andrei Shleifer, 1988. "Costs Of Financial Distress, Delayed Calls Of Convertible Bonds, And The Role Of Investment Banks," NBER Working Papers 2558, National Bureau of Economic Research, Inc.
    2. Mauer, David C. & Lewellen, Wilbur G., 1990. "Securityholder Taxes and Corporate Restructurings," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 25(03), pages 341-360, September.
    3. Mikkelson, Wayne H., 1981. "Convertible calls and security returns," Journal of Financial Economics, Elsevier, Elsevier, vol. 9(3), pages 237-264, September.
    4. Harris, Milton & Raviv, Artur, 1985. " A Sequential Signalling Model of Convertible Debt Call Policy," Journal of Finance, American Finance Association, American Finance Association, vol. 40(5), pages 1263-81, December.
    5. Brennan, M J & Schwartz, Eduardo S, 1977. "Convertible Bonds: Valuation and Optimal Strategies for Call and Conversion," Journal of Finance, American Finance Association, American Finance Association, vol. 32(5), pages 1699-1715, December.
    6. Jeremy C. Stein, 1992. "Convertible Bonds as "Back Door" Equity Financing," NBER Working Papers 4028, National Bureau of Economic Research, Inc.
    7. Dixit, Avinash K, 1989. "Hysteresis, Import Penetration, and Exchange Rate Pass-Through," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 104(2), pages 205-28, May.
    8. King, Tao-Hsien Dolly & Mauer, David C, 2000. "Corporate Call Policy for Nonconvertible Bonds," The Journal of Business, University of Chicago Press, vol. 73(3), pages 403-44, July.
    9. Hayne E. Leland., 1994. "Corporate Debt Value, Bond Covenants, and Optimal Capital Structure," Research Program in Finance Working Papers, University of California at Berkeley RPF-233, University of California at Berkeley.
    10. Indro, Daniel C. & Leach, Robert T. & Lee, Wayne Y., 1999. "Sources of gains to shareholders from bankruptcy resolution," Journal of Banking & Finance, Elsevier, Elsevier, vol. 23(1), pages 21-47, January.
    11. Graham, John R., 1996. "Debt and the marginal tax rate," Journal of Financial Economics, Elsevier, Elsevier, vol. 41(1), pages 41-73, May.
    12. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
    13. Louis H. Ederington & Gary L. Caton & Cynthia J. Campbell, 1997. "To Call or Not To Call Convertible Debt," Financial Management, Financial Management Association, Financial Management Association, vol. 26(1), Spring.
    14. Mann, Steven V. & Moore, William T. & Ramanlal, Pradipkumar, 1999. "Timing of Convertible Debt Issues," Journal of Business Research, Elsevier, Elsevier, vol. 45(1), pages 101-105, May.
    15. Arnold R. Cowan & Nandkumar Nayar & Ajai K. Singh, 1993. "Calls of Out-of-the-Money Convertible Bonds," Financial Management, Financial Management Association, Financial Management Association, vol. 22(4), Winter.
    16. Vu, Joseph D., 1986. "An empirical investigation of calls of non-convertible bonds," Journal of Financial Economics, Elsevier, Elsevier, vol. 16(2), pages 235-265, June.
    17. Asquith, Paul & Mullins, David W, Jr, 1991. " Convertible Debt: Corporate Call Policy and Voluntary Conversion," Journal of Finance, American Finance Association, American Finance Association, vol. 46(4), pages 1273-89, September.
    18. Kish, Richard J. & Livingston, Miles, 1992. "Determinants of the call option on corporate bonds," Journal of Banking & Finance, Elsevier, Elsevier, vol. 16(4), pages 687-703, August.
    19. Graham, John R., 1996. "Proxies for the corporate marginal tax rate," Journal of Financial Economics, Elsevier, Elsevier, vol. 42(2), pages 187-221, October.
    20. David C. Mauer, 1993. "Optimal Bond Call Policies Under Transactions Costs," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 23-37, 03.
    21. Brennan, Michael J. & Schwartz, Eduardo S., 1980. "Analyzing Convertible Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 15(04), pages 907-929, November.
    22. Mauer, David C & Lewellen, Wilbur G, 1987. " Debt Management under Corporate and Personal Taxation," Journal of Finance, American Finance Association, American Finance Association, vol. 42(5), pages 1275-91, December.
    23. Asquith, Paul, 1995. " Convertible Bonds Are Not Called Late," Journal of Finance, American Finance Association, American Finance Association, vol. 50(4), pages 1275-89, September.
    24. Lewellen, Wilbur G. & Mauer, David C., 1988. "Tax Options and Corporate Capital Structures," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 23(04), pages 387-400, December.
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    Cited by:
    1. King, Tao-Hsien Dolly & Mauer, David C., 2014. "Determinants of corporate call policy for convertible bonds," Journal of Corporate Finance, Elsevier, Elsevier, vol. 24(C), pages 112-134.
    2. Bechmann, Ken L. & Lunde, Asger & Zebedee, Allan A., 2014. "In- and out-of-the-money convertible bond calls: Signaling or price pressure?," Journal of Corporate Finance, Elsevier, Elsevier, vol. 24(C), pages 135-148.
    3. Egami, Masahiko, 2010. "A game options approach to the investment problem with convertible debt financing," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 34(8), pages 1456-1470, August.
    4. Bajo, Emanuele & Barbi, Massimiliano, 2012. "The role of time value in convertible bond call policy," Journal of Banking & Finance, Elsevier, Elsevier, vol. 36(2), pages 550-563.
    5. Yagi, Kyoko & Takashima, Ryuta, 2012. "The impact of convertible debt financing on investment timing," Economic Modelling, Elsevier, vol. 29(6), pages 2407-2416.

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