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Is Convertible Debt a Substitute for Straight Debt or for Common Equity?

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Author Info
Craig M. Lewis
Richard J. Rogalski
James K. Seward
Abstract

Firms have two motivations for issuing convertible debt. Some issue convertible debt instead of straight debt to mitigate the costs of bondholder/stockholder agency conflicts. Others issue convertible debt instead of common debt to reduce the costs of adverse selection.

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Publisher Info
Article provided by Financial Management Association in its journal Financial Management.

Volume (Year): 28 (1999)
Issue (Month): 3 (Fall)
Pages:
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Handle: RePEc:fma:fmanag:lewis99

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  1. Francis, Jennifer & Olsson, Per & Schipper, Katherine, 2005. "Call Options and Accruals Quality," SIFR Research Report Series 34, Institute for Financial Research. [Downloadable!]
  2. Loncarski, Igor & Horst, Jenke ter & Veld, Chris, 2006. "The convertible arbitrage strategy analyzed," Discussion Paper 98, Tilburg University, Center for Economic Research. [Downloadable!]
  3. Pascal François & Georges Hubner & Nicolas Papageorgiou, 2009. "A Dynamic Model of Risk-Shifting Incentives with Convertible Debt," Cahiers de recherche 0930, CIRPEE. [Downloadable!]
  4. Loncarski, Igor & Horst, Jenke ter & Veld, Chris, 2006. "Why do companies issue convertible bond loans? : an empirical analysis for the Canadian market," Discussion Paper 65, Tilburg University, Center for Economic Research. [Downloadable!]
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