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Lien entre décision d'investissement et décision de remboursement obligataire anticipé avec refinancement : incidence sur le timing optimal de remboursement anticipé

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  • Marion Goffin

    (UP1 - Université Paris 1 Panthéon-Sorbonne, PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne)

Abstract

This paper addresses the optimal timing for call policy of callable corporate bonds together with refunding. In a perfect market a bond should be called as soon as its market price first reaches its effective call price. However empirical investigation shows that firms do not fellow this rule: for the vast majority of calling the bond market price is lower or higher than the effective call price. The past literature explains only a part of this phenomenon. This paper analysis a new explanation related to investment policy of the firm and improves greatly the results of empirical investigation.

Suggested Citation

  • Marion Goffin, 2014. "Lien entre décision d'investissement et décision de remboursement obligataire anticipé avec refinancement : incidence sur le timing optimal de remboursement anticipé," Post-Print hal-03898016, HAL.
    • Handle: RePEc:hal:journl:hal-03898016
    DOI: 10.3917/rsg.267.0171
    as

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