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Politique de remboursement anticipé des obligations


  • Annie Bellier-Delienne

    (Université de Cergy-Pontoise)


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,, vol. 4(4), pages 5-27, December.
  • Handle: RePEc:dij:revfcs:v:4:y:2001:i:q4:p:5-27

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    References listed on IDEAS

    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.
    2. Brennan, Michael J. & Schwartz, Eduardo S., 1977. "Savings bonds, retractable bonds and callable bonds," Journal of Financial Economics, Elsevier, vol. 5(1), pages 67-88, August.
    3. Narayanan, M. P. & Lim, Suk-Pil, 1989. "On the Call Provision in Corporate Zero-Coupon Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(01), pages 91-103, March.
    4. Geske, Robert, 1979. "The valuation of compound options," Journal of Financial Economics, Elsevier, vol. 7(1), pages 63-81, March.
    5. Mauer, David C, 1993. "Optimal Bond Call Policies under Transactions Costs," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 23-37, Spring.
    6. Vu, Joseph D., 1986. "An empirical investigation of calls of non-convertible bonds," Journal of Financial Economics, Elsevier, vol. 16(2), pages 235-265, June.
    7. 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.
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    More about this item


    (non-convertible) called bond; call provision; refunding;

    JEL classification:

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


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