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Early and late calls of convertible bonds: Theory and evidence

  • Sarkar, Sudipto
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    File URL: http://www.sciencedirect.com/science/article/pii/S0378-4266(02)00260-1
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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
    Contact details of provider: Web page: http://www.elsevier.com/locate/jbf

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    1. Jeremy C. Stein, 1992. "Convertible Bonds as "Back Door" Equity Financing," NBER Working Papers 4028, National Bureau of Economic Research, Inc.
    2. Leland, Hayne E, 1994. " Corporate Debt Value, Bond Covenants, and Optimal Capital Structure," Journal of Finance, American Finance Association, vol. 49(4), pages 1213-52, September.
    3. Kish, Richard J. & Livingston, Miles, 1992. "Determinants of the call option on corporate bonds," Journal of Banking & Finance, Elsevier, vol. 16(4), pages 687-703, August.
    4. Arnold R. Cowan & Nandkumar Nayar & Ajai K. Singh, 1993. "Calls of Out-of-the-Money Convertible Bonds," Financial Management, Financial Management Association, vol. 22(4), Winter.
    5. Lewellen, Wilbur G. & Mauer, David C., 1988. "Tax Options and Corporate Capital Structures," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 23(04), pages 387-400, December.
    6. Louis H. Ederington & Gary L. Caton & Cynthia J. Campbell, 1997. "To Call or Not To Call Convertible Debt," Financial Management, Financial Management Association, vol. 26(1), Spring.
    7. Mann, Steven V. & Moore, William T. & Ramanlal, Pradipkumar, 1999. "Timing of Convertible Debt Issues," Journal of Business Research, Elsevier, vol. 45(1), pages 101-105, May.
    8. Asquith, Paul & Mullins, David W, Jr, 1991. " Convertible Debt: Corporate Call Policy and Voluntary Conversion," Journal of Finance, American Finance Association, vol. 46(4), pages 1273-89, September.
    9. 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.
    10. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
    11. Graham, John R., 1996. "Debt and the marginal tax rate," Journal of Financial Economics, Elsevier, vol. 41(1), pages 41-73, May.
    12. Avinash Dixit, 1989. "Hysteresis, Import Penetration, and Exchange Rate Pass-Through," The Quarterly Journal of Economics, Oxford University Press, vol. 104(2), pages 205-228.
    13. Asquith, Paul, 1995. " Convertible Bonds Are Not Called Late," Journal of Finance, American Finance Association, vol. 50(4), pages 1275-89, September.
    14. 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.
    15. Mikkelson, Wayne H., 1981. "Convertible calls and security returns," Journal of Financial Economics, Elsevier, vol. 9(3), pages 237-264, September.
    16. Jaffee, Dwight & Shleifer, Andrei, 1990. "Costs of Financial Distress, Delayed Calls of Convertible Bonds, and the Role of Investment Banks," The Journal of Business, University of Chicago Press, vol. 63(1), pages S107-23, January.
    17. Brennan, Michael J. & Schwartz, Eduardo S., 1980. "Analyzing Convertible Bonds," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 15(04), pages 907-929, November.
    18. Indro, Daniel C. & Leach, Robert T. & Lee, Wayne Y., 1999. "Sources of gains to shareholders from bankruptcy resolution," Journal of Banking & Finance, Elsevier, vol. 23(1), pages 21-47, January.
    19. Graham, John R., 1996. "Proxies for the corporate marginal tax rate," Journal of Financial Economics, Elsevier, vol. 42(2), pages 187-221, October.
    20. Mauer, David C & Lewellen, Wilbur G, 1987. " Debt Management under Corporate and Personal Taxation," Journal of Finance, American Finance Association, vol. 42(5), pages 1275-91, December.
    21. 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.
    22. Brennan, M J & Schwartz, Eduardo S, 1977. "Convertible Bonds: Valuation and Optimal Strategies for Call and Conversion," Journal of Finance, American Finance Association, vol. 32(5), pages 1699-1715, December.
    23. Mauer, David C. & Lewellen, Wilbur G., 1990. "Securityholder Taxes and Corporate Restructurings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(03), pages 341-360, September.
    24. Harris, Milton & Raviv, Artur, 1985. " A Sequential Signalling Model of Convertible Debt Call Policy," Journal of Finance, American Finance Association, vol. 40(5), pages 1263-81, December.
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