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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/B6VCY-45R7RDY-3/2/cc9a13ff556f682c0ee6a44e461195ec
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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. 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.
    2. 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.
    3. 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.
    4. Graham, John R., 1996. "Proxies for the corporate marginal tax rate," Journal of Financial Economics, Elsevier, vol. 42(2), pages 187-221, October.
    5. 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.
    6. Mikkelson, Wayne H., 1981. "Convertible calls and security returns," Journal of Financial Economics, Elsevier, vol. 9(3), pages 237-264, September.
    7. 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.
    8. 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.
    9. 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.
    10. Jeremy C. Stein, 1992. "Convertible Bonds as "Back Door" Equity Financing," NBER Working Papers 4028, National Bureau of Economic Research, Inc.
    11. 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.
    12. 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.
    13. 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.
    14. Asquith, Paul, 1995. " Convertible Bonds Are Not Called Late," Journal of Finance, American Finance Association, vol. 50(4), pages 1275-89, September.
    15. 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.
    16. 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.
    17. 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.
    18. 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.
    19. Robert C. Merton, 1973. "Theory of Rational Option Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(1), pages 141-183, Spring.
    20. 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.
    21. 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.
    22. 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.
    23. Graham, John R., 1996. "Debt and the marginal tax rate," Journal of Financial Economics, Elsevier, vol. 41(1), pages 41-73, May.
    24. Dixit, Avinash K, 1989. "Hysteresis, Import Penetration, and Exchange Rate Pass-Through," The Quarterly Journal of Economics, MIT Press, vol. 104(2), pages 205-28, May.
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