Is Convertible Debt a Substitute for Straight Debt or for Common Equity?
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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Volume (Year): 28 (1999)
Issue (Month): 3 (Fall)
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