To Call or Not to Call Convertible Debt

Louis H. Ederington · Gary L. Caton · Cynthia J. Campbell

24 citations0/0 files storedFinancial Management

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Corporate Finance and Governance Stochastic processes and financial applications Credit Risk and Financial Regulations

Abstract

Calls of in-the-money convertible bonds appear to be consistent with the yield advantage, after-tax-cash-flow and safety-premium hypotheses. However, this study does not find any support for the signaling hypothesis or for the often-cited desire on the part of management to extinguish the bondholders' conversion option.

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1992Convertible bonds as backdoor equity financing 1977A contingent-claims valuation of convertible securities 1977CONVERTIBLE BONDS: VALUATION AND OPTIMAL STRATEGIES FOR CALL AND CONVERSION 1977AN EXAMINATION OF CORPORATE CALL POLICIES ON CONVERTIBLE SECURITIES 1981Convertible calls and security returns 1985A Sequential Signalling Model of Convertible Debt Call Policy 1991Convertible Debt: Corporate Call Policy and Voluntary Conversion 1995Convertible Bonds Are Not Called Late

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