On the Matter of Parity among Financial Obligations

Wilbur G. Lewellen · Douglas R. Emery

22 citations0/0 files storedThe Journal of Finance

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Corporate Finance and Governance Financial Analysis and Corporate Governance Credit Risk and Financial Regulations

Abstract

ABSTRACT The lessons of the leasing literature concerning the impact of leases on the debt capacity of a firm are reviewed and summarized to establish an approach to the analysis of the corporate bond refunding decision. A general proposition regarding financial obligation parity is established, and from that a clear bond refunding decision rule is developed. Previous debates in the literature about appropriate discount rates and about the appropriate cash flows to be discounted for refunding decisions are clarified.

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1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 1974INTERACTIONS OF CORPORATE FINANCING AND INVESTMENT DECISIONS—IMPLICATIONS FOR CAPITAL BUDGETING 1969Financial Management and Policy 1977A contingent-claims valuation of convertible securities 1977CONVERTIBLE BONDS: VALUATION AND OPTIMAL STRATEGIES FOR CALL AND CONVERSION 1976VALUATION OF FINANCIAL LEASE CONTRACTS

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