Arbeitspapier
An empirical analysis of the financing strategy of callable bonds
This paper empirically analyzes the call timing of callable bonds to see how refunding opportunity, cost of financial distress, agency cost of debt, and private information affect the call decision. The empirical results show that firms issue callable bonds, convertible or not, to enjoy future refunding options; that the cost of financial distress weakly expedites calling convertible bonds but not non-convertibles; that firms which are in debt delay calling non-convertibles but not convertibles; that callable bonds, convertible or not, are issued to mitigate adverse selection under information asymmetry; and that after the end of call protection periods the call intensity monotonically decreases for the non-convertible bonds but not for the convertible bonds.
- Language
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Englisch
- Bibliographic citation
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Series: ISER Discussion Paper ; No. 553
- Classification
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Wirtschaft
- Subject
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Optionsgeschäft
Anleihe
Theorie
- Event
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Geistige Schöpfung
- (who)
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Ryu, Keunkwan
Wee, Jung Bum
- Event
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Veröffentlichung
- (who)
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Osaka University, Institute of Social and Economic Research (ISER)
- (where)
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Osaka
- (when)
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2001
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Ryu, Keunkwan
- Wee, Jung Bum
- Osaka University, Institute of Social and Economic Research (ISER)
Time of origin
- 2001
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