CONVERTIBLE BONDS AS BACKDOOR EQUITY FINANCING
成果类型：
Article
署名作者：
STEIN, JC
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90022-P
发表日期：
1992
页码：
3-21
关键词：
摘要：
This paper argues that corporations may use convertible bonds as an indirect way to get equity into their capital structures when adverse-selection problems make a conventional stock issue unattractive. Unlike other theories of convertible bond issuance, the model here highlights: 1) the importance of call provisions on convertibles and 2) the significance of costs of financial distress to the information content of a convertible issue.