Convertible Debt: Financing Decisions and Voluntary Conversion under Ambiguity

被引：12

作者：

Agliardi, Elettra ^{[1
]}

Agliardi, Rossella ^{[2
]}

Spanjers, Willem ^{[3
]}

机构：

[1] Univ Bologna, Dept Econ, Piazza Scaravilli 2, I-40126 Bologna, Italy

[2] Univ Bologna, Dept Math, I-40126 Bologna, Italy

[3] Univ Kingston, Dept Econ, Kingston Upon Thames KT1 2EE, Surrey, England

来源：

INTERNATIONAL REVIEW OF FINANCE | 2015年 / 15卷 / 04期

关键词：

INVESTMENT; BONDS; INCENTIVES; VALUATION; CALL;

D O I：

10.1111/irfi.12057

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper integrates ambiguity into a contingent claim model for convertible debt. We study how convertible debt valuation is affected by the ambiguity biases of equity holders and debt holders and provide sensitivity analysis of the bond value to changes in attitude toward ambiguity, firm and bond parameters. Our results, which are summarized into five main predictions, are consistent with recent empirical evidence and offer a possible interpretation of some corporate finance puzzles.

引用

页码：599 / 611

页数：13

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