| 题名 | Convertible bond maturity and debt overhang |
| 作者 | |
| 通讯作者 | Xia, Xin |
| 发表日期 | 2024-10-01
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| DOI | |
| 发表期刊 | |
| ISSN | 1057-5219
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| EISSN | 1873-8079
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| 卷号 | 95 |
| 摘要 | We develop a dynamic corporate investment model to investigate the determinants of the optimal maturity structure of convertible bonds and its debt overhang effect. Our model predicts that relative to the issuance of straight bonds, companies opting for short-term (long-term) convertible bonds tend to expedite (delay) their investment activities, thereby alleviating (exacerbating) issues related to underinvestment. This outcome provides a theoretical rationale for the observed trend of decreasing convertible bond maturity, as explained by debt overhang theory. Moreover, contrary to previous findings, a growth company optimally chooses to issue convertibles with shorter maturities when it has fewer valuable growth opportunities. These insights improve our understanding of the interactions between convertible bond maturity and corporate investment. |
| 关键词 | |
| 相关链接 | [来源记录] |
| 收录类别 | |
| 语种 | 英语
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| 学校署名 | 其他
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| 资助项目 | National Natural Science Foundation of China["72201277","72161016","72342021"]
; Fundamental Research Funds for the Central Universities, China, Zhongnan University of Economics and Law, China[2722023BY006]
; Innovation and Talent Base for Digital Technology and Finance, China[B21038]
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| WOS研究方向 | Business & Economics
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| WOS类目 | Business, Finance
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| WOS记录号 | WOS:001267738400001
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| 出版者 | |
| 来源库 | Web of Science
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| 引用统计 | |
| 成果类型 | 期刊论文 |
| 条目标识符 | http://sustech.caswiz.com/handle/2SGJ60CL/789863 |
| 专题 | 商学院_金融系 |
| 作者单位 | 1.Minjiang Univ, Newhuadu Business Sch, Fuzhou, Fujian, Peoples R China 2.Zhongnan Univ Econ & Law, Sch Finance, Wuhan, Hubei, Peoples R China 3.Southern Univ Sci & Technol, Dept Finance, Shenzhen, Guangdong, Peoples R China 4.Strathclyde Business Sch, Dept Accounting & Finance, Glasgow, Scotland |
| 推荐引用方式 GB/T 7714 |
Gan, Liu,Xia, Xin,Xu, Wenyang,et al. Convertible bond maturity and debt overhang[J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS,2024,95.
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| APA |
Gan, Liu,Xia, Xin,Xu, Wenyang,&Zhang, Hai.(2024).Convertible bond maturity and debt overhang.INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS,95.
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| MLA |
Gan, Liu,et al."Convertible bond maturity and debt overhang".INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS 95(2024).
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| 条目包含的文件 | 条目无相关文件。 | |||||
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