The Rise of 144A Market for Convertible Debt
研究了1991-2004年间可转换债券发行从公开市场向144A市场的迁移，发现两个市场的发行成本与特征基本相同，144A市场能让企业更好把握市场时机、更快完成发行。
We document and study the migration of convertible debt offerings from the public to the 144A market during 1991-2004. Over 88% of the 144A convertible debt issues are subsequently registered. An analysis of financing costs (gross spreads, yields, and stock price announcements) and issue characteristics indicates that convertible debt issues in these two markets are essentially the same. We find evidence that the 144A market allows firms to better time equity market conditions. Our findings are consistent with the hypothesis that the 144A market is attractive because it allows firms to issue convertible debt more quickly.