Calling Nonconvertible Debt and the Problem of Related Wealth Transfer Effects
研究公司赎回不可转换债券时，资本结构变化如何影响最优赎回策略，并用实证数据支持相关解释。
An often-cited rule in corporate finance is that a firm should call a bond as soon as the bond's market price equals its call price. But, in fact, many callable bonds sell for more than their call prices. One explanation is that the implicit assumption that calls are executed so as to leave capital structure unchanged fails to hold in practice. This paper examines the impact of capital structure changes on optimal call policy and presents empirical evidence consistent with the results of that explanation.