Poison Put Bonds: An Analysis of Their Economic Role
分析1988至1989年间发行含与不含“毒药卖回”条款的债务对现有债券和股权的影响，发现该条款损害股东、利好债券持有人，支持“共同利益假说”。
ABSTRACT This article examines the effect of issuing debt with and without “poison put” covenants on outstanding debt and equity claims for the period 1988 to 1989. The analysis shows that “poison put” covenants affect stockholders negatively and outstanding bondholders positively, while debt issued without such covenants has no effect. The study also finds a negative relationship between stock and bond returns for firms issuing poison put debt. These results are consistent with a “mutual interest hypothesis,” which suggests that the issuance of poison put debt protects managers and, coincidentally, bondholders, at the expense of stockholders.