Convertible Bond Financing: Are Some Issuers Mimickers?
研究发行可转换债券但不增加权益的公司是否在模仿高质量公司。发现模仿型公司规模更小、风险更高、盈利更差，但两类公司的债券本身无区别，且模仿型公司公告时财富变化非负，而非模仿型公司财富显著下降。
This study examines whether firms issuing convertible bonds that do not infuse a firm's capiatl structure with equity mimic higher quality firms at offer announcement. Our evidence indicates that, prior to offer announcement, firms are smaller, riskier, less profitable, have lower market-to-book ratios, and more information asymmetry than non-mimicking firms. However, the convertible bonds issues by the two types of firms are indistinguishable. Offer announcements by mimicking firms result in a non-negative change in wealth, while wealth declines significantly for non-mimicking firms. The difference in wealth change is statistically significant.