Callable Bonds Revisited
利用1980-2003年数据重新考察可赎回债券的发行决定因素，发现信息不对称和投资不足问题是主因，而风险转移并非主要因素；利率对冲对投资级债券和高利率时期重要，但对低评级债券或低利率时期不重要。
In light of the dramatic changes in the callable bond market, we reexamine the determinants of callable bonds. Using data from 1980‐2003, we find that callable bonds are often issued by firms with both information asymmetry and underinvestment problems. However, risk‐shifting does not appear to be a major factor. Furthermore, we find that interest rate hedging is an important factor for investment‐grade bonds and when interest rates are high but not so for below‐investment‐grade bonds or when rates are low.