To Call or Not to Call Convertible Debt
检验了赎回价内可转换债券的几种假说，发现支持收益率优势、税后现金流和安全溢价假说，但不支持信号假说或管理层消除转换期权的动机。
Calls of in-the-money convertible bonds appear to be consistent with the yield advantage, after-tax-cash-flow and safety-premium hypotheses. However, this study does not find any support for the signaling hypothesis or for the often-cited desire on the part of management to extinguish the bondholders' conversion option.