Why Do Western European Firms Issue Convertibles Instead of Straight Debt or Equity?
通过估计包含可转债、直接债务和股权的证券选择模型，发现欧洲公司发行可转债是作为“加甜债务”而非延迟股权，其债务型设计反映了这一动机。
Abstract Unlike their US counterparts, European convertible debt issuers tend to be large companies with small debt‐ and equity‐related financing costs. Therefore, it is puzzling why these firms issue convertibles instead of standard financing instruments. This paper examines European convertible debt issuer motivations by estimating a security choice model that incorporates convertibles, straight debt, and equity. We find that European convertibles are used as sweetened debt, not as delayed equity. This motivation is reflected in the debt‐like design of most European convertible issues.