The Call, Sinking Fund, and Term-to-Maturity Features of Corporate Bonds: An Empirical Investigation
检验了公司是否通过选择债券的赎回、偿债基金和期限特征来提升股东财富，发现这些特征与公司留存比率、可转债占比、净经营收入变化及上市状态相关，支持高质量项目公司选择中短期可赎回债券的观点。
Do bond-issuing firms attempt to choose the call, sinking fund, and term-to-maturity features of bonds to improve shareholder wealth? This paper develops and tests two hypotheses about the determinants of bond features using a conditional logistic model. The model is estimated on a sample of bonds issued between 1982 and 1986. Model estimates show that a bond's call, sinking fund, and term-to-maturity features are statistically related to the issuing firm's retention ratio, ratio of convertible to long-term debt, two-year change in net operating income, and whether the firm is listed on the NYSE and included in the S&P400. These findings support the view that firms financing highquality projects, but facing information asymmetries, choose shorter-term (medium-term) callable bonds with and without the sinking fund feature.