Do Convertible Bond Issuers Cater to Investor Demand?
研究投资者对可转换证券需求波动如何影响发行量、定价和设计，发现需求上升时发行量增加、折价降低，但设计调整证据有限。
We examine the impact of fluctuations in investor demand for convertible securities on convertible bond issue volumes, pricing, and design. We find evidence of a positive impact of investor demand proxies on convertible bond issue volumes. We also document significantly lower convertible bond underpricing in periods with higher investor demand. The results hold in a variety of specifications, and are robust to controlling for firm‐specific and macroeconomic financing cost proxies. However, we obtain only limited evidence that issuers adjust the design of their convertible bond offerings in response to investor demand.