Convertible Bonds: How Much Equity, How Much Debt?
提出基于转换概率的方法，将可转换债券拆分为股权和债务部分，发现股权部分价值显著大于零且高于现行会计规则下的零值，债务部分则更小，从而降低发行公司的杠杆率。
Financial analysts need accurate estimates of debt, equity, leverage, and EPS. The method proposed here, based on the probability of conversion, yields new estimates of the debt and equity in a convertible bond issue. When this method is used, the value of the equity component in a hypothetical issue is found to be substantial—larger than the value of the options and clearly larger than zero, which is assigned under current accounting rules. The estimate of the debt component is smaller than recorded under current accounting rules. Thus, the leverage of convertible bond issuers is substantially lower when this method is used.