Disappearing Call Delay and Dividend‐Protected Convertible Bonds
研究发现，当可转换债券具有股息保护条款时，公司几乎不再延迟赎回债券，因为股息保护消除了与股息相关的赎回延迟动机。
ABSTRACT Firms do not historically call their convertible bonds as soon as conversion can be forced. A number of explanations for the delay rely on the size of the dividends that bondholders forgo so long as they do not convert. We investigate an important change in convertible security design, namely, dividend protection of convertible bond issues. Dividend protection means that the conversion value of the convertible bond is unaffected by dividend payments and thus dividend‐related rationales for call delay become moot. We document that call delay is near zero for dividend‐protected convertible bonds.