Convertibles and Hedge Funds as Distributors of Equity Exposure
研究发现，对冲基金通过买入可转换债券并做空标的股票，将股权风险暴露分配给分散化的股东，为股权融资成本较高的公司提供了低成本发行可转换证券的渠道。
By buying convertibles and shorting the underlying stock, hedge funds distribute equity exposure to well-diversified shareholders. We find that firms with characteristics that make seasoned equity offerings expensive are more likely to issue convertibles to hedge funds. We conclude that hedge funds provide opportunities for firms to issue convertible securities at a lower cost than seasoned equity by serving as relatively low-cost distributors of equity exposure. A higher fraction of a convertible is privately placed with hedge funds when institutional ownership, stock liquidity, issue size, concurrent stock repurchases, and limitations on callability suggest that shorting costs will be lower.© The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved.