Shareholders as Creditors of First Resort
研究发现，当习惯性双重持有者（同时持有公司股权和债券的金融集团）是公司股东时，公司首次进入公开债券市场的能力显著提升，这些股东更可能购买债券IPO并持有更大头寸。
We show that a firm’s ability to access the public bond market for the first time is greatly improved when habitual dual holders (HDHs)—financial conglomerates that tend to simultaneously hold both equity and bonds of their portfolio firms—are among its shareholders. HDHs are more likely to buy bonds in a bond initial public offering (IPO) and to take larger bond positions than bond investors with no equity in the firm. Greater equity ownership by HDHs is associated with a higher fraction of the issue ending up in the hands of pre-IPO shareholders, lower offering yield spreads, and more covenants overall but fewer covenants that restrict payout to shareholders. This paper was accepted by Renee Adams, finance.