Convertible Bonds are Not Called Late
发现大多数可转换债券在保护期结束后会尽快被赎回，延迟赎回的债券则能获得显著的现金流优势，中位延迟时间不到四个月。
Starting with Ingersoll (1977b), the academic literature has repeatedly sought to explain why convertible bonds are called late. The findings here demonstrate there is no call delay to explain. This paper finds that most convertible bonds, given their call protection, are called as soon as possible. For those that are not, there are significant cash flow advantages to delaying. The median call delay for all convertible bonds is less than four months. If a safety premium is desired to assure the conversion value will exceed the call price at the end of call notice period, the median call period is less than a month.