The Impact of Preferred-for-Common Exchange Offers on Firm Value
研究无税务影响的资本结构变化，分析优先股换普通股要约对公司价值的影响，发现公司价值系统性变化，支持信号假说，并存在代理成本或财富再分配的较弱证据。
This paper examines the impact of capital structure changes which have no corporate tax consequences. Specifically, exchange offers involving preferred and common stock are analyzed. We find that systematic changes in firm value occur when companies announce preferred-for-common exchange offers. Consequently, we interpret our results to be consistent with a signalling hypothesis. We also find weaker evidence suggesting the existence of agency cost effects or wealth redistributions across security classes. Our findings imply that capital structure changes need not alter the tax status of the issuing firm to affect firm value.