Deciphering the Motives for Exchangeable Debt Offerings
本文檔由 enbook 分享于2010-10-30 02:40
The paper shows that a firm s choice of the underlying equity to package with an exchangeable debt issue is not random. Among several equity investments in various firms prior to an exchangeable debt (ED) offering, issuers select the holding with operating performance that is significantly better than comparable firms in its industry. Following the ED offer, the performance de..