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dc.contributor.authorLoncarski, Igoren_UK
dc.contributor.authorter Horst, Jenkeen_UK
dc.contributor.authorVeld, Chrisen_UK
dc.description.abstractTo identify issuer motives, we study the determinants of announcement effects of convertible debt issues in the Canadian market. Classified into equity- and debt-like, wealth effects are significantly more negative for equity-like convertible bond issuers. Equity-like convertibles are significantly negatively affected by agency costs of equity. However, agency costs of debt have no significant effect on debt-like convertibles. Consistent with Stein (1992), this suggests convertibles in particular represent a substitute for equity. Moreover, convertible debt offers announced by income trusts experience significantly less negative wealth effects than offers by nontrusts - a finding explained by a more debt-like convertible design, very low agency costs of equity in case of income trusts, or both.en_UK
dc.publisherJohn Wiley & Sons, Ltd.en_UK
dc.relationLoncarski I, ter Horst J & Veld C (2008) Why do companies issue convertible bond loans? An empirical analysis for the Canadian market. Canadian Journal of Administrative Sciences, 25 (3), pp. 214-236.
dc.rightsThe Publisher John Wiley & Sons does not allow systematic external distribution of this Work, however authors can distribute a free copy to a colleague for the advancement of scholarly or scientific research or study, or for coroporate informational purposes. Therefore use the request copy feature at the foot of the STORRE record to request a copy directly from the author.; This is the author's final, refereed article. this is a preprint of an article published in Canadian Journal of Administrative Sciences, 25, 3, 214, 2008. The publisher version is available at: http://www.interscience.comen_UK
dc.subjectSecurity issuance decisionen_UK
dc.subjectConvertible bondsen_UK
dc.subjectWealth effectsen_UK
dc.subjectAgency costsen_UK
dc.subjectConvertible bondsen_UK
dc.subjectCorporations Finance Canadaen_UK
dc.titleWhy do companies issue convertible bond loans? An empirical analysis for the Canadian marketen_UK
dc.typeJournal Articleen_UK
dc.rights.embargoreason[CJAS_final.pdf] Publisher conditions require a 50 year embargo 30 September 2058en_UK
dc.citation.jtitleCanadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administrationen_UK
dc.type.statusAM - Accepted Manuscripten_UK
dc.contributor.affiliationUniversity of Ljubljanaen_UK
dc.contributor.affiliationTilburg Universityen_UK
dc.contributor.affiliationAccounting & Financeen_UK
Appears in Collections:Accounting and Finance Journal Articles

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