We document the determinants of the term to maturity of 7,369 bonds and notes issued
between 1982 and 1993. Our main finding is that large firms with investment grade credit …

This article empirically tests five structural models of corporate bond pricing: those of Merton
(1974), Geske (1977), Longstaff and Schwartz (1995), Leland and Toft (1996), and Collin …

We analyze the composition of the financing packages used in a large sample of leveraged
buyout transactions in order to test a set of hypotheses developed in the prior literature …

Many theoretical bond pricing models predict that the credit yield curve facing risky bond
issuers is downward‐sloping. Previous empirical research (Sarig and Warga (1989), Fons …

This paper examines empirically a comprehensive sample of firms undertaking Chapter 11
reorganizations, prepackaged bankruptcies, and workouts. We provide evidence that the …

ABSTRACT I decompose the variation of credit spreads for corporate bonds into changing
expected returns and changing expectation of credit losses. Using a log‐linearized pricing …

Economic volatility, high transaction costs, and fragile institutions hinder financial contracting
in emerging markets. These conditions characterize the economy of Brazil, yet a nascent …

This paper proposes and implements a security design framework to assess why corporate
managers issue convertible debt. We examine three theories that make predictions about …

This paper discusses the superiority of convertible debt to common debt and equity in
controlling managerial opportunism. When managers have both empire‐building tendencies …

We use data from Nasdaq's FIPS system for reporting transactions in selected high-yield
corporate bonds to investigate the relationship between the returns on a firm's stock and the …