This paper examines debt maturity management through early refinancing, where firms
retire their outstanding bonds before the due date and simultaneously issue new ones as …

Ninety-five percent of long-term municipal bonds have callable features, and yet, we find
new evidence of a substantial fraction of local governments exercising these valuable …

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 …

We examine corporate call policy for 1,642 nonconvertible bonds that were called during the
period 1975–94. The vast majority of firms delay calls and call when the bond price exceeds …

Many debt issues contain an embedded call option that allows the issuer to redeem the
bond at specified dates for a specified price. The issuer is typically required to provide …

High yield firms aggressively exercise the call option embedded in their bonds. We construct
a new measure of option moneyness and show that firms efficiently exercise the interest rate …

Although many different aspects of debt structures such as bond covenants and repayment
schedules are empirically found to significantly influence values of bonds and equity, many …

Firms commonly incorporate make‐whole call provisions in their newly issued debt,
presumably to improve their ability to retire debt early if circumstances require. In return for …

This paper suggests a new way of predicting the likelihood of a corporate bond being
callable. We compute the probability that a bond, if callable, would actually be called within …

The decision to refinance existing debt is a significant one made increasingly by public
financial managers. Since state and local governments are somewhat limited by the Internal …