Previous research has found that the bond market values the ratings of Moody's and
Standard & Poor's. This paper extends earlier research by comparing the ratings of Moody's …

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

According to agency theories, the prevalence of callable bonds arises from asymmetric
information, a risk incentive or asset substitution problem, or an underinvestment problem …

The definitive guide to fixed-come securities-revised to reflect today's dynamic financial
environment The Second Edition of the Fixed-Income Securities and Derivatives Handbook …

In light of the dramatic changes in the callable bond market, we reexamine the determinants
of callable bonds. Using data from 1980‐2003, we find that callable bonds are often issued …

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 …

We provide evidence that security design reflects the interplay of capital supplier and
security issuer preferences. While call provisions have historically been the default option in …

This paper analyzes a firm's dynamic decisions: i) whether to issue a callable or non-
callable bond; ii) when to call the callable bond; and iii) whether to refund it when it is called …

ABSTRACT I examine the previously unexplored relation between aggregate earnings
changes and corporate bond market returns. I find that aggregate earnings changes have a …

We identify the call premium in nonconvertible callable bonds as an effective contracting
provision to address agency conflict due to reinvestment risk and credit rating improvements …