Alternative tests of agency theories of callable corporate bonds.

Financial Management | December 22, 1994| | Copyright

One part of the capital structure puzzle yet to be solved is the corporate bond call feature: Why are some bonds callable and others not? Financial theory has rejected the role of interest rate uncertainty in a firm's decision to include a call option in its bond offerings because, in an efficient market, the refinancing of high-cost debt with low-cost debt is a zero-sum game; that is, the gains to shareholders are equal to the losses to bondholders (see Kraus (1973)). The most prominent theories put forth to explain the use of call options rely on agency problems. According to ...

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