可发行债券、风险转移问题和信息不对称

T. D. King, Taichun Piao, Cinder Xinde Zhang
{"title":"可发行债券、风险转移问题和信息不对称","authors":"T. D. King, Taichun Piao, Cinder Xinde Zhang","doi":"10.3905/jfi.2022.1.135","DOIUrl":null,"url":null,"abstract":"This article presents an empirical examination of issuers’ motives to issue putable bonds using a comprehensive sample of putable and straight debt issues from 1976 to 2019. We focus on the regular putable bonds that are not tied to specific event risks and are nonconvertible and noncallable. We find that putable bond issues span over the past 4 decades and across industry groups. These bonds are smaller in offer size, are longer in maturity, and have fewer covenants than straight debt. Using Probit and Tobit regressions, we find that firms with greater risk-shifting incentives measured by market-to-book ratio and WW Index are more likely to issue putable bonds. We also find that issuers with a high level of information asymmetry are more likely to issue putables. Our findings suggest the put option can be viewed as an effective contracting term that helps attract bondholder interest and alleviate borrowing costs for issuers. Finally, we consider the simultaneity of the decisions on putable, covenants, and leverage and find further confirmation for the risk-shifting and information asymmetry hypothesis for putable issuances.","PeriodicalId":53711,"journal":{"name":"Journal of Fixed Income","volume":"32 1","pages":"99 - 123"},"PeriodicalIF":0.0000,"publicationDate":"2022-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":"{\"title\":\"Putable Bonds, Risk-Shifting Problems, and Information Asymmetry\",\"authors\":\"T. D. King, Taichun Piao, Cinder Xinde Zhang\",\"doi\":\"10.3905/jfi.2022.1.135\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This article presents an empirical examination of issuers’ motives to issue putable bonds using a comprehensive sample of putable and straight debt issues from 1976 to 2019. We focus on the regular putable bonds that are not tied to specific event risks and are nonconvertible and noncallable. We find that putable bond issues span over the past 4 decades and across industry groups. These bonds are smaller in offer size, are longer in maturity, and have fewer covenants than straight debt. Using Probit and Tobit regressions, we find that firms with greater risk-shifting incentives measured by market-to-book ratio and WW Index are more likely to issue putable bonds. We also find that issuers with a high level of information asymmetry are more likely to issue putables. Our findings suggest the put option can be viewed as an effective contracting term that helps attract bondholder interest and alleviate borrowing costs for issuers. Finally, we consider the simultaneity of the decisions on putable, covenants, and leverage and find further confirmation for the risk-shifting and information asymmetry hypothesis for putable issuances.\",\"PeriodicalId\":53711,\"journal\":{\"name\":\"Journal of Fixed Income\",\"volume\":\"32 1\",\"pages\":\"99 - 123\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-04-20\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"1\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Fixed Income\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.3905/jfi.2022.1.135\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Fixed Income","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jfi.2022.1.135","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 1

摘要

本文使用1976年至2019年可上市和直接债券发行的综合样本,对发行人发行可上市债券的动机进行了实证检验。我们专注于与特定事件风险无关、不可转换和不可结算的定期可上市债券。我们发现,有争议的债券发行跨越了过去40年,跨越了各个行业群体。与直接债务相比,这些债券的发行规模更小,到期时间更长,契约更少。使用Probit和Tobit回归,我们发现,以市场账面比率和WW指数衡量,风险转移激励更大的公司更有可能发行可上市债券。我们还发现,信息不对称程度较高的发行人更有可能发行有价证券。我们的研究结果表明,看跌期权可以被视为一种有效的合约条款,有助于吸引债券持有人的兴趣,降低发行人的借贷成本。最后,我们考虑了可上市、契约和杠杆决策的同时性,并进一步证实了可上市发行的风险转移和信息不对称假设。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Putable Bonds, Risk-Shifting Problems, and Information Asymmetry
This article presents an empirical examination of issuers’ motives to issue putable bonds using a comprehensive sample of putable and straight debt issues from 1976 to 2019. We focus on the regular putable bonds that are not tied to specific event risks and are nonconvertible and noncallable. We find that putable bond issues span over the past 4 decades and across industry groups. These bonds are smaller in offer size, are longer in maturity, and have fewer covenants than straight debt. Using Probit and Tobit regressions, we find that firms with greater risk-shifting incentives measured by market-to-book ratio and WW Index are more likely to issue putable bonds. We also find that issuers with a high level of information asymmetry are more likely to issue putables. Our findings suggest the put option can be viewed as an effective contracting term that helps attract bondholder interest and alleviate borrowing costs for issuers. Finally, we consider the simultaneity of the decisions on putable, covenants, and leverage and find further confirmation for the risk-shifting and information asymmetry hypothesis for putable issuances.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
Journal of Fixed Income
Journal of Fixed Income Economics, Econometrics and Finance-Economics and Econometrics
CiteScore
1.10
自引率
0.00%
发文量
23
期刊介绍: The Journal of Fixed Income (JFI) provides sophisticated analytical research and case studies on bond instruments of all types – investment grade, high-yield, municipals, ABSs and MBSs, and structured products like CDOs and credit derivatives. Industry experts offer detailed models and analysis on fixed income structuring, performance tracking, and risk management. JFI keeps you on the front line of fixed income practices by: •Staying current on the cutting edge of fixed income markets •Managing your bond portfolios more efficiently •Evaluating interest rate strategies and manage interest rate risk •Gaining insights into the risk profile of structured products.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信