Politique de remboursement anticipé des obligations

Annie Bellier-Delienne
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Annie Bellier-Delienne: Université de Cergy-Pontoise

Revue Finance Contrôle Stratégie, 2001, vol. 4, issue 4, pages 5-27

Abstract: Bond indentures can contain a number of provisions of optional nature. This study focuses on the call provisions. The contribution of this article is to provide an empirical analysis of the behaviour of bond issuers on the French market. The results show the firms delay the timing of calls and pay a large positive premium. Their motivations are often the bond refunding and, for public firms, the sending of a positive signal to investors.

Keywords: (non-convertible) called bond; call provision; refunding (search for similar items in EconPapers)
JEL-codes: G19 (search for similar items in EconPapers)
Date: 2001

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Persistent link: http://EconPapers.repec.org/RePEc:dij:revfcs:v:4:y:2001:i:q4:p:5-27

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