Lien entre décision d'investissement et décision de remboursement obligataire anticipé avec refinancement: incidence sur le timing optimal de remboursement anticipé

Marion Goffin
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Marion Goffin: UP1 - Université Paris 1 Panthéon-Sorbonne, PRISM Sorbonne - Pôle de recherche interdisciplinaire en sciences du management - UP1 - Université Paris 1 Panthéon-Sorbonne

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Abstract: This paper addresses the optimal timing for call policy of callable corporate bonds together with refunding. In a perfect market a bond should be called as soon as its market price first reaches its effective call price. However empirical investigation shows that firms do not fellow this rule: for the vast majority of calling the bond market price is lower or higher than the effective call price. The past literature explains only a part of this phenomenon. This paper analysis a new explanation related to investment policy of the firm and improves greatly the results of empirical investigation.

Keywords: callable corporate bonds; optimal time for call and refunding; value matching; smooth pasting; opcione de reembolso anticipado asociada a un bono; corporate callable bond; tiempo optimal de reembolso de nueva emision; obligations callable; timing optimal de remboursement anticipé-refinancement (search for similar items in EconPapers)
Date: 2014
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Published in La Revue des Sciences de Gestion, 2014, 267-268 (3), pp.171-182. ⟨10.3917/rsg.267.0171⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03898016

DOI: 10.3917/rsg.267.0171

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