English, Article edition: An empirical analysis of the determinants and pricing of corporate bond clawbacks Daniels, Kenneth; Diro Ejara, Demissew; Vijayakumar, Jayaraman

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Bookmark: http://trove.nla.gov.au/version/31967
Physical Description
  • article
Language
  • English

Edition details

Title
  • An empirical analysis of the determinants and pricing of corporate bond clawbacks
Author
  • Daniels, Kenneth
  • Diro Ejara, Demissew
  • Vijayakumar, Jayaraman
Physical Description
  • article
Notes
  • This paper presents empirical analysis of the factors that affect a firm's decision to use a clawback provision in debt and the yield impact of including the clawback provision. The results show that relatively smaller firms with low credit rating and low profitability favor the usage of clawback provisions. We also find that debt with clawback provisions have the highest yield spread followed by callable bonds and straight debt. Convertible bonds that offer investors the option to convert to equity have lower yield spread. This implies that issuers can trade off flexibility for higher interest cost and that the clawback feature may be a significant financial innovation which reduces information asymmetry and creates an entry point for small firms to gain access to the public bond markets.
  • financial innovation (null) covenants (null) clawback (null) dilution (null) corporate control
  • RePEc:eee:corfin:v:15:y:2009:i:4:p:431-446
Language
  • English
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