Due to perceptions of lower risk, larger and more liquid Australian firms are more likely to be funded by the relatively small corporate bond market. However, contrary to other markets, short-term debt has no effect on debt choice. Syndicated loans fund riskier, more leveraged, higher growth and...

This study investigates why banks issue Contingent Convertible Bonds (CoCos). We find that a bank's systemic risk level is a possible reason for CoCo issuance. Contrary to the pecking order theory, earnings management practices play a lesser role, and there is no evidence of banks becoming...

We highlight the role revenue portfolio diversification plays in determining idiosyncratic and systemic risk in a global sample of large banks. We find that increased bank revenue diversification reduces idiosyncratic risk but increases systemic risk, while also demonstrating that increased bank...

This study investigates why banks issue Contingent Convertible Bonds (CoCos). We find that a bank's systemic risk level is a possible reason for CoCo issuance. Contrary to the pecking order theory, earnings management practices play a lesser role, and there is no evidence of banks becoming...

Convertible security misclassification within the Australian market is well documented. Consequently in 2001, the Commonwealth enacted the New Business Tax System (Debt and Equity) Act to mitigate this phenomenon. This paper utilizes the new tax framework to investigate whether there is a link...