For a sample of convertible bonds issued during the period 1980 through 2002, we empirically investigate the determinants of call policy. We find that the risk of a failed call over the call notice period helps explain why firms call only after conversion value exceeds call price by a...

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...