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Convertible Debt and Shareholder Incentives

Dorion, Christian; François, Pascal; Grass, Gunnar; … - Centre Interuniversitaire sur le Risque, les Politiques … - 2014

Given equity’s convex payoff function, shareholders can transfer wealth from bondholders by increasing firm risk. We … a measure of shareholders’ risk incentives induced by convertible debt using a contingent claims framework. We then …

Persistent link: https://www.econbiz.de/10011086418

Managerial Incentives and the Choice between Public and Bank Debt

Meneghetti, Costanza - In: Journal of Corporate Finance 18 (2012) 1, pp. 65-91

I propose a simple model with complete and perfect information on the relation between managerial incentive compensation and choice between public and bank debt. The empirical analysis offers considerable support to the model's predictions. I find that managers whose compensation is tied to firm...

Persistent link: https://www.econbiz.de/10010574239

Institutional dual holdings and risk-shifting : evidence from corporate innovation

Yang, Huan - In: The journal of corporate finance : contracting, … 70 (2021), pp. 1-22

Persistent link: https://www.econbiz.de/10012703977