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• W2183629203 abstract "Contingent Capital bonds ‐‐ also known as contingent convertibles (or CoCos) ‐‐ are bonds that automatically write‐down or convert to equity when the financial health of the issuer (typically a bank) deteriorates to a pre‐defined threshold or trigger. This paper uses a model of dynamic capital structure choice to show how the contractual terms of CoCos affect future capital structure incentives, and hence the pricing of such liabilities. The conversion ratio is particularly important. If conversion is dilutive for equity investors, we show that banks will actively seek to reduce expected dilution costs by pursuing low leverage ratios leading to lower borrowing costs. On the other hand, if conversion ratios write down bond principal without diluting shareholders, then banks have perverse" @default.
• W2183629203 created "2016-06-24" @default.
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• W2183629203 date "2012-01-01" @default.
• W2183629203 modified "2023-09-26" @default.
• W2183629203 title "Incentive Effects of Contingent Capital 1" @default.
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