Matches in SemOpenAlex for { <https://semopenalex.org/work/W28346501> ?p ?o ?g. }
Showing items 1 to 57 of
57
with 100 items per page.
- W28346501 abstract "Make-whole call provisions are ubiquitous. While common perception is that the calls are rarely exercised, we demonstrate that bonds with make-whole call provisions are more than twice as likely to be retired early as equivalent non-callable bonds. Detailed analysis of these retirement events reveal four motivating rationales: 1) to refund the debt at what are perceived to be low current interest rates, 2) to eliminate restrictive covenants, 3) as a result of a merger or acquisition, often by a private equity group, and 4) as a mechanism for paying out excess cash, often generated by prior divestitures. Further analysis demonstrates that, despite paying a premium to retire the debt early, the firms actually save several million dollars on average relative to what the present value of their interest costs would have been if they waited a year to retire. Given the prevalence of restructuring driven early retirement, we conclude by analyzing whether firms with a large percentage of make-whole callable debt are more likely to be engaged in M&A transactions. Make-whole heavy firms are more likely to be M&A acquirers, but not more likely to be M&A targets." @default.
- W28346501 created "2016-06-24" @default.
- W28346501 creator A5022637547 @default.
- W28346501 creator A5041086372 @default.
- W28346501 date "2012-01-01" @default.
- W28346501 modified "2023-10-03" @default.
- W28346501 title "The Life Cycle of Make-Whole Call Provisions" @default.
- W28346501 cites W1524441628 @default.
- W28346501 cites W1536256355 @default.
- W28346501 cites W1549640051 @default.
- W28346501 cites W1602864764 @default.
- W28346501 cites W1963519330 @default.
- W28346501 cites W1983379667 @default.
- W28346501 cites W1986513687 @default.
- W28346501 cites W1989126645 @default.
- W28346501 cites W1991792425 @default.
- W28346501 cites W2098730268 @default.
- W28346501 cites W2103249984 @default.
- W28346501 cites W2104633890 @default.
- W28346501 cites W2131124263 @default.
- W28346501 cites W2142123077 @default.
- W28346501 cites W2160867884 @default.
- W28346501 doi "https://doi.org/10.2139/ssrn.2139497" @default.
- W28346501 hasPublicationYear "2012" @default.
- W28346501 type Work @default.
- W28346501 sameAs 28346501 @default.
- W28346501 citedByCount "2" @default.
- W28346501 countsByYear W283465012012 @default.
- W28346501 countsByYear W283465012020 @default.
- W28346501 crossrefType "journal-article" @default.
- W28346501 hasAuthorship W28346501A5022637547 @default.
- W28346501 hasAuthorship W28346501A5041086372 @default.
- W28346501 hasConcept C144133560 @default.
- W28346501 hasConcept C162324750 @default.
- W28346501 hasConcept C190253527 @default.
- W28346501 hasConcept C41008148 @default.
- W28346501 hasConceptScore W28346501C144133560 @default.
- W28346501 hasConceptScore W28346501C162324750 @default.
- W28346501 hasConceptScore W28346501C190253527 @default.
- W28346501 hasConceptScore W28346501C41008148 @default.
- W28346501 hasLocation W283465011 @default.
- W28346501 hasOpenAccess W28346501 @default.
- W28346501 hasPrimaryLocation W283465011 @default.
- W28346501 hasRelatedWork W1596801655 @default.
- W28346501 hasRelatedWork W2130043461 @default.
- W28346501 hasRelatedWork W2350741829 @default.
- W28346501 hasRelatedWork W2358668433 @default.
- W28346501 hasRelatedWork W2376932109 @default.
- W28346501 hasRelatedWork W2382290278 @default.
- W28346501 hasRelatedWork W2390279801 @default.
- W28346501 hasRelatedWork W2748952813 @default.
- W28346501 hasRelatedWork W2899084033 @default.
- W28346501 hasRelatedWork W2530322880 @default.
- W28346501 isParatext "false" @default.
- W28346501 isRetracted "false" @default.
- W28346501 magId "28346501" @default.
- W28346501 workType "article" @default.