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- W3124030354 abstract "A large body of the corporate finance literature is devoted to capital structure. This literature examines whether firms have a target capital structure, and whether they actively rebalance their capital structure toward a target. Since conversion of a convertible bond causes a drop in leverage, target capital structure theory suggests that the structure should be rebalanced in the future. I consistently find that following a realized conversion firms rebalance their positions in less than a year. When the stock price passes the conversion price threshold for a convertible bond, the firm expects this drop in leverage to occur in the near future. Using a regression discontinuity design around the conversion price threshold for those conversions that are decided by investors, not by the firm, my paper documents a 20% increase in leverage before an actual drop in leverage. That is to say, firms do not wait for the realization of leverage shocks but rather respond to anticipated shocks. A quantile treatment effect analysis reveals the effect to be a hump-shaped function of leverage, with a peak for firms with a conditional leverage ratio around the 70th percentile." @default.
- W3124030354 created "2021-02-01" @default.
- W3124030354 creator A5001947574 @default.
- W3124030354 date "2016-12-01" @default.
- W3124030354 modified "2023-09-26" @default.
- W3124030354 title "Capital structure pre-balancing: Evidence from convertible bonds" @default.
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- W3124030354 doi "https://doi.org/10.1016/j.jcorpfin.2016.08.015" @default.
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