Convertible Subordinated Debt Financing and Optimal Investment Timing
Convertible Subordinated Debt Financing and Optimal Investment Timing
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发表时间：
2010-02
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通讯作者：
Kyoko Yagi;Ryuta Takashima
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作者：
Kyoko Yagi;Ryuta Takashima
在本文中，我们研究了通过发行股权、直接债务和具有优先-次级结构的可转换债券来融资的企业的最优投资策略。当违约发生时，优先-次级结构优先于直接债务而不是可转换债券，优先于可转换债券而不是股权。我们考察了优先-次级结构如何影响最优的违约、转换和投资政策，以及股权、直接债务、可转换债券和投资的价值。特别是，我们发现股权、直债和可转债的优先-次级结构导致了加速转换，降低了可转债和投资的价值，并没有真正影响违约和投资。
In this paper, we examine the optimal investment policy of the firm which is financed by issuing equity, straight debt and convertible debt with the senior-sub structure. The senior-sub structure gives preference to straight debt over convertible debt and to convertible debt over equity when the default occurs. We investigate how the senior-sub structure affects the optimal policies for default, conversion and investment the values of equity, straight debt, convertible debt and investment. In particular, we show that the senior-sub structure for the equity, the straight debt and the convertible debt leads to the accelerating conversion, decreases the values of convertible debt and investment, and does not really affect the default and the investment.