Timing of Convertible Debt Financing and Investment
Timing of Convertible Debt Financing and Investment
复制标题
DOI：
--
复制
发表时间：
2008-08
期刊：
影响因子：
--
通讯作者：
Kyoko Yagi;Ryuta Takashima;H. Takamori;K. Sawaki
中科院分区：
文献类型：
--
作者：
Kyoko Yagi;Ryuta Takashima;H. Takamori;K. Sawaki
本文研究了企业通过发行股票、直接债券和可转换债券融资的最优投资策略。我们将毛尔和Sarkar（2005）的模型扩展到可转换债券融资。我们研究了两种不同的投资政策，最大化的股权价值和公司价值，并显示代理成本之间的差异，每个政策价值。此外，我们研究了可转换债券的发行如何影响投资。
In this paper, we examine the optimal investment policy of the firm which is financed by issuing equity, straight debt and convertible debt. We extend the model in Mauer and Sarkar (2005) over financing with convertible debt. We examine two different investment policies that maximize the equity value and the firm value and show the agency cost as the difference between each policy value. Furthermore, we investigate how the issuance of convertible debt affects investment.