Why Issue Bonds Offshore?

Why Do Firms Issue Callable Bonds?

Corporations in the US have significantly increased their usage of callable bonds in the past 10-15 years. Whereas callable debt was issued in the past for interest rate hedging motives, the vast majority of callable bonds issued today have call options that will enver be "in the money". This feature implies that previous explanations for the issuance of callable debt no longer rationalize the ...

Why Firms Issue Targeted Stock

Several diversified firms have, in recent years, issued separate stock to track different industry segments (“targeted stock” or “tracking stock”). This paper analyzes market reactions to announcements of proposed targeted stock issuances and investigates possible motives for this choice of organizational structure. We find a statistically significant positive abnormal return of 3.61% within a ...

Stock Market Reactions to the Issue of Cat Bonds

This paper is an attempt to evaluate the effect a cat bond issue has on the stock price of the issuing company by conducting an event study including cat bond issues done by publicly traded insurers and reinsurers. We find no significant price effect in either direction. This is consistent with the hypothesis that paid premiums are justified and total costs and benefits of laying off cat risk i...

A Weekly New Issue Yield Curve for Municipal Bonds

The Statewide Economic Impact of Small-Issue Industrial Revenue Bonds