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459. ^^ See Mann/Moore/Ramanlal (1999), p. 101. III. ^^ Similar to Loughran/Ritter (1997) and Lewis/Rogalski/Seward (2001), firms in the sample have been chosen on the basis of the following criteria:^^ 1. Issuing firms are listed on the NYSE, AMEX or the Nasdaq. 2. The firm is not a financial institution or a holding company of financial institutions. 3. ^^ 4. The firm has not issued convertible debt or common stock during the five years preceding the issue year. The samples of convertible debt issues and underwritten equity issues consist of 218 and 219 transactions.

However, rationing does apparently not occur on the basis of a convertible debt issuer's earnings characteristics, but due to uncertainty about their risk characteristics. If investors are risk-averse or uncertain whether any adverse changes in systematic risk are adequately compensated with higher returns, they may deny firms the access to direct equity capital. A convertible bond allows investors to screen the firm until conversion can occur. ^^ The remainder of this chapter is organized as follows: section 2 develops three hypotheses for convertible debt issuance.

I use the terms operating and earnings performance as well as the terms stock price and financial performance interchangeably throughout this thesis. ^^ See Lee/Loughran (1998), p. ; McLaughlin/Safieddine/Vasudevan (1998), p. ; Spiess/AffleckGraves (1999), p. ; Lewis/Rogalski/Seward (2001), p. 447 ff. ^^ Lewis/Rogalski/Seward (1998), p. , Lewis/Rogalski/Seward (1999), p. 5 ff. and Lewis/Rogalski/Seward (2001), p. 447 ff. use the same data set in their studies and find that even if convertibles are well-designed, issuers still underperform.

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