Bierey, Martin; Schmidt, Martin; Tokarski, Mateusz - 2022
(IFRS). Our findings suggest that firms exploit this structuring opportunity. Rated firms issue hybrid bonds that have … under IFRS. Rated firms choose to issue hybrid bonds when their incentive to manage credit ratings increases. In contrast …, unrated firms issue only hybrid bonds that are classified as equity under IFRS and thus decrease IFRS leverage. Taken together …