Goncharenko, Roman; Ongena, Steven; Rauf, Asad - 2017
by publicly traded banks in Europe of contingent convertible bonds (CoCos) that count as additional tier 1 capital (AT1 …). We find that banks with lower asset volatility are more likely to issue AT1 CoCos than their riskier counterparts, but … crucial role in banks' ability to successfully issue CoCos. The agency costs may be higher for CoCos than for equity …