Goncharenko, Roman; Ongena, Steven; Rauf, Asad - 2019
Most regulators grant contingent convertible bonds (CoCos) the status of equity. Theory, however, suggests that CoCos … overhang from CoCos. Our empirical analysis confirms that riskier banks are less likely to issue CoCos than their safer … future equity issuance are less likely to issue CoCos before …