Banko, John C.; Zhou, Lei - In: Financial Management 39 (2010) 2, pp. 613-641
"In light of the dramatic changes in the callable bond market, we reexamine the determinants of callable bonds. Using data from 1980-2003, we find that callable bonds are often issued by firms with both information asymmetry and underinvestment problems. However, risk-shifting does not appear to...