This paper empirically analyzes the call timing of callable bonds to see how refunding opportunity, cost of financial distress, agency cost of debt, and private information affect the call decision. The empirical results show that firms issue callable bonds, convertible or not, to enjoy future...

"The third edition of this popular textbook offers several new updates. The book presents the basics of fixed-income securities. It requires a minimum of prerequisites. The author presents a coherent theoretical framework for understanding all basic models. The author's pricing model is widely...