{"id":"https://openalex.org/W1978680139","doi":"https://doi.org/10.2307/2331349","title":"Signaling with Convertible Debt","display_name":"Signaling with Convertible Debt","publication_year":1995,"publication_date":"1995-09-01","ids":{"openalex":"https://openalex.org/W1978680139","doi":"https://doi.org/10.2307/2331349","mag":"1978680139"},"language":"en","primary_location":{"id":"doi:10.2307/2331349","doi":"https://doi.org/10.2307/2331349","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2331349","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6553","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5035442251","display_name":"Wallace N. Davidson","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I110378019","display_name":"Southern Illinois University Carbondale","ror":"https://ror.org/049kefs16","country_code":"US","type":"education","lineage":["https://openalex.org/I110378019","https://openalex.org/I2801502357"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Wallace N. Davidson III","raw_affiliation_strings":["* Department of Finance, Southern Illinois University, Carbondale, IL 62901"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"* Department of Finance, Southern Illinois University, Carbondale, IL 62901","institution_ids":["https://openalex.org/I110378019"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5089636516","display_name":"John L. Glascock","orcid":"https://orcid.org/0000-0002-0794-5029","observed_orcids":["https://orcid.org/0000-0002-0794-5029"]},"institutions":[{"id":"https://openalex.org/I121820613","display_name":"Louisiana State University","ror":"https://ror.org/05ect4e57","country_code":"US","type":"education","lineage":["https://openalex.org/I121820613"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"John L. Glascock","raw_affiliation_strings":["* Department of Finance, Louisiana State University, Baton Rouge, LA 71270"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"* Department of Finance, Louisiana State University, Baton Rouge, LA 71270","institution_ids":["https://openalex.org/I121820613"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5008720998","display_name":"Thomas V. Schwartz","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I110378019","display_name":"Southern Illinois University Carbondale","ror":"https://ror.org/049kefs16","country_code":"US","type":"education","lineage":["https://openalex.org/I110378019","https://openalex.org/I2801502357"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Thomas V. Schwartz","raw_affiliation_strings":["* Department of Finance, Southern Illinois University, Carbondale, IL 62901"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"* Department of Finance, Southern Illinois University, Carbondale, IL 62901","institution_ids":["https://openalex.org/I110378019"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3550,"currency":"USD","value_usd":3550},"apc_paid":null,"fwci":6.865,"has_fulltext":false,"cited_by_count":62,"citation_normalized_percentile":{"value":0.9624812,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"30","issue":"3","first_page":"425","last_page":"425"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9789999723434448,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9789999723434448,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.01140000019222498,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0031999999191612005,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/convertible-bonds","display_name":"convertible bonds","score":0.8090000152587891},{"id":"https://openalex.org/keywords/signaling","display_name":"signaling","score":0.8410000205039978},{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.8700000047683716},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.7239999771118164},{"id":"https://openalex.org/keywords/stock-market-reaction","display_name":"stock market reaction","score":0.3160000145435333}],"concepts":[{"id":"https://openalex.org/C2776116443","wikidata":"https://www.wikidata.org/wiki/Q55989","display_name":"Convertible","level":2,"score":0.7717499732971191},{"id":"https://openalex.org/C192081164","wikidata":"https://www.wikidata.org/wiki/Q1056625","display_name":"Convertible bond","level":3,"score":0.6138735413551331},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5463689565658569},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5341687798500061},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.4737716019153595},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.33359798789024353},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.24573242664337158},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.24034669995307922},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.08629283308982849},{"id":"https://openalex.org/C66938386","wikidata":"https://www.wikidata.org/wiki/Q633538","display_name":"Structural engineering","level":1,"score":0.05463913083076477}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2307/2331349","doi":"https://doi.org/10.2307/2331349","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2331349","pdf_url":null,"source":{"id":"https://openalex.org/S193228710","display_name":"Journal of Financial and Quantitative Analysis","issn_l":"0022-1090","issn":["0022-1090","1756-6916"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1","ft50","jufo-3","norway-2","poland-140","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Financial and Quantitative Analysis","raw_type":"journal-article"},{"id":"mag:3123943347","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6553","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"pmh:oai:RePEc:cup:jfinqa:v:30:y:1995:i:03:p:425-440_00","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S0022109000000302/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"mag:3123943347","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=6553","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","score":0.4000000059604645,"id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":25,"referenced_works":["https://openalex.org/W1502307969","https://openalex.org/W1522838990","https://openalex.org/W1559170486","https://openalex.org/W1584950101","https://openalex.org/W2010917876","https://openalex.org/W2043219156","https://openalex.org/W2047158682","https://openalex.org/W2051868694","https://openalex.org/W2064641383","https://openalex.org/W2068928693","https://openalex.org/W2085189944","https://openalex.org/W2086770610","https://openalex.org/W2108818539","https://openalex.org/W2112980561","https://openalex.org/W2119987604","https://openalex.org/W2125973065","https://openalex.org/W2140536065","https://openalex.org/W2142856961","https://openalex.org/W2146880834","https://openalex.org/W2150966521","https://openalex.org/W2152785329","https://openalex.org/W2157187456","https://openalex.org/W2165693776","https://openalex.org/W2171398816","https://openalex.org/W3124114405"],"related_works":["https://openalex.org/W2150966521","https://openalex.org/W2765847735","https://openalex.org/W1916501231","https://openalex.org/W3123607880","https://openalex.org/W2087712640","https://openalex.org/W1885505349","https://openalex.org/W2071928748","https://openalex.org/W159775702","https://openalex.org/W2010232249","https://openalex.org/W2007071867"],"abstract_inverted_index":{"We":[0,86],"test":[1],"whether":[2,27],"the":[3,10,18,38,90,93,103,107,129],"conversion":[4,39],"price":[5,40],"(ratio)":[6],"is":[7,99],"viewed":[8],"by":[9],"stock":[11,45],"market":[12],"as":[13,31,69],"a":[14,48,76,82],"credible":[15],"signal":[16,127],"of":[17,57,78,92],"firm's":[19,83,94],"future":[20],"earnings":[21],"prospects":[22],"(Kim":[23],"(1990))":[24],"and,":[25],"subsequently,":[26],"convertible":[28,63,108,118],"debt":[29,119],"serves":[30],"backdoor":[32],"equity":[33,80],"financing":[34],"(Stein":[35],"(1992)).":[36],"Examining":[37],"in":[41],"relation":[42],"to":[43,65,74,102,109,128],"current":[44],"prices":[46],"and":[47],"priori":[49],"growth":[50],"expectations":[51],"produces":[52],"an":[53,125],"average":[54],"expected":[55,104],"time":[56,105],"less":[58],"than":[59],"1.5":[60],"years":[61],"for":[62,106],"bonds":[64],"be":[66,75],"at-the-money.":[67,111],"Thus,":[68],"Stein":[70],"suggests,":[71],"convertibles":[72],"appear":[73],"method":[77],"drawing":[79],"into":[81],"capital":[84],"structure.":[85],"also":[87],"find":[88],"that":[89,117],"size":[91],"announcement":[95],"period":[96],"abnormal":[97],"returns":[98],"positively":[100],"related":[101],"become":[110],"Given":[112],"these":[113],"relationships,":[114],"we":[115],"conclude":[116],"issue":[120],"announcements,":[121],"on":[122],"average,":[123],"send":[124],"equity-like":[126],"market.":[130]},"counts_by_year":[{"year":2024,"cited_by_count":4},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":5},{"year":2015,"cited_by_count":4},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":8},{"year":2012,"cited_by_count":3}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}