{"id":"https://openalex.org/W2183629203","doi":null,"title":"Incentive Effects of Contingent Capital 1","display_name":"Incentive Effects of Contingent Capital 1","publication_year":2012,"publication_date":"2012-01-01","ids":{"openalex":"https://openalex.org/W2183629203","mag":"2183629203"},"language":"en","primary_location":{"id":"mag:2183629203","doi":null,"is_oa":false,"landing_page_url":"https://www.uts.edu.au/sites/default/files/Tsyplakov.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5073903682","display_name":"Charles P. Himmelberg","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Charles P. Himmelberg","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5084967746","display_name":"Sergey Tsyplakov","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Sergey Tsyplakov","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":1.5166,"has_fulltext":false,"cited_by_count":6,"citation_normalized_percentile":{"value":0.86268317,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":87,"max":95},"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.4214000105857849,"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"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.4214000105857849,"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/T10019","display_name":"Corporate Finance and Governance","score":0.195700004696846,"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/T11496","display_name":"Credit Risk and Financial Regulations","score":0.16110000014305115,"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"}}],"keywords":[{"id":"https://openalex.org/keywords/contingent-convertible-bonds","display_name":"contingent convertible bonds","score":0.9210000038146973},{"id":"https://openalex.org/keywords/coco","display_name":"COCO","score":0.9789999723434448},{"id":"https://openalex.org/keywords/conversion-ratio","display_name":"conversion ratio","score":0.8050000071525574},{"id":"https://openalex.org/keywords/bank-leverage","display_name":"bank leverage","score":0.8230000138282776},{"id":"https://openalex.org/keywords/debt-pricing","display_name":"debt pricing","score":0.42100000381469727},{"id":"https://openalex.org/keywords/dynamic-capital-structure","display_name":"dynamic capital structure","score":0.5199999809265137}],"concepts":[{"id":"https://openalex.org/C138170105","wikidata":"https://www.wikidata.org/wiki/Q1337949","display_name":"Issuer","level":2,"score":0.7381036281585693},{"id":"https://openalex.org/C69738904","wikidata":"https://www.wikidata.org/wiki/Q11693","display_name":"Bond","level":2,"score":0.6785746812820435},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.6401394605636597},{"id":"https://openalex.org/C74734477","wikidata":"https://www.wikidata.org/wiki/Q1479274","display_name":"Cost of capital","level":3,"score":0.6181545853614807},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5856971740722656},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5452871322631836},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.5292189717292786},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.526347279548645},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.47184255719184875},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.468675434589386},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.41685739159584045},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.4131094813346863},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3827788829803467},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.37579014897346497},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.32326388359069824},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.15526288747787476},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.08735954761505127},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:2183629203","doi":null,"is_oa":false,"landing_page_url":"https://www.uts.edu.au/sites/default/files/Tsyplakov.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":25,"referenced_works":["https://openalex.org/W1561051898","https://openalex.org/W2012039552","https://openalex.org/W2097690534","https://openalex.org/W2105453506","https://openalex.org/W2105973145","https://openalex.org/W2107767584","https://openalex.org/W2111838102","https://openalex.org/W2112351990","https://openalex.org/W2114553697","https://openalex.org/W2115747715","https://openalex.org/W2119181491","https://openalex.org/W2140358882","https://openalex.org/W2142996378","https://openalex.org/W2148402268","https://openalex.org/W2154127363","https://openalex.org/W2156109180","https://openalex.org/W2170790204","https://openalex.org/W2474648141","https://openalex.org/W2740766300","https://openalex.org/W3023164853","https://openalex.org/W3121258030","https://openalex.org/W3124114405","https://openalex.org/W3125175221","https://openalex.org/W3125727752","https://openalex.org/W3125867602"],"related_works":["https://openalex.org/W7100735283","https://openalex.org/W4255070610","https://openalex.org/W3026092817","https://openalex.org/W2117634524","https://openalex.org/W3124602112","https://openalex.org/W3121241022","https://openalex.org/W4407065409","https://openalex.org/W2225895483","https://openalex.org/W3203294458","https://openalex.org/W7053439757"],"abstract_inverted_index":{"Contingent":[0],"Capital":[1],"bonds":[2,13],"\u2010\u2010":[3,11],"also":[4],"known":[5],"as":[6],"contingent":[7],"convertibles":[8],"(or":[9],"CoCos)":[10],"are":[12],"that":[14,83],"automatically":[15],"write\u2010down":[16],"or":[17,36],"convert":[18],"to":[19,32,48,88,99],"equity":[20,79],"when":[21],"the":[22,26,51,63,104],"financial":[23],"health":[24],"of":[25,43,54,65],"issuer":[27],"(typically":[28],"a":[29,33,41],"bank)":[30],"deteriorates":[31],"pre\u2010defined":[34],"threshold":[35],"trigger.":[37],"This":[38],"paper":[39],"uses":[40],"model":[42],"dynamic":[44],"capital":[45,58],"structure":[46,59],"choice":[47],"show":[49,82],"how":[50],"contractual":[52],"terms":[53],"CoCos":[55],"affect":[56],"future":[57],"incentives,":[60],"and":[61],"hence":[62],"pricing":[64],"such":[66],"liabilities.":[67],"The":[68],"conversion":[69,75,108],"ratio":[70],"is":[71,76],"particularly":[72],"important.":[73],"If":[74],"dilutive":[77],"for":[78],"investors,":[80],"we":[81],"banks":[84,118],"will":[85],"actively":[86],"seek":[87],"reduce":[89],"expected":[90],"dilution":[91],"costs":[92],"by":[93],"pursuing":[94],"low":[95],"leverage":[96],"ratios":[97,109],"leading":[98],"lower":[100],"borrowing":[101],"costs.":[102],"On":[103],"other":[105],"hand,":[106],"if":[107],"write":[110],"down":[111],"bond":[112],"principal":[113],"without":[114],"diluting":[115],"shareholders,":[116],"then":[117],"have":[119],"perverse":[120]},"counts_by_year":[{"year":2021,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":1}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}