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ratio, or the number of shares into which the bond may be converted. Had growth been zero, CCt would have been horizontal; had it been negative, CCt ;.. The paper has benefited greatly from the comments on an earlier draft by Franco Modigliani, Merton H. Miller, Harry V. Roberts, John P. Shelton, Eugene M. Lerner, and especially Myron J. Gordon, who stimulated the author's initial interest in the subject, suggested the graphic model in Section I, and provided valuable comments and suggestions at later stages. T. C. Anderson assisted with the data collection as well as the model formulation. The research was conducted in part while the author was on a Ford Foundation Faculty Research Fellowship, and research assistance was provided by the Bureau of Business and Economic Research, UCLA. t Assistant Professor of Finance, UCLA. 1. Had the bond not been callable for a specified number of years, then the line VM would have been undefined prior to this date. The Journal of Finance would have declined; and had growth been uneven, CCt would not have been a smooth curve and (1) would have been more complicated. In addition to its value in conversion, the bond also
The Journal of Finance – Wiley
Published: Mar 1, 1966
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