The Unconvertible CoCo Bonds
| Authors |
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| Publication date | 2018 |
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| Book title | Achieving Financial Stability: Challenges to Prudential Regulation |
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| Series | World Scientific Studies in International Economics, 61 |
| Pages (from-to) | 317-329 |
| Publisher | Singapore: World Scientific |
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| Abstract | The original concept of a CoCo (contingent convertible) bond was to act as a precommitted equity injection upon bank distress. Its intellectual foundation (Flannery 2005; Kashyap et al., 2008) was to induce conversion as “going concern,” ensuring de-leveraging at the most delicate moment, when default risk is heightened and risk-taking incentives highest… |
| Document type | Chapter |
| Language | English |
| Published at | https://doi.org/10.1142/9789813223400_0023 |
| Downloads |
The-unconvertible-CoCo-bonds-Glasserman-Perotti-March-2017
(Accepted author manuscript)
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