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Empirical Characteristics of Debenture Conversions: The Issue of Equivalency

Stock market and corporate valuation decisions are often based on the earnings-per-share (EPS) figure. With the advent of a large number of different types of equity or semi-equity securities, the concept of common stock equivalency became essential. Despite extensive regulatory consideration, only arbitary rules came into being in the assessment of this concept. This paper empirically examines the conversion of debentures into common stock. This conversion process is divided into three types: (1) forced conversion, (2) semi-forced conversion, and (3) voluntary conversion. Nonparametric and discriminant analyses are used for hypothesis testing and conversion prediction. Statistical analysis supports simple relationships between market values and convertible debenture characteristics which were found significant in all three types of conversion.