... known as the convertible bonds information content puzzle (Datta, Iskandar-Datta, and Raman, 2003), have mainly relied on information asymmetries between managers and market participants in the ... These figures are similar to those in Datta, Iskandar-Datta, and Raman (2003) and Spies and Affleck-Graves (1995) Panel A of Table reports summary statistics of firm’s characteristics as of the ... negative abnormal returns In the former case managers will use cash to pay out bondholders, reducing the available resources at their disposal In the latter case managers can eliminate debt (and...