Characteristics of a company that has implemented a debt-increasing "capital adjustment"-focusing on recap CB-

Tokyo Accounting Workshop

The purpose of this study is to empirically elucidate the economic motives of companies that implement a special capital policy called “Recap CB” that simultaneously issues convertible bonds and buys back shares. In this presentation, we investigated the actual situation of companies that implement recap CB and reported the process of deriving hypotheses based on theoretical predictions about the motivation of companies that perform recap CB.