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Michael J. Brennan, Eduardo S. Schwartz, Analyzing Convertible Bonds, The Journal of Financial and Quantitative Analysis, Vol. 15, No. 4, Proceedings of 15th Annual Conference of the Western Finance Association, June 19-21, 1980, San Diego, California (Nov., 1980), pp. 907-929
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Brennan et al. (1980) studied this question.
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