Assets. CAPX Ratio is Capital Expenditures/Total Assets. Acquisition Ratio is Acquisition/Total Assets. Each observation represented in the summary statistics of this table corresponds to a make-whole firm-bond-year as described in the text. Called Make-Whole Tendered Untouched Total Assets at Issue $30.41 bn $17.01 bn $32.77 bn ($7.51 bn) ($11.75 bn) ($11.38 bn) ROA at 0.124 0.125 0.138 (0.113) (0.107) (0.124) ROA at End 0.121 0.120 0.130 (0.108) (0.109) (0.117) Market Leverage at 0.236 0.230 0.199 Issue (0.233) (0.233) (0.194) Book Leverage at 0.320 0.321 0.278 Issue (0.308) (0.321) (0.268) Market Leverage at 0.265 0.269 0.219 End (0.257) (0.254) (0.210) Book Leverage at End 0.344 0.354 0.304 (0.340) (0.355) (0.294) CAPX Ratio at Issue 0.058 0.063 0.063 (0.047) (0.050) (0.051) CAPX Ratio at End 0.053 0.061 0.062 (0.039) (0.048) (0.050) Acquisition Ratio at 0.042 0.036 0.030 Issue (0.005) (0.000) (0.001) Acquisition at 0.051 0.054 0.036 End (0.001) (0.006) (0.002) Taxonomy of Early Retirement Decisions To understand the circumstances under which each of the bonds detailed in Table 3 were retired early, we collect all of the news stories available in Bloomberg for the issuing firm for six months surrounding the call or tender date of the security in question.
Assets. CAPX Ratio is Capital Expenditures/Total Assets. Acquisition Ratio is Acquisition/Total Assets. Each observation represented in the summary statistics of this table corresponds to a make-whole firm-bond-year as described in the text. Called Make-Whole Tendered Untouched Total Assets at Issue $30.41 bn ($7.51 bn) $17.01 bn ($11.75 bn) $32.77 bn ($11.38 bn) ROA at 0.124 (0.113) 0.125 (0.107) 0.138 (0.124) ROA at End 0.121 (0.108) 0.120 (0.109) 0.130 (0.117) Market Leverage at Issue 0.236 (0.233) 0.230 (0.233) 0.199 (0.194) Book Leverage at Issue 0.320 (0.308) 0.321 (0.321) 0.278 (0.268) Market Leverage at End 0.265 (0.257) 0.269 (0.254) 0.219 (0.210) Book Leverage at End 0.344 (0.340) 0.354 (0.355) 0.304 (0.294) CAPX Ratio at Issue 0.058 (0.047) 0.063 (0.050) 0.063 (0.051) CAPX Ratio at End 0.053 (0.039) 0.061 (0.048) 0.062 (0.050) Acquisition Ratio at Issue 0.042 (0.005) 0.036 (0.000) 0.030 (0.001) Acquisition at End 0.051 (0.001) 0.054 (0.006) 0.036 (0.002) Taxonomy of Early Retirement Decisions To understand the circumstances under which each of the bonds detailed in Table 3 were retired early, we collect all of the news stories available in Bloomberg for the issuing firm for six months surrounding the call or tender date of the security in question.