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Biotech / Medical : Biotech Valuation
CRSP 55.11-2.6%Nov 7 9:30 AM EST
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To: Biomaven who wrote (7786)1/22/2003 12:14:51 PM
From: IRWIN JAMES FRANKEL   of 52153
 
<One key difference between bonds and floorless converts is that the holders of the latter have free reign to short the common>

Good point Peter.

However, most investors do not understand how much shorting is done in stocks by bond holders (not converts) as a hedge when they are worried about the bonds value. This is largely a function of the illiquidity of bonds relative to the comon stock.

ij
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