Teddy Carmichael

Publications

Grouped by theme. Each entry has a short plain-language summary, the citation, and links to the record. Where a DOI exists it is the record of date and authorship; this page is the index.

Convertible bonds

Work on the factors driving the market's structure and size, capital flow dynamics and relative value analysis. Entries are listed as each is deposited.

Could convertibles establish a permanent place on a corporate's balance sheet, and what would a pathway to permanent capital status require? The question, set out at the level of framing, together with the review programme that follows it: a broad review of the literature since 2014, then focused reviews.

Carmichael, T. (2026). Convertible bonds as permanent capital, and a review of the convertible bond literature since 2014: research programme note. Zenodo, published 18 October 2026, version 1. https://doi.org/10.5281/zenodo.23455869

The protocol for a review of the convertible bond literature since 2014, academic and grey, and the map of what remains under- or unexplored.

Carmichael, T. (2026). What we know and do not know about convertible bonds: review protocol. Research note, to follow. The programme is set out in the note above, DOI 10.5281/zenodo.23455869.

Nature and climate adaptation

Why is Grand Cayman's Central Mangrove Wetland still being lost when its carbon and flood-protection value is high, and can the carbon pay for the wetland's conservation? At current carbon prices it cannot, and the reason lies beyond the carbon market: nothing in the island's own markets prices the island's persistence.

Carmichael, T. (2026). Carbon stocks and conservation funding in the Cayman Islands: a case study in the political economy of climate adaptation in high-income, low-elevation small island states. SSRN preprint, October 2026. A version is under review at a peer-reviewed journal.

A research-programme note setting out the five-island study: what a mini Earth is, why five islands qualify, and the question of whether their property, insurance and credit markets price sea-level rise and storm risk as the hazard of ruin.

Carmichael, T. (2026). Pricing terminal risk: the political economy of climate adaptation in five mini Earths: research programme note. Zenodo, published 18 October 2026, version 1. https://doi.org/10.5281/zenodo.23455433

Practitioner writing

Selected articles on the convertible bond market for the trade press, written over the course of a career on the desk. List in preparation.

Profiles

This page
First published 18 October 2026.
Archived copy
Internet Archive, 18 October 2026.