The article shows that companies don't just make financial decisions based on their own needs, but also on what investors want. By studying how companies issue convertible debt and equity, researchers found that investor demand can affect these decisions. When investors change their preferences, companies adjust their financial choices accordingly. For example, when more investors who bet against stocks buy convertible bonds, it can lead to a drop in the company's stock price. This research suggests that companies consider how investors will react when making financial decisions.