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Author : Hei-Wai Lee
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (535 download)
Download or read book An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt written by Hei-Wai Lee and published by . This book was released on 1992 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hei Wai Lee
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (748 download)
Download or read book An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt written by Hei Wai Lee and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph T. Mahoney
Publisher :
ISBN 13 :
Total Pages : 648 pages
Book Rating : 4.:/5 (31 download)
Download or read book An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt written by Joseph T. Mahoney and published by . This book was released on 1990 with total page 648 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James A. Gentry
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book An Empirical Study of the Corporate Choice Among Common Stock, Convertible Bonds and Straight Debt written by James A. Gentry and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study develops the rationale that links a firm's financial health, measured by its cash flow components, to the type of security it offers when raising external capital. Based on the literature associated with the pecking order hypothesis, five empirical hypotheses are presented. The findings show that cash flow components provide fresh insights to the explanation as to why firms choose to offer debt, convertible bonds or common stock. The findings are consistent with the implications of the financial health/pecking order hypothesis. That is, financially healthy firms choose more senior securities in their external financing decisions.
Author : Asani Sarkar
Publisher :
ISBN 13 :
Total Pages : 688 pages
Book Rating : 4.:/5 (31 download)
Download or read book An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt written by Asani Sarkar and published by . This book was released on 1992 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David McNeil Smith
Publisher :
ISBN 13 :
Total Pages : 314 pages
Book Rating : 4.:/5 (24 download)
Download or read book An Empirical Analysis of the Choice Among Issuing Straight Debt, Equity, and Equity-linked Debt Securities written by David McNeil Smith and published by . This book was released on 1989 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter Carayannopoulos
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.4/5 (91 download)
Download or read book Valuing Convertible Bonds Under the Assumption of Stochastic Interest Rates written by Peter Carayannopoulos and published by . This book was released on 1992 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Wonil Lee
Publisher :
ISBN 13 :
Total Pages : 162 pages
Book Rating : 4.:/5 (318 download)
Download or read book Cross-sectional Determinants of Convertible Debt Issues of the U.S. and Japanese Firms written by Wonil Lee and published by . This book was released on 1993 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kenneth N. Daniels
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (129 download)
Download or read book An Empirical Analysis of the Determinants and Pricing of Corporate Bond Clawbacks written by Kenneth N. Daniels and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents empirical analysis of the factors that affect a firm's decision to use a clawback provision in debt and the yield impact of including the clawback provision. The results show that relatively smaller firms with low credit rating and low profitability favor the usage of clawback provisions. We also find that debt with clawback provisions have the highest yield spread followed by callable bonds and straight debt. Convertible bonds that offer investors the option to convert to equity have lower yield spread. This implies that issuers can trade off flexibility for higher interest cost and that the clawback feature may be a significant financial innovation which reduces information asymmetry and creates an entry point for small firms to gain access to the public bond markets.
Author : Thomas S. Y. Ho
Publisher : Oxford University Press
ISBN 13 : 0199923981
Total Pages : 762 pages
Book Rating : 4.1/5 (999 download)
Download or read book The Oxford Guide to Financial Modeling written by Thomas S. Y. Ho and published by Oxford University Press. This book was released on 2004-01-15 with total page 762 pages. Available in PDF, EPUB and Kindle. Book excerpt: The essential premise of this book is that theory and practice are equally important in describing financial modeling. In it the authors try to strike a balance in their discussions between theories that provide foundations for financial models and the institutional details that provide the context for applications of the models. The book presents the financial models of stock and bond options, exotic options, investment grade and high-yield bonds, convertible bonds, mortgage-backed securities, liabilities of financial institutions--the business model and the corporate model. It also describes the applications of the models to corporate finance. Furthermore, it relates the models to financial statements, risk management for an enterprise, and asset/liability management with illiquid instruments. The financial models are progressively presented from option pricing in the securities markets to firm valuation in corporate finance, following a format to emphasize the three aspects of a model: the set of assumptions, the model specification, and the model applications. Generally, financial modeling books segment the world of finance as "investments," "financial institutions," "corporate finance," and "securities analysis," and in so doing they rarely emphasize the relationships between the subjects. This unique book successfully ties the thought processes and applications of the financial models together and describes them as one process that provides business solutions. Created as a companion website to the book readers can visit www.thomasho.com to gain deeper understanding of the book's financial models. Interested readers can build and test the models described in the book using Excel, and they can submit their models to the site. Readers can also use the site's forum to discuss the models and can browse server based models to gain insights into the applications of the models. For those using the book in meetings or class settings the site provides Power Point descriptions of the chapters. Students can use available question banks on the chapters for studying.
Author : Philip M. Finn
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Determinants of Convertible Bond Ratings written by Philip M. Finn and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Israel Nelken
Publisher : John Wiley & Sons
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.3/5 ( download)
Download or read book Handbook of Hybrid Instruments written by Israel Nelken and published by John Wiley & Sons. This book was released on 2000-07-26 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable tool to steer readers thought the complex maze of hybrid instruments! Hybrid instruments - essentially bonds with an equity component - are found in a multitude of guises. This generic heading encompasses a seemingly endless array of financial instruments, including convertible bonds, mandatory convertibles, reverse convertibles, preferred shares, ELKS, DECS and Lyons. Within each one of these instruments are found a wide range of variations and features. These include reset, negative pledge, screw and forced conversion clauses, as well as step up coupons, call schedules, call options with soft and hard protection etc. The range of possibilities can seem bewildering, but it is this very flexibility which proves a huge attraction for investors, issuers and financial institutions. On the sell side companies issue these securities and corporate service departments advise on the type of options to include in them. On the buy side, investment managers seek to build portfolios with limited risk exposure using these securities and hedge funds utilise arbitrage opportunities between the convertible bond and the common share. The opportunities are endless but the seemingly labyrinthine complexities can prove daunting. The Handbook of Hybrid Instruments helps steer a clear path through the maze. Izzy Nelken has drawn together a team of experts to provide in-depth analysis of many of the key issues that both sellers and buyers require in order to operate effectively and profitably. A general introduction is followed by specific information on key clauses and variations, valuation methods, the impact on a firm's value following the public issuance of convertibles, details on when an issuer should call a convertible and the impact of these provisions on the price, the difficult requirement of input data to make sense of the models, indexes and reset convertibles. Finally, a highly useful glossary is provided of all the key terms used in this field. An analytical CD is also provided with the book, containing sample software of ConvB++. ConvB++ combines complex state of the art models with a simple, user friendly interface to assess fair values prices and to hedge parameters of hybrid instruments. The Handbook of Hybrid Instruments is an indispensable explanatory and analytical tool for all professionals looking for the latest thinking on convertibles from some of the world's leading experts.
Author : Jinlin Liu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (11 download)
Download or read book New Studies in Convertible Bond Investment and Financing written by Jinlin Liu and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This series of paper studies convertible bond financing from the perspective of both issuers and investors. Based on an empirical study, convertible bond financing seems to be overused: it would appear that convertible bond financing should be dominated by sequential issues of straight bonds followed by new equity issues sometime thereafter. A new model is introduced to demonstrate that managers of all types of firms, irrespective of quality would choose convertible bonds in their financing plans when facing uncertainties about the timing of the project. Convertible bond issuance can be optimal for firms that do not have an established record of strong historical performance but have opportunity sets that include good projects subject to timing uncertainties. The first part of this study focuses on the investor perspective and investigates the returns of holding convertibles/underlying stocks, as well as the returns of convertible hedging strategies. Naked long position of convertible bonds from issuance date and hedging based on the characteristics of convertibles can derive good returns. Consequently, investors can benefit from both the upside expectation of convertible issuing firms and the structured terms of convertibles. Next, convertible bonds are studied from the perspective of issuer. Here, liquidity risk, firm risk, and issue risk premium factors are identified as determinants of abnormal returns around the convertible bond issue dates. The market responds favorably to firm volatility risk, but negatively to the liquidity risk and issue risk premium factors. The cumulative effects of these risks determine the abnormal returns of convertible bonds.
Author : Christopher Denman Grier
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (867 download)
Download or read book An Empirical Study of Hedging Corporate Bonds Using Equity Put Options written by Christopher Denman Grier and published by . This book was released on 2011 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luc Renneboog
Publisher : Emerald Group Publishing
ISBN 13 : 0444527230
Total Pages : 569 pages
Book Rating : 4.4/5 (445 download)
Download or read book Advances in Corporate Finance and Asset Pricing written by Luc Renneboog and published by Emerald Group Publishing. This book was released on 2006-03-02 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporates estimation risk in portfolio choice and also covers a risk measure for retail investment products, understanding and exploiting momentum in stock returns. This book includes: Introduction - Corporate restructuring; mergers and acquisitions in Europe; and the performance of acquisitive companies in the US.
Author :
Publisher :
ISBN 13 :
Total Pages : 448 pages
Book Rating : 4.:/5 (31 download)
Download or read book BEBR Faculty Working Paper written by and published by . This book was released on 1980 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michel Crouhy
Publisher : World Scientific
ISBN 13 : 9814759341
Total Pages : 2039 pages
Book Rating : 4.8/5 (147 download)
Download or read book World Scientific Reference On Contingent Claims Analysis In Corporate Finance (In 4 Volumes) written by Michel Crouhy and published by World Scientific. This book was released on 2019-01-21 with total page 2039 pages. Available in PDF, EPUB and Kindle. Book excerpt: Black and Scholes (1973) and Merton (1973, 1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the face value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities, equity, warrants, debt, contingent convertible debt, guarantees, etc.In the four volumes we present the major academic research on CCA in corporate finance starting from 1973, with seminal papers of Black and Scholes (1973) and Merton (1973, 1974). Volume I covers the foundation of CCA and contributions on equity valuation. Volume II focuses on corporate debt valuation and the capital structure of the firm. Volume III presents empirical evidence on the valuation of debt instruments as well as applications of the CCA to various financial arrangements. The papers in Volume IV show how to apply the CCA to analyze sovereign credit risk, contingent convertible bonds (CoCos), deposit insurance and loan guarantees. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: Corporate Debt Valuation with CCAVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Empirical Testing and Applications of CCAVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: Contingent Claims Approach for Banks and Sovereign DebtVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).
