Author: Hei Wai LeePublisher:
ISBN:
Category :
Languages : en
Pages : 28
Book Description
An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt
Author: Hei Wai LeeAn Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt
Author: Hei-Wai LeeAn Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt
Author: Joseph T. MahoneyPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 648
Book Description
An Empirical Study of the Corporate Choice Among Common Stock, Convertible Bonds and Straight Debt
Author: James A. GentryPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
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.
An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt
Author: Asani SarkarAn Empirical Analysis of the Choice Among Issuing Straight Debt, Equity, and Equity-linked Debt Securities
Author: David McNeil SmithPublisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 314
Book Description
Valuing Convertible Bonds Under the Assumption of Stochastic Interest Rates
Author: Peter CarayannopoulosPublisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Cross-sectional Determinants of Convertible Debt Issues of the U.S. and Japanese Firms
Author: Wonil LeePublisher:
ISBN:
Category : Convertible securities
Languages : en
Pages : 162
Book Description
An Empirical Analysis of the Determinants and Pricing of Corporate Bond Clawbacks
Author: Kenneth N. DanielsPublisher:
ISBN:
Category :
Languages : en
Pages : 45
Book Description
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.
The Oxford Guide to Financial Modeling
Author: Thomas S. Y. HoPublisher: Oxford University Press
ISBN: 0199923981
Category : Business & Economics
Languages : en
Pages : 762
Book Description
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.