Author: James A. Gentry
Publisher:
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 Common Stock, Convertible Bonds and Straight Debt
Author: James A. Gentry
Publisher:
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.
Publisher:
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: Joseph T. Mahoney
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 648
Book Description
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 648
Book Description
An Empirical Study of the Corporate Choice Among Equity, Convertible Bonds and Straight Debt
Convertible Bonds and Convertible Preferred Stock
Author: Herbert Nathaniel Watkins
Publisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 410
Book Description
Publisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 410
Book Description
An Empirical Analysis of the Choice Among Issuing Straight Debt, Equity, and Equity-linked Debt Securities
Author: David McNeil Smith
Publisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 314
Book Description
Publisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 314
Book Description
Valuing Convertible Bonds Under the Assumption of Stochastic Interest Rates
Author: Peter Carayannopoulos
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 42
Book Description
Handbook of Hybrid Instruments
Author: Israel Nelken
Publisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 272
Book Description
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.
Publisher: John Wiley & Sons
ISBN:
Category : Business & Economics
Languages : en
Pages : 272
Book Description
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.
An Empirical Study of Differences in Primary Earnings Per Share Under Alternative Criteria for Deciding Common Stock Equivalency of Convertible Bonds
On the Design of Convertible Bonds
Author: A. Arun Kumar
Publisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 46
Book Description
Publisher:
ISBN:
Category : Convertible bonds
Languages : en
Pages : 46
Book Description
The Oxford Guide to Financial Modeling
Author: Thomas S. Y. Ho
Publisher: Oxford University Press
ISBN: 9780199727704
Category : Business & Economics
Languages : en
Pages : 770
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.
Publisher: Oxford University Press
ISBN: 9780199727704
Category : Business & Economics
Languages : en
Pages : 770
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.