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Book Description
[Résumé en français] Cette thèse s'intéresse aux décisions d'émission des obligations convertibles et à leurs politiques de remboursement anticipé. En premier lieu, plusieurs types de validations empiriques ont permis l'évaluation de différentes justifications à l'émission de tels titres. Ces observations confirment l'utilisation de convertibles pour limiter la présence d'asymétrie d'information, et dans une moindre mesure, pour répondre à un besoin de financement séquentiel et d'asymétrie de la perception du risque. Par contre, la recherche de réduction des coûts d'agence n'explique qu'une faible minorité des cas d'utilisation de convertibles. En second lieu, dans le cadre de l'analyse des stratégies de remboursement anticipé, une méthodologie reposant sur la construction d'arbres binomiaux a permis l'évaluation d'un seuil implicite de déclenchement du remboursement. Enfin, les tests empiriques des causes de report de la décision de remboursement anticipé montrent que les émetteurs tiennent principalement à éviter tout risque d'échec de l'opération de conversion forcée. Approfondissant cette voie, la construction d'un modèle de couverture contre ce risque d'échec permet d'en évaluer le coût. Il apparaît alors que ce coût est dérisoire, prouvant ainsi que, loin de viser un objectif de maximisation de la valeur des actionnaires en remboursant au plus tôt, les dirigeants s'efforcent surtout à n'annoncer un remboursement anticipé que si le risque d'échec de l'opération de conversion forcée est pratiquement nul.
Book Description
[Résumé en français] Cette thèse s'intéresse aux décisions d'émission des obligations convertibles et à leurs politiques de remboursement anticipé. En premier lieu, plusieurs types de validations empiriques ont permis l'évaluation de différentes justifications à l'émission de tels titres. Ces observations confirment l'utilisation de convertibles pour limiter la présence d'asymétrie d'information, et dans une moindre mesure, pour répondre à un besoin de financement séquentiel et d'asymétrie de la perception du risque. Par contre, la recherche de réduction des coûts d'agence n'explique qu'une faible minorité des cas d'utilisation de convertibles. En second lieu, dans le cadre de l'analyse des stratégies de remboursement anticipé, une méthodologie reposant sur la construction d'arbres binomiaux a permis l'évaluation d'un seuil implicite de déclenchement du remboursement. Enfin, les tests empiriques des causes de report de la décision de remboursement anticipé montrent que les émetteurs tiennent principalement à éviter tout risque d'échec de l'opération de conversion forcée. Approfondissant cette voie, la construction d'un modèle de couverture contre ce risque d'échec permet d'en évaluer le coût. Il apparaît alors que ce coût est dérisoire, prouvant ainsi que, loin de viser un objectif de maximisation de la valeur des actionnaires en remboursant au plus tôt, les dirigeants s'efforcent surtout à n'annoncer un remboursement anticipé que si le risque d'échec de l'opération de conversion forcée est pratiquement nul.
Author: Austin M 1876-1956 Patterson Publisher: Scholar Select ISBN: 9781296567972 Category : Languages : en Pages : 340
Book Description
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.
Author: Alison Sammel Publisher: Springer ISBN: 9789811548376 Category : Education Languages : en Pages : 214
Book Description
This book provides invaluable guidance for community, school and university-based educators who are evaluating their educational philosophies and practices to support Indigenizing education. The examples from Australia and Canada shared in this book illustrate how Indigenous and non-Indigenous educators have worked together to Indigenize their educational practices, showcasing community empowerment and reconciliation agendas. It also enables beginning educators to gain a meaningful and critical understanding of what Indigenizing education can mean in their own future practice.
Author: Janet Roitman Publisher: Princeton University Press ISBN: 0691187045 Category : Social Science Languages : en Pages : 254
Book Description
Fiscal Disobedience represents a novel approach to the question of citizenship amid the changing global economy and the fiscal crisis of the nation-state. Focusing on economic practices in the Chad Basin of Africa, Janet Roitman combines thorough ethnographic fieldwork with sophisticated analysis of key ideas of political economy to examine the contentious nature of fiscal relationships between the state and its citizens. She argues that citizenship is being redefined through a renegotiation of the rights and obligations inherent in such economic relationships. The book centers on a civil disobedience movement that arose in Cameroon beginning in 1990 ostensibly to counter state fiscal authority--a movement dubbed Opération Villes Mortes by the opposition and incivisme fiscal by the government (which for its part was eager to suggest that participants were less than legitimate citizens, failing in their civic duties). Contrary to standard approaches, Roitman examines this conflict as a "productive moment" that, rather than involving the outright rejection of regulatory authority, questioned the intelligibility of its exercise. Although both militarized commercial networks (associated with such activities trading in contraband goods including drugs, ivory, and guns) and highly organized gang-based banditry do challenge state authority, they do not necessarily undermine state power. Contrary to depictions of the African state as "weak" or "failed," this book demonstrates how the state in Africa manages to reconstitute its authority through networks that have emerged in the interstices of the state system. It also shows how those networks partake of the same epistemological grounding as does the state. Indeed, both state and nonstate practices of governing refer to a common "ethic of illegality," which explains how illegal activities are understood as licit or reasonable conduct.
Author: Jane I. Guyer Publisher: University of Chicago Press ISBN: 9780226311159 Category : Business & Economics Languages : en Pages : 240
Book Description
In America, almost all the money in circulation passes through financial institutions every day. But in Nigeria's "cash and carry" system, 90 percent of the currency never comes back to a bank after it's issued. What happens when two such radically different economies meet and mingle, as they have for centuries in Atlantic Africa? The answer is a rich diversity of economic practices responsive to both local and global circumstances. In Marginal Gains, Jane I. Guyer explores and explains these often bewildering practices, including trade with coastal capitalism and across indigenous currency zones, and within the modern popular economy. Drawing on a wide range of evidence, Guyer demonstrates that the region shares a coherent, if loosely knit, commercial culture. She shows how that culture actually works in daily practice, addressing both its differing scales of value and the many settings in which it operates, from crisis conditions to ordinary household budgets. The result is a landmark study that reveals not just how popular economic systems work in Africa, but possibly elsewhere in the Third World.
Author: Catherine Barnard Publisher: Bloomsbury Publishing ISBN: 184731869X Category : Law Languages : en Pages : 337
Book Description
The Cambridge Yearbook of European Legal Studies provides a forum for the scrutiny of significant issues in EU Law, the law of the European Convention on Human Rights, and Comparative Law with a 'European' dimension, and particularly those issues which have come to the fore during the year preceding publication. The contributions appearing in the collection are commissioned by the Centre for European Legal Studies (CELS) Cambridge, a research centre in the Law Faculty of the University of Cambridge specialising in European legal issues. The papers presented are at the cutting edge of the fields which they address, and reflect the views of recognised experts drawn from the University world, legal practice, and the institutions of both the EU and its Member States. Inclusion of the comparative dimension brings a fresh perspective to the study of European law, and highlights the effects of globalisation of the law more generally, and the resulting cross fertilisation of norms and ideas that has occurred among previously sovereign and separate legal orders. The Cambridge Yearbook of European Legal Studies is an invaluable resource for those wishing to keep pace with legal developments in the fast moving world of European integration. INDIVIDUAL CHAPTERS Please click on the link below to purchase individual chapters from Volume 13 through Ingenta Connect: www.ingentaconnect.com SUBSCRIPTION TO SERIES To place an annual online subscription or a print standing order through Hart Publishing please click on the link below. Please note that any customers who have a standing order for the printed volumes will now be entitled to free online access. www.hartjournals.co.uk/cyels/subs Editorial Advisory Board: Albertina Albors-Llorens, John Bell, Alan Dashwood, Simon Deakin, David Feldman, Richard Fentiman, Angus Johnston, John Spencer Founding Editors: Alan Dashwood and Angela Ward Ius Commune Prize 2012 Alexandre Saydé wrote Chapter 15 in this volume entitled: 'One Law, Two Competitions: An Enquiry into the Contradictions of Free Movement Law' and we are delighted to announce that he has been awarded the Ius Commune Prize 2012.
Author: Christophe Hénot
Author: Christophe Hénot
Author: Austin M 1876-1956 Patterson
Author: Hermann Michaelis
Author: Philostratus (the Athenian)
Author: Alison Sammel
Author: J A De Moor
Author: Robert Wodrow
Author: Janet Roitman
Author: Jane I. Guyer
Author: Catherine Barnard