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Relevant bibliographies by topics / Convertible securities

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Academic literature on the topic 'Convertible securities'

Author: Grafiati

Published: 4 June 2021

Last updated: 30 July 2024

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Journal articles on the topic "Convertible securities"

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Pagli, John M. "Convertible Securities Hedging." Journal of Alternative Investments 2, no. 4 (March 31, 2000): 42–49. http://dx.doi.org/10.3905/jai.2000.318976.

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Cowan, Arnold R., Nandkumar Nayar, and Ajai K. Singh. "Underwriting calls of convertible securities." Journal of Financial Economics 31, no. 2 (April 1992): 269–78. http://dx.doi.org/10.1016/0304-405x(92)90006-j.

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Barua, S. K., and V. Raghunathan. "Convertible Securities and Implied Options." Vikalpa: The Journal for Decision Makers 15, no. 4 (October 1990): 23–28. http://dx.doi.org/10.1177/0256090919900403.

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The Indian capital market lacks an organized futures and options market. The investors are, therefore, not able to manage their portfolio risks effectively. In this article, S K Barua and V Raghunathan examine the possibility of introducing call and put options in a limited way by making modifications in the terms of issue of convertible debentures and equity. According to them, this will reduce the need for government interventions in the primary market and provide greater investor protection without compromising market efficiency.

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Finnerty, John D., Jie Jiao, and An Yan. "Convertible securities in merger transactions." Journal of Banking & Finance 36, no. 1 (January 2012): 275–89. http://dx.doi.org/10.1016/j.jbankfin.2011.07.003.

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Earl, John H. "Convertible Securities Hedging: A Case Study." CFA Digest 30, no. 4 (November 2000): 81–83. http://dx.doi.org/10.2469/dig.v30.n4.785.

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Brown, Stephen J., Bruce D. Grundy, Craig M. Lewis, and Patrick Verwijmeren. "Hedge Fund Involvement in Convertible Securities." Journal of Applied Corporate Finance 25, no. 4 (December 2013): 60–73. http://dx.doi.org/10.1111/jacf.12043.

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Schmidt, Klaus M. "Convertible Securities and Venture Capital Finance." Journal of Finance 58, no. 3 (May 6, 2003): 1139–66. http://dx.doi.org/10.1111/1540-6261.00561.

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Marquardt, Carol A., and Christine I. Wiedman. "Disclosure, Incentives, and Contingently Convertible Securities." Accounting Horizons 21, no. 3 (September 1, 2007): 281–94. http://dx.doi.org/10.2308/acch.2007.21.3.281.

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We present descriptive evidence on the quality of firms' disclosures related to contingently convertible securities (COCOs). We document evidence of inconsistent and inadequate disclosure of the information necessary to undo the financial reporting effects associated with COCOs prior to 2004, when only the general disclosure requirements on capital structure provided in SFAS 129 were in effect. Disclosure quality improved after the introduction of FASB Staff Position 129-a, which specifically required firms to disclose the terms of COCOs that would enable users to understand the conversion features of COCOs and their potential impact on earnings per share (EPS). However, we find evidence that managerial incentives significantly affect disclosure quality in both disclosure regimes. Our results underscore the difficulty that standard setters face in developing general disclosure guidelines that foster adequate disclosure and suggest that additional specific disclosure guidance may be necessary as new financial instruments and transactions evolve.

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Kravchuk, I. S. "FEATURES OF ISSUE BANKING CONTINGENT CONVERTIBLE SECURITIES." Financial and credit activity: problems of theory and practice 2, no. 25 (June 29, 2018): 36–46. http://dx.doi.org/10.18371/fcaptp.v2i25.120759.

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Jiao, Jie, and An Yan. "CONVERTIBLE SECURITIES AND HETEROGENEITY OF INVESTOR BELIEFS." Journal of Financial Research 38, no. 2 (June 2015): 255–82. http://dx.doi.org/10.1111/jfir.12059.

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Dissertations / Theses on the topic "Convertible securities"

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Verwijmeren, Patrick. "Empirical essays on debt, equity, and convertible securities." [Rotterdam] : Rotterdam : Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam ; Erasmus University [Host], 2008. http://hdl.handle.net/1765/14312.

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Garcia, Feijóo Luis. "Exercise of growth options : empirical implications for corporate financing decisions and for the cross-section of equity returns /." free to MU campus, to others for purchase, 2001. http://wwwlib.umi.com/cr/mo/fullcit?p3025620.

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Tan, Juan Edward Banking &amp Finance Australian School of Business UNSW. "The announcement effect of private placements of hybrid securities in Australia." Awarded by:University of New South Wales. Banking and Finance, 2004. http://handle.unsw.edu.au/1959.4/20549.

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This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.

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Wehrhahn, Torsten. "Finanzierungsinstrumente mit Aktienerwerbsrechten : die gesellschaftsrechtlichen Grundlagen von Convertible Securities und wandelbaren Wertpapieren in Deutschland und den USA /." Berlin : Duncker & Humblot, 2004. http://www.gbv.de/dms/spk/sbb/recht/toc/379087707.pdf.

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Suchard, Jo-Ann Clair Banking &amp Finance Australian School of Business UNSW. "The use of hybrid securities to raise capital in Australian listed markets." Awarded by:University of New South Wales. School of Banking and Finance, 2001. http://handle.unsw.edu.au/1959.4/30377.

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Studies on the use of hybrid securities by listed firms to raise capital in international markets have been limited. The existing evidence on the seasoned capital raising process has concentrated on straight equity and debt issues in the United States (US) market. The Australian market provides a unique comparative capital raising environment as it has a number of operating and structural features that are different to many other markets. These differences include the method of issuing securities (rights issues), underwriting contracts (standby contracts), the trading volume of securities (thin trading), the industry makeup of listed firms (a high number of resource firms) and characteristics of capital raising instruments (convertible debt is non callable and is the only type of listed debt instrument, options are used as stand alone instruments to raise capital). This research focuses on how these differences give rise to differences in the share price reaction to security issues, the relevant explanations of the share price reaction, the security choice decision and the demand for underwriter services in the Australian market, compared to other markets. The impact of the announcement of hybrid security issues is examined using event study methodology adjusted for thin trading (as per Maynes and Rumsey(1993). Australian markets have differing characteristics to international markets including differing issue and issuer characteristics of hybrid security issues. However, the announcement effect evidence for Australian hybrid issues is consistent with international evidence for convertible debt issues but is inconsistent for company issued options and preference shares. Announcements of convertible debt are met with a significant negative share market response, a positive pre announcement runup and negative post announcement dnft, similar to US and UK issues. Although the announcement of an option issue can be viewed as an issue of delayed equity, option issues are met with a significant positive share price response rather than the negative share price response found for international equity issues. Announcements of preference share issues are met with an insignificant positive share price response which is in contrast to US and UK results. The results of the analysis of the explanation of the announcement effect of issuing new hybrid securities in the Australian market, suggest that different variables are significant explanators for the Australian market compared to international markets. The results of the models developed for the explanations of the announcement effect of Australian hybrid issues differ across security type. In general, the results for Australian issues of hybrid securities provide the greatest support for variants of the information asymmetry hypothesis. Convertible debt issues are best explained by the general information asymmetry hypothesis and the information asymmetry : external monitoring hypothesis. Option issues are best explained by information asymmetry : rights issues information asymmetry : signalling and agency cost hypotheses. Preference share issues are best explained by information asymmetry : rights issues, information asymmetry : external monitoring and the information asymmetry : signalling hypothesis. The security choice decision between hybrid securities is examined using logit regression analysis. When the choice is restricted to options and convertible debt, firms with high financial risk (leverage) and firm nsk (share volatility) are more likely to issue equity or in this study, equity like securities (options) and firms with higher pre announcement returns and larger issue size are more likely to issue debt or debt like securities (convertible debt). When the choice is extended to include preference shares, firms with high firm risk are more likely to choose options and firms making a relatively large issue are less likely to choose options (when financial risk is measured as long term debt over total assets) or more likely to choose convertible debt (when financial risk is measured as long term debt over equity). The determinants of underwriter use are examined using logit regression analysis for option issues as they are the only type of hybrid instruments that are not mostly underwritten. The results for the demand for underwriter services show that issue size, trading frequency and market risk are the determinants of the use of underwriters for Australian option issuers. This implies that mangers are more likely to choose to use an underwriter, the higher the amount of capital to be raised, the higher the trading frequency of the shares and the lower the market risk. The results are similar to partial results found for New Zealand and Norwegian equity issues where subscription price discount, issue size, firm risk, trading frequency, shareholder concentration and shareholder precommitments are determinants of underwriter use.

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Ketzler, Rolf. "Bewertung von Bezugsrechten auf convertible securities : eine theoretische und empirische Analyse /." Wiesbaden : Dt. Univ.-Verl, 2005. http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&doc_number=013198632&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA.

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Garisch, Simon Edwin. "Convertible bond pricing with stochastic volatility : a thesis submitted to the Victoria University of Wellington in fulfilment of the requirements for the degree of Masters in Finance /." ResearchArchive@Victoria e-thesis, 2009. http://hdl.handle.net/10063/1100.

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Loriato, Leandro Amato. "Convertible bond pricing: a Monte Carlo approach." reponame:Repositório Institucional do BNDES, 2014. https://web.bndes.gov.br/bib/jspui/handle/1408/7001.

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Convertible Bonds are interesting hybrid instruments with debt- and equity-like features that have received increasing attention for the last years, especially after the sub-prime mortgage crisis in 2008. This work aims at presenting the main concept behind those instruments, its related features and pricing issues, exhibiting in a constructive manner, from simple products to complex ones, how one may model and price them. To deal with the possibility of American exercises, we implement least-squared and hedged Monte Carlo pricing methods. A clear, flexible, extensible and ready-to-use code implementation for the proposed pricing framework is provided together with some examples of contracts. A discussion of attained numerical results is also presented.
Debêntures Conversíveis são interessantes instrumentos híbridos com características de títulos de dívida e de ações que têm recebido atenção crescente nos últimos anos, especialmente após a crise imobiliária americana em 2008. Esse trabalho tem por objetivo apresentar o conceito principal por trás desses instrumentos, suas características e dificuldades de precificação, exibindo de forma construtiva, de produtos simples a outros mais complexos, como alguém consegue modelar e precificá-los. Para lidar com a possibilidade de exercícios Americanos, implementamos os métodos de precificação de Monte Carlo com mínimos quadrados e com cobertura de risco. Uma implementação clara, flexível, extensível e pronta para uso para o framework de precificação proposto é apresentada com alguns exemplos de contratos. Uma discussão de resultados numéricos encontrados também é apresentada.
Dissertação (mestrado) - Instituto Nacional de Matemática Pura e Aplicada, Rio de Janeiro, 2014.

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Obadia, Emmanuel. "The mispricing of reverse convertible the case of ABN Amro's Rex in the U.S. O.T.C. market /." View electronic thesis (PDF), 2009. http://dl.uncw.edu/etd/2009-2/rp/obadiae/emmanuelobadia.pdf.

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Abdul, Rahim Norhuda. "A study on the market reaction to hybrid securities announcements." Thesis, University of Stirling, 2012. http://hdl.handle.net/1893/12551.

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The thesis presents three studies that focus on the wealth effects of hybrid securities namely: convertible bonds and warrant-bonds. The wealth effects of these hybrid securities are investigated through both meta-analysis and event-studies. Chapter 2 incorporates a review of the literature on wealth effects associated with the announcement of convertible bonds and warrant-bond loans. The findings of 35 event studies, which include 84 sub-samples and 6,310 announcements, are analysed using meta-analysis. A mean cumulative abnormal return of 1.14% for convertible bonds compared with 0.02% for warrant-bonds are observed, the significant difference confirming a relative advantage for warrant-bonds. Abnormal returns for hybrid securities issued in the United States are significantly more negative than for those issued in other countries. In addition, issuing hybrid securities to refund debt does not seem to be favoured by investors. Finally, several factors identified as important by theory or in prior research are not significant within the cross-study models, suggesting that more evidence is needed to confirm whether they are robust. Chapter 3 presents a study that examines the market reaction to hybrid security announcements in an emerging country, specifically Malaysia, from January 1996 to December 2009. The results indicate that announcements of the intention to issue convertible bonds in Malaysia are associated with significantly negative abnormal returns of 1.10% (significant at the 10% level) on the event window of (-1, 1). On the other hand, announcements of the intention to issue warrant-bonds document significantly positive abnormal returns of 2.25% (significant at the 10% level) on the same event window. The ‘univariate’ test confirms that the wealth effects associated with the announcement of the intention to issue warrant-bonds is larger (i.e., more positive) than convertible bonds in line with few studies in different markets: Japan (Kang, Kim, Park, and Stulz, 1995), the Netherlands (De Roon and Veld, 1998), and German (Gebhardt, 2001). Non-significant abnormal returns of 0.81% and 0.23% on the event window ( 1, 1) are reported for announcements of hybrid securities by means of private placements and rights offerings, respectively, contradict with the ‘certification hypothesis’ of Hertzel and Smith (1993), and ‘signalling hypothesis’ of Heinkel and Schwartz (1986). This chapter also finds that there is no support for ‘information-signalling’ hypothesis (Ross, 1977), as non-significant abnormal returns are observed in the event window ( 1, 1) for announcements of hybrid securities for all purposes of offering (i.e., debt restructuring, mergers and acquisitions, capital expenditure, and working capital). These findings also highlight that listed firms in Malaysia with high risk uncertainty contribute to more negative abnormal returns in comparison to lower risk uncertainty firms, which contradicts with the ‘risk uncertainty hypothesis’. The final study presented in this thesis, Chapter 4, considers the wealth effects of hybrid security announcements in a developed country, the United Kingdom. This third study investigates the wealth effects of announcements of the intention to issue convertible bonds in the UK market over a period from January 1990 until July 2010. The study period also allows for an investigation on the market reaction to announcements of convertible bonds during the financial crisis that started in August 2007. Using the standard event study methodology, a negative abnormal return of 1.75% (significant at the 5% level) on the two-day event window is reported, confirming the findings of previous UK studies (Abyhankar and Dunning, 1999, and Wolf et al., 1999) which are also in line with studies performed using data from other countries such as US, Canada, Australia, and others. There are no significant differences between the results of the sub-samples before and during the financial crisis, suggesting that the economic conditions do not influence the market response. The results of the event study and the multivariate analysis in this chapter are consistent with the ‘market timing hypothesis’ implying that managers in the UK announce their intention to issue convertible bonds after a period of good stock price performance.

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Books on the topic "Convertible securities"

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G, Minot Winthrop, Glynn Laura C, Rosenblum Howard S, and Massachusetts Continuing Legal Education, Inc. (1982- ), eds. Warrants and convertible securities. Boston, MA: MCLE, 1992.

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Ketzler, Rolf. Bewertung von Bezugsrechten auf Convertible Securities. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8.

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Pritchard, Jeffrey J. Low risk high performance investing with convertible bonds: Profit making strategies for identifying and trading convertible securities. New York: Harper & Row, 1990.

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Great Britain. Board of Inland Revenue. Convertible and indexed securities: The tax treatment of convertible and equity indexed securities : a consultative document. London: Board of Inland Revenue, 1989.

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Domenichini, Giovanni. Le obbligazioni convertibili in azioni. Milano: A. Giuffrè, 1993.

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Ingh, F. J. P. van den., ed. Converteerbare obligaties en aandelen. Deventer: Kluwer, 1993.

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Nelson, Wayne F. The best kept secret on Wall Street: How to invest in convertible securities like the pros. [Chicago, Ill.]: Dearborn Financial Pub., 1993.

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McGuire, Simon R. The handbook of convertibles. New York: New York Institute of Finance, 1991.

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C, Christoph Susan, and Noddings John G, eds. The international handbook of convertible securities: A global guide to the convertible market. Chicago: Glenlake Pub. Co., 1998.

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C, Christoph Susan, and Noddings John G, eds. The international handbook of convertible securities: A global guide to the convertible market. 2nd ed. Chicago: Glenlake Pub. Co., 2001.

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Book chapters on the topic "Convertible securities"

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Liberadzki, Kamil, and Marcin Liberadzki. "Contingent Convertible Bonds Pricing." In Hybrid Securities, 163–81. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1007/978-1-137-58971-2_16.

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Ketzler, Rolf. "Grundlagen zur Emission von Convertible Securities." In Bewertung von Bezugsrechten auf Convertible Securities, 5–19. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_2.

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Ketzler, Rolf. "Empirische Analyse von Bezugsrechten auf Convertible Securities." In Bewertung von Bezugsrechten auf Convertible Securities, 79–122. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_6.

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Ketzler, Rolf. "Einleitung." In Bewertung von Bezugsrechten auf Convertible Securities, 1–3. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_1.

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Ketzler, Rolf. "Bezugsrechte auf Aktien." In Bewertung von Bezugsrechten auf Convertible Securities, 21–33. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_3.

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Ketzler, Rolf. "Bewertung von Bezugsrechten als bedingter Anspruch nach Merton." In Bewertung von Bezugsrechten auf Convertible Securities, 35–58. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_4.

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Ketzler, Rolf. "Bewertung von Bezugsrechten nach Black & Scholes." In Bewertung von Bezugsrechten auf Convertible Securities, 59–78. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_5.

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Ketzler, Rolf. "Zusammenfassung der Ergebnisse." In Bewertung von Bezugsrechten auf Convertible Securities, 123–24. Wiesbaden: Deutscher Universitätsverlag, 2005. http://dx.doi.org/10.1007/978-3-322-82077-8_7.

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Liberadzki, Marcin, and Kamil Liberadzki. "Corporate Hybrid Securities and Preferred Shares." In Contingent Convertible Bonds, Corporate Hybrid Securities and Preferred Shares, 167–210. Cham: Springer International Publishing, 2019. http://dx.doi.org/10.1007/978-3-319-92501-1_5.

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Robak, Espen, and Angelina McKedy. "LiquiStat Database (Restricted Stocks, Options, Warrants, and Convertible Securities)." In Business Valuation Discounts and Premiums, 113–17. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119197539.ch7.

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Conference papers on the topic "Convertible securities"

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Bielecki, Tomasz R., Stephane Crepey, Monique Jeanblanc, and Marek Rutkowski. "Arbitrage Pricing of Convertible Securities with Credit Risk." In Proceedings of the 45th IEEE Conference on Decision and Control. IEEE, 2006. http://dx.doi.org/10.1109/cdc.2006.377343.

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Zeņķis, Pauls. "Subordinētās obligācijas – jēdziens un būtība." In Latvijas Universitātes 80. starptautiskā zinātniskā konference. LU Akadēmiskais apgāds, 2022. http://dx.doi.org/10.22364/juzk.80.09.

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A bond is a debt security, under which its issuer undertakes to repay to the bondholder the principal of the bond and the interest (the coupon) at a specified point in time, that is to be considered as the extinguishing of bonds. Bonds have several types: bonds issued by the public sector, bonds issued by capital companies, publicly available bonds, private bonds, convertible bonds, subordinated bonds, etc. In economic circulation, subordinated bonds are widespread securities. The subordinated obligation in the subordinated bond distinguishes the subordinated bond from other bonds. At the same time, the underlying relationship entails significant risks for the performance of the obligations arising from the bond, which is outweighed by higher profitability of such bonds.

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