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Letteratura scientifica selezionata sul tema "Convertible debt"

Autore: Grafiati

Pubblicato: 4 giugno 2021

Ultima modifica: 10 febbraio 2022

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Articoli di riviste sul tema "Convertible debt"

III, Wallace N. Davidson, John L. Glascock e Thomas V. Schwartz. "Signaling with Convertible Debt". Journal of Financial and Quantitative Analysis 30, n. 3 (settembre 1995): 425. http://dx.doi.org/10.2307/2331349.

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Koziol, Christian. "Optimal Debt Service: Straight vs. Convertible Debt". Schmalenbach Business Review 58, n. 2 (aprile 2006): 124–51. http://dx.doi.org/10.1007/bf03396726.

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Schneider, Douglas K., Dan Schisler, Mark G. McCarthy e J. Larry Hagler. "Equity Classification Of Convertible Debt?: Tax And Cash Flows Considerations". Journal of Applied Business Research (JABR) 11, n. 4 (13 settembre 2011): 64. http://dx.doi.org/10.19030/jabr.v11i4.5849.

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The issue of debt versus equity classification for hybrid securities has been a source of continuing controversy for tax policy-makers and financial accounting standard setters. A large number of corporations have issued hybrid financial instruments which possess the characteristics of both debt and equity. One of the most common examples of hybrid financial instruments is convertible debt. Issuers of convertible debt were motivated by a desire to raise capital that would be attractive to the capital markets while at the same time exploit tax or reporting rules. For instance, the issuer of convertible debt is allowed a tax deduction for interest expense even though the convertible debt instrument may later be converted to equity, thus avoiding repayment of principal at maturity. The Internal Revenue Service (IRS) allows the issuer a tax deduction for interest expense, while requiring the holder to recognize taxable interest income. However, the IRS and the Financial Accounting Standards Board (FASB) have considered treating convertible debt according to its underlying economic substance and ultimate outcome as opposed to treating it strictly as debt. If the IRS, the FASB, or both were to move towards an economic substance approach with respect to convertible debt, what implications would this have on the issuers and holders of convertible debt? This article speculates on changes in tax and reporting rules for convertible debt and analyzes the potential impact of such changes on the treatment of distributions from convertible debt. Our analysis shows that if convertible debt were treated as equity and its distributions no longer eligible for interest expense deductions, issuers would experience a decrease in cash flow from operations due to the presumed increase in tax liability. Conversely, holders of convertible debt may be eligible for the dividends-received deduction.

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François, Pascal, Georges Hübner e Nicolas Papageorgiou. "Strategic Analysis of Risk-Shifting Incentives with Convertible Debt". Quarterly Journal of Finance 01, n. 02 (giugno 2011): 293–321. http://dx.doi.org/10.1142/s2010139211000079.

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Convertible debt eliminates asset substitution in a one-period setting (Green, 1984). But convertible debt terms are usually set before the asset substitution opportunity. This allows shareholders and convertible debtholders to play a strategic noncooperative game. Two risk-shifting Nash equilibria are attainable: pure asset substitution when, despite no conversion, shareholders benefit from shifting risk, and strategic conversion when, despite early conversion, convertible debtholders expropriate wealth from straight debtholders. Even when initial convertible debt is designed to minimize the risk-shifting likelihood, the risk of asset substitution remains economically substantial — contrasting with the agency theoretic rationale for issuing convertible debt.

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Akono, Henri. "Managerial equity incentives and anti-dilutive convertible debt decisions". Review of Accounting and Finance 17, n. 3 (13 agosto 2018): 341–58. http://dx.doi.org/10.1108/raf-12-2016-0201.

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PurposeThis paper aims to examine whether high equity incentives motivate executives to avoid issuing convertible debt and/or to design convertible debt issues as anti-dilutive to earnings-per-share (EPS).Design/methodology/approachTests are conducted using the Heckman two-step probit model to control for potential self-selection bias between firms that issue straight debt and those that issue convertible debt. Further, analyses are conducted separately and jointly for the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) to assess the differential impact of CEOs’ and CFOs’ equity incentives on convertible debt issuance and design decisions.FindingsFirms are more likely to design convertible debt issues as anti-dilutive to EPS when CFOs have high levels of equity incentives, but only when the firm stock price is sensitive to diluted EPS. High CEOs’ equity incentives have limited impact of convertible debt issuance and design decisions.Research limitations/implicationsThe main limitation of this study is the generalizability of the findings and implications of this study due to the smaller sample size of convertible debt issues.Originality/valuePrior research has shown that bonus incentives influence CEOs with disincentive for EPS dilution and motivate them to make anti-dilutive financing decisions. Further, there is evidence that high equity incentives motivate CEOs to manage earnings to boost short-term prices. This study extends prior literature by showing that high equity incentives provide executives with disincentive for EPS dilution and motivate CFOs to design convertible debt issues as anti-dilutive to EPS possibly to avoid reduced stock prices. Further, this study shows that CFOs have greater influence over convertible debt design choices than CEOs do.

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Ritter, A. R. M. "Cuba’s convertible currency debt problem". CEPAL Review 1988, n. 36 (31 dicembre 1988): 117–40. http://dx.doi.org/10.18356/1009d6ae-en.

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Lyandres, Evgeny, e Alexei Zhdanov. "Convertible debt and investment timing". Journal of Corporate Finance 24 (febbraio 2014): 21–37. http://dx.doi.org/10.1016/j.jcorpfin.2013.06.006.

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Dorion, Christian, Pascal François, Gunnar Grass e Alexandre Jeanneret. "Convertible debt and shareholder incentives". Journal of Corporate Finance 24 (febbraio 2014): 38–56. http://dx.doi.org/10.1016/j.jcorpfin.2013.10.008.

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Mann, Steven V., William T. Moore e Pradipkumar Ramanlal. "Timing of Convertible Debt Issues". Journal of Business Research 45, n. 1 (maggio 1999): 101–5. http://dx.doi.org/10.1016/s0148-2963(98)00007-1.

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Harikumar, T., P. Kadapakkam e Ronald F. Singer. "CONVERTIBLE DEBT AND INVESTMENT INCENTIVES". Journal of Financial Research 17, n. 1 (marzo 1994): 15–29. http://dx.doi.org/10.1111/j.1475-6803.1994.tb00171.x.

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Più fonti

Tesi sul tema "Convertible debt"

Bremser, Albert W. "Two Essays on Convertible Debt". Diss., Virginia Tech, 1997. http://hdl.handle.net/10919/30327.

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This dissertation examines two different topics related to the issuance of a convertible debt security. The first essay addresses the question of how managers set the equity value in a convertible debt issue. A convertible debt security has value derived from an equity component and a debt component. As a result, managers must decide how much of the convertible debt's value will be derived from equity at issuance. I examine three hypotheses in addressing this question. Empirical evidence is provided supporting the assertion that managers issue more equity-like debt when the firm will have lower future operating performance and a greater potential for underinvestment. Empirical support is not found for managers take into consideration asset substitution concerns when setting the equity value in a convertible debt issue. The second essay examines why are abnormal returns negative for the equity during the convertible debt's issuance period. This has been documented by Dann and Mikkelson (1984), Mikkelson and Partch (1986, 1988), and also by this dissertation. I furnish evidence that is consistent with a bid-ask spread bias not causing the negative equity abnormal returns during the issuance period of a convertible debt security. Tests are also performed that provide results that are consistent with the issue period returns being partially due to a resolution of uncertainty.
Ph. D.

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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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Janjigian, Vahan. "The leverage changing consequences of convertible debt financing". Diss., Virginia Polytechnic Institute and State University, 1985. http://hdl.handle.net/10919/53882.

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Dann and Mikkelson (1984) report that the common stockholders of firms issuing convertible debt realize significantly negative returns upon the announcement of such financing. They further state that this observation is not consistent with the leverage hypothesis nor with the new financing models of Myers and Majluf (1984) and Miller and Rock (1982). This study also documents negative returns to the stockholders of convertible debt issuing firms on the announcement date. However, Dann and Mikkelson's assumption that the issuance of convertible debt increases financial leverage is questioned. A new convertible bond valuation model is proposed which valuates a convertible bond as the sum of its market perceived equity and straight debt components. Convertible bond rates of return are regressed on common stock and straight debt rates of return to demonstrate that convertible bonds have a large and significant equity component; often large enough to cause leverage decreasing changes to the issuing firm's capital structure. Furthermore, the perceived change in leverage is shown to be significant in explaining the announcement period excess returns realized by the stockholders of convertible issuing firms. In this way, negative announcement period excess returns are shown to be consistent with the leverage hypothesis. In addition, the results support the new financing model developed by Myers and Majluf.
Ph. D.

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Ziegan, Marius Christoph. "Essays on the determinants and costs of corporate security offerings". Thesis, University of Manchester, 2013. https://www.research.manchester.ac.uk/portal/en/theses/essays-on-the-determinants-and-costs-of-corporate-security-offerings(f687d966-21d1-46e0-987b-cf366b8ee456).html.

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This thesis presents three essays on the determinants and costs of corporate security offerings. The essays contribute to an ongoing debate in the literature on what determines firms’ security choice by examining the following issues: “Does corporate governance influence convertible debt issuance?”; “The signaling content of security offerings proceeds”; and “The costs of raising capital: New evidence.”In the first essay, we explore the influence of corporate governance on firms’ choice between equity, convertible debt and straight debt. For a sample of Western European corporate security offerings between 1999 and 2010, we find that firms with weaker firm- and country-specific corporate governance are more likely to issue convertible debt. They thus use convertible debt as a substitute for corporate governance, which is confirmed by a more favorable stock price reaction to convertible debt announcements by firms with weaker corporate governance. Moreover, these results suggest that corporate governance is a significant determinant of firms’ security choice. The second essay examines the determinants and signaling content of security offering proceeds, controlling for the endogeneity of issue size. For a sample of US equity, convertible debt and straight debt offerings between 1999 and 2011, the findings show that stockholders can partly predict issue size by analyzing firms’ funding needs and financing costs. We find that stockholders use predicted issue sizes of equity and convertible offerings as signals of growth opportunities, whilst larger than predicted issue sizes signal issuer overvaluation. For straight debt issues, we find that unpredicted issue sizes have a positive impact on announcement returns, which is consistent with them serving as a signal of growth opportunities. Further analysis of firms’ actual uses of predicted and unpredicted offering proceeds confirms these interpretations. The results shed light on previous inconsistent findings on the impact of issue size on security offering announcement returns. The final essay examines the magnitude and determinants of direct issuance costs, controlling for firms self-selecting into different security classes, namely equity, convertible bonds, and straight bonds, and flotation methods, namely non-shelf, shelf and 144a. For a recent sample of US corporate security offerings between 1999 and 2011, findings show that the magnitude of direct issuance costs has decreased over the last decade. These costs are higher for equity than straight bond offerings and of intermediate magnitude for convertible bond offerings. Within each security class, costs are larger for non-shelf than 144a offerings, which again have larger direct issuance costs than shelf offerings. Finally, underwriter spreads are directly related to underwriter effort on due diligence, pricing and selling, and direct issuance costs are truncated by firms’ self-selection into particular security types.

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Aguiar, Manuel Maria do Nascimento. "Contingent convertible debt: The case study of Banco Comercial Português". Master's thesis, NSBE - UNL, 2014. http://hdl.handle.net/10362/11687.

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Smith, David M. "An empirical analysis of the choice among issuing straight debt, equity, and equity-linked debt securities". Diss., Virginia Polytechnic Institute and State University, 1989. http://hdl.handle.net/10919/54431.

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This dissertation analyzes factors associated with the apparent decision that firms make when choosing a source of long-term capital. Straight debt, common stock, convertible debt, and units of debt with warrants (units) are included in the issuer’s opportunity set, with particular emphasis being placed on the choice between convertible debt and units. A unit of debt with warrants is a financial package consisting of a straight bond or note, and one or more common stock warrants. This study finds that issuers earn insignificant average abnormal returns around the announcement and issuance period for unit offerings, thus presenting units as a unique case of a "penalty-free" equity offering. Finnerty [1986] suggests that units may be structured in such a way as to create a synthetic convertible bond. He shows how a unit provides the issuer an advantage of a larger tax shield than does a comparatively structured convertible. The present study finds that the market views the tax advantage as being only marginally important. Also, a comparison of the terms of units and convertibles reveals that, in practice, units are not structured as synthetic convertible bonds. A cross—sectional analysis evaluates unit and convertible issuer abnormal returns in light of hypotheses that the securities reduce agency costs to the firm. The evidence is generally inconsistent with the agency cost reduction hypothesis. This study presents the first information about the valuation consequences of unit issuances and factors that may be related to the decision to make such offerings.
Ph. D.

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Fairchild, Richard. "Optimal long term financing". Thesis, University of Bristol, 2000. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.310694.

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Gutierrez, Ivan. "The Proper Accounting and Valuation of Convertible Debt in the Modern Market". Scholarship @ Claremont, 2012. http://scholarship.claremont.edu/cmc_theses/439.

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Under current GAAP principles convertible debt is valued and accounted for using an outdated practice. Only one aspect of these complex financial instruments are valued at a time resulting in flawed financial statements. Although the Accounting Principles Board agreed with this sentiment, originally proclaiming that both the debt and equity aspects be valued together, significant resistance by the public forced the Board to amend its Opinion to the current standard. In this paper three ratios that measure company performance and health will be tested against the amount of convertible debt in selected companies in the hopes that a correlation will be found that shows the impact of the current accounting method.

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Yoshida, Aki-joe. "New Evidence on the Stock Price Reaction Following Convertible Bond Issuance Announcements in Japan". Scholarship @ Claremont, 2015. http://scholarship.claremont.edu/cmc_theses/1100.

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This study examines the stock market reaction to new convertible bond (CB) issuing firms in Japan during the period 2009 to 2013. The evidence suggests that issuing firms experience significantly negative abnormal following the announcement dates. The relationship between certain firm characteristics and magnitude of market reaction is also studied. Firm size, leverage and book-to-market ratios are found to have no association with abnormal return following a CB announcement.

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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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Più fonti

Libri sul tema "Convertible debt"

Purdy, Derek E. Towards a comprehensive accounting for convertible debt. Reading: University of Reading. Department of Economics, 1990.

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Casson, Peter. Accounting for convertible debt: A fundamental financial instrument approach to accounting for convertible debt as a single instrument. Southampton: University of Southampton, 1996.

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Casson, Peter. Accounting for the cost of convertible debt: The case of single premium put convertibles. Southampton: Department of Accounting and Management Science, University of Southampton, 1991.

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Board, Financial Accounting Standards. Induced conversions of convertible debt: An amendment of APB Opinion no.26. Stamford, Conn: FASB, 1985.

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Lee, Hei-Wai. An empirical study of the corporate choice among equity, convertible bonds and straight debt: A cash flow interpretation. [Urbana, Ill.]: College of Commerce and Business Administration, University of Illinois at Urbana-Champaign, 1992.

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Lee, Hei Wai. An empirical study of the corporate choice among equity, convertible bonds and straight debt: A cash flow components approach. [Urbana, Ill.]: College of Commerce and Business Administration, University of Illinois at Urbana-Champaign, 1990.

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Wandelanleihen mit Pflichtwandlung im deutschen und US-amerikanischen Recht. Frankfurt am Main: P. Lang, 2000.

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Hybrid corporate securities: International legal aspects : preferred equity, convertible debt, perpetuals, options, warrants, transferable loans, subordination. London: Sweet & Maxwell, 1987.

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Reiser, Dana Brakman, e Steven A. Dean. From Form to Finance. Oxford University Press, 2017. http://dx.doi.org/10.1093/oso/9780190249786.003.0005.

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This chapter describes how social enterprise founders and investors can use financial instruments to credibly signal their double-bottom-line commitments to each other. Its main example is a contingent convertible debt instrument that would constrain both investors and entrepreneurs from unilaterally abandoning social mission in favor of profit. The instrument’s low yield and long term would reassure entrepreneurs by screening in only investors willing to sacrifice profit for social mission for a considerable period. Conversion rights triggered on the sale of founders’ equity would allow investors to trust founders not to sell out. In an IPO or sale before the instrument’s maturity, founders would lose a significant share of any profit to debtholders unless these lenders agreed to its terms. Through this example and others, the chapter shows how social entrepreneurs and impact investors can craft sophisticated financial instruments to overcome the trust deficit that would otherwise keep them apart.

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French, Derek, Stephen W. Mayson e Christopher L. Ryan. 12. Marketable loans. Oxford University Press, 2016. http://dx.doi.org/10.1093/he/9780198778301.003.0012.

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This chapter is about arrangements by which a company borrows a large sum of money long term from investors, who in turn expect to receive interest payments in addition to the principal. Marketable loans are typically issued in large quantities by financial institutions and specialist investors, and considered wholesale rather than retail investments, and the interests they generate are termed ‘debt securities’, ‘bonds’, or ‘debentures’. This chapter also discusses transfers of debt securities (except when they are convertibles), the nominal value of stocks, the duty of trustees to stockholders, the issuance of stock certificates in connection with marketable loans, and convertibles. Regulations governing contracts for the allotment of debt securities, information for debenture holders, and prospectuses and listing particulars are also examined.

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Capitoli di libri sul tema "Convertible debt"

Wood, Mark D., Ziemowit T. Smulkowski e Todd M. Scherrer. "Structured PIPEs: Convertible Preferred Stock and Convertible Debt". In The Issuer's Guide to Pipes, 225–57. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119204671.ch13.

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"Convertible Debt". In Venture Deals, 99–113. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9781119204152.ch8.

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"Convertible Debt". In Venture Deals, 107–22. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2016. http://dx.doi.org/10.1002/9781119259794.ch8.

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"Convertible debt". In ACT Companion to Treasury Management, 28. Elsevier, 1999. http://dx.doi.org/10.1016/b978-1-85573-327-5.50042-0.

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Dorion, Christian, Pascal François, Gunnar Grass e Alexandre Jeanneret. "Convertible Debt and Shareholder Incentives". In World Scientific Reference on Contingent Claims Analysis in Corporate Finance, 421–61. World Scientific Publishing Company, 2019. http://dx.doi.org/10.1142/9789814759588_0017.

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Barnes, Christopher J., Gaurav Gupta e Joseph F. Abinanti. "Bonds with Embedded Options". In Debt Markets and Investments, 283–304. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190877439.003.0016.

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Bonds with embedded options are a subset of traditional fixed income instruments in which an option has the potential to influence the timing and amount of a security’s cash flows and the security’s valuation. The term embedded signifies that the option and the bond are inseparable. Unlike a warrant, which typically can be detached and traded independently of its underlying instrument, an embedded option cannot be split from the bond to create two distinct, investable assets—the bond and the option. The inseparability of the bond and option changes the risk-return profile for both issuers and investors alike, and therefore renders traditional bond metrics, such as yield-to-maturity, ineffective. This chapter explores the most common bonds with embedded options, which are callable, puttable, and convertible bonds, in addition to discussing some nontraditional embedded option bond structures including contingent convertibles, extendable bonds, combinations, and knock-in and knock-out options.

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"Conversion Forcing Calls of Convertible Debt". In Pricing Corporate Securities as Contingent Claims. The MIT Press, 2001. http://dx.doi.org/10.7551/mitpress/5532.003.0012.

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Cheng, Yiying. "Valuing and Analyzing Bonds with Embedded Options". In Debt Markets and Investments, 453–76. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190877439.003.0025.

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This chapter introduces the analysis and valuation of bonds with embedded options. For callable bonds, it discusses their unique reinvestment risk and negative convexity. For both callable bonds and puttable bonds, the chapter introduces two additional measures to gauge their risk: yield-to-call and yield-to-put, respectively. The chapter reviews the application of the spot rate curve in bond valuation and introduces the Z-spread to measure bond-specific risk more accurately. To model interest rate risk, the chapter builds a binomial interest rate model and calibrates it with on-the-run Treasury issues. The option-adjusted-spread (OAS) is introduced to measure the bond-specific risk excluding the option effect. The difference between Z-spread and OAS represents the option effect. Common measures of convertible bond risk and value are discussed including the possibility of valuating a convertible bond using option-pricing models and its drawbacks.

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Chorafas, Dimitris N. "Convertible bonds, zero bonds, junk bonds, strips, and other bonds". In The Management of Bond Investments and Trading of Debt, 75–94. Elsevier, 2005. http://dx.doi.org/10.1016/b978-075066726-5.50005-7.

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Zeņķis, Pauls. "Obligāciju veidu un civiltiesiskās apgrozības attīstība". In Tiesības un tiesiskā vide mainīgos apstākļos, 183–90. LU Akadēmiskais apgāds, 2021. http://dx.doi.org/10.22364/juzk.79.18.

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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. There are several types of bonds: bonds issued by the public sector, bonds issued by capital companies, publicly available bonds, private bonds, convertible bonds, subordinated bonds, etc. Several forms of bonds – bonds of materialized and dematerialized form – are also present. Bonds, their types, emission, purchase, acquisition of ownership, circulation on the secondary market and extinguishing of bonds have been developing since the origins of bond. This necessitates an understanding of the changes in the basic characteristics of bonds and their civil circulation.

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Rapporti di organizzazioni sul tema "Convertible debt"

Bosch, Mariano, e Mauricio Cárdenas. Trabajos formales para la recuperación: ¿Qué reformas necesita América Latina y el Caribe? Inter-American Development Bank, novembre 2020. http://dx.doi.org/10.18235/0002882.

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La crisis del COVID-19 ha dejado al descubierto que los empleos informales no solo son peor remunerados y menos productivos que los formales, no generan ingresos fiscales y no tienen mecanismos de protección social, sino que, en medio de una pandemia, generan vulnerabilidades adicionales. Existen indicios de que la informalidad explica por qué América Latina concentra el 30% de los casos y muertes asociados al COVID-19 pese a representar solamente el 8% de la población mundial. La coyuntura actual es propicia para la búsqueda de un nuevo contrato social en América Latina y el Caribe que aborde de manera estructural la elevada informalidad de la región. La salida a la crisis debe convertirse en la ruta de entrada a un mercado laboral donde la formalidad y la protección social sean la norma y no la excepción. Este parece ser un momento propicio para replantearse de manera estructural algunas de las instituciones de aseguramiento social de los países de la región. En esta nota consideramos la formalización del mercado laboral, como primer paso en esa dirección.

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