Tesi sul tema "Convertible securities"

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.

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.

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.

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.

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.

博士
國立臺灣大學
國際企業學研究所
95
This dissiteration is consist of two parts:part one is "The Role of Convertible Securities in Venture Capital Financing",and part two is "Control Right and Liquidity Demand for Star-up Firm". In part one, we study the role of convertible securities in the financing of start-up enterprises when the entrepreneurs are better informed than the venture capitalists (VCs).We demonstrate that for a well-designed contract the conversion ratio of the securities can be used as a signaling device to overcome the problem of information asymmetry If the variability of the return is sufficiently large, the entrepreneurs will find it desirable to rely on convertible securities with the conversion ratio revealing part of his information, that is, a "separating equilibrium" will arise. Such an equilibrium has the advantage of avoiding the incentive constraints that appear in the other "pooling equilibrium", in which the privately held information is not revealed. We show that the time-lag of decisions between investment and conversion will also benefit the VCs, with the extra return as the "time value". In addition, we study the impact of introducing "technical shares" with which the entrepreneurs are awarded equity shares without investment outlays. We compare the different financing devices with convertible securities and explain why convertible securities have become the most commonly used financial instrument for start-up enterprises. In part two, we show how optimal financing contract of convertible securities in star-up firm complements incentive schemes to discipline entrepreneur, and how the securities'' return streams determine the VC''s incentive to intervene in management.The paper build a model to discuss the correlation of control right allocation and conversion decision. We also find that contingent control right is important for VC to achieve the investment efficiency.

Mak Nga-sze.
Thesis (M.Phil.)--Chinese University of Hong Kong, 2005.
Includes bibliographical references (leaves 45-46).
Abstracts in English and Chinese.
Chapter 1 --- Introduction --- p.1
Chapter 1.1 --- Purpose --- p.2
Chapter 1.2 --- Flow of the study --- p.3
Chapter 2 --- Review of Equity Linked Securities --- p.5
Chapter 2.1 --- Backgrond of Equity Linked Securities in Hong Kong --- p.5
Chapter 2.2 --- Differences of trading between listed and non-listed ELIs --- p.7
Chapter 2.3 --- Non-listed ELIs --- p.9
Chapter 2.3.1 --- Definition --- p.9
Chapter 2.3.2 --- Variables specification --- p.11
Chapter 2.3.3 --- Payoff possibilities --- p.13
Chapter 3 --- Data --- p.17
Chapter 3.1 --- Data sources --- p.17
Chapter 3.2 --- Data treatment --- p.18
Chapter 4 --- Methodology --- p.21
Chapter 4.1 --- Volatility --- p.23
Chapter 4.2 --- Implied volatility by CRR binomial Tree --- p.24
Chapter 4.3 --- Historical volatility --- p.26
Chapter 5 --- Estimation of Empirical Data --- p.28
Chapter 5.1 --- Statistical results of the issuer's profit margin --- p.29
Chapter 5.2 --- Empirical analysis of the profit margin trends --- p.31
Chapter 5.2.1 --- Factor 1: Volatility --- p.34
Chapter 5.2.2 --- Factor 2: Trading volume --- p.34
Chapter 6 --- Conclusion --- p.37
Chapter 6.1 --- Conclusion --- p.37
Chapter 6.2 --- Extensions --- p.38
Appendix --- p.40
Chapter .1 --- "Tables of non-listed ELIs in Hong Kong, updated to January 31,2005" --- p.40
Chapter .2 --- "Stock options in HKEx, lastest to June 2004" --- p.43
Chapter .3 --- Histograms of the issuer's profit margins --- p.44
References --- p.45

by Matthew Bailey Greenberg, Ng Hin Wah.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1998.
Includes bibliographical references (leaves 61-62).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iv
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- CONVERTIBLE BONDS AND WARRANTS --- p.3
ConvertIBle Bonds --- p.3
Value At Maturity --- p.5
Value Before Maturity --- p.6
Warrants --- p.8
The Difference Between Convertible Bonds and Warrants --- p.11
Considerations of Issuing Convertibles and Bond with Warrants --- p.13
Valuation of Convertible Bond --- p.15
Valuation of Warrants --- p.18
Chapter III. --- CALLABLE BONDS --- p.20
Performance Characteristics of Callable Bonds --- p.21
Valuation of a Two-year Callable Bond with the Salomon Brothers Model --- p.22
Valuation of a Three-year Callable Bond with the Salomon Brothers Model --- p.25
Step1: Determination of ru and rd --- p.27
"Step 2: Determination of ruu, rud and rdd " --- p.28
"Black, Derman & Toy Model (BDT) " --- p.30
Step 1: Determination of ru and rd --- p.31
"Step 2: Determination of ruu, rud and rdd " --- p.32
Chapter IV. --- SINKING-FUND BONDS --- p.37
Advantages for the Investor --- p.38
Disadvantages for the Investor --- p.38
Methods Used by Issuers for Early Bond Redemption --- p.39
Valuation of Non-callable Sinking Fund Bonds --- p.40
Valuation of Callable Sinking Fund Bond --- p.45
Chapter V. --- VALUATION OF A CALLABLE BOND BY A COMPUTERIZED PROGRAM… --- p.47
System requirements --- p.48
Opening the program file --- p.48
Manual for using the program --- p.48
Construction of Interest Rate Tree --- p.48
Valuation of a Callable Bond --- p.50
APPENDIX --- p.55
BIBLIOGRAPHY --- p.61

碩士
國立交通大學
管理學院高階主管管理碩士學程
94
There are only few stock broker companies such as Polaris Securities, Yuanta Core Pacific Securities and Concord Securities, and some electronics companies in Taiwan, which can handle the business of convertible bonds. They can get their capital through issuing financial commodities like ECB, convertible bonds and GDR. But the total amount and issuing frequency are relatively very small. But does it cause any differences on what the motivation of issuing is, when the best time on issuing is, and how the effect of issuing is? Let’s try to understand the decision and effect of convertible bonds issued by Polaris Securities through this individual research. It shows some specialties in this individual research as follows: 1.The low-cost capital can be got only at the time when the interest rate is at lowest. It’s unfavorable to process the capital increase under the situation of bear market, so the convertible bonds can be used as an effective way to collect the capital. 2.Since the stock’s par value of the case company tends to fluctuate unexpectedly, which has traits of controversy, the opportunity of converting convertible bonds into regular stocks is favorable and investors can take better advantages for more profit. 3.To save the interest and create a good effect, we may raise new debt at the lowest interest rate to repay the former debt. To sum up what are referred above, the issuing program of convertible bonds of a company, in addition to issuing at the right moment, can make good profit for the senior administrators, make the investors take a lot of advantage, and not reduce any profit of original stock holders of the company. Therefore we can say it makes a triplex-winning situation.

A presente dissertação tem como principal objetivo proceder a uma breve análise do regime jurídico das obrigações convertíveis à luz do Código das Sociedades Comerciais. Na doutrina Portuguesa vários foram os autores que se pronunciaram sobre este tema existindo uma diversidade de pontos de vista - muitas vezes conflituantes entre si - que importa analisar e compreender. Associado a isto, o legislador Português por diversas vezes alterou o regime jurídico das obrigações convertíveis através de específicas, mas importantes modificações, sendo que focaremos a nossa atenção na mais recente alteração introduzida pelo DL nº26/2015, de 6 de Fevereiro. Assim, analisando a lei e as suas alterações, absorvendo a doutrina e debruçando-nos sobre os principais problemas que encetaremos este estudo
This work will aim to briefly analyse the legal regime of convertible bonds in the light of the Portuguese Companies Code. Portuguese scholars who have studied Convertible Bonds produced a lot of opinions, many of them conflicting with each other that we must analyse and understood. In addition, the Portuguese legislator has on several occasions changed the legal regime of Convertible Bonds with specific but important changes that we will address, focusing on the most recent modification introduced by Decree-Law no. 26/2015, February 6th. It is therefore by analysing the law and its amendments, studding the opinions of scholars and addressing the main issues that we will begin this study.

博士
國立臺灣大學
國際企業學研究所
98
Venture capital is a charming issue. We explore the relative ratio of discount rates between the venture capitalist and the entrepreneur in a setting that the venture capitalist and the entrepreneur are both principals and agents. The verifiability of venture value leads us to know the efforts devotion and its respective impacts on discount rates better. The incentive behind the convertible preferred shares used for the venture finance has been considered as equivalent to the financing with some constraints imposed on the common shares. On the convertible incomplete contract, the putable/callable options enhance the incentives and reduce the uncertainty in the early stage of venture finance. A new equilibrium is brought when a lemon problem is faced with unexpected actions taken by both. The underinvestment/overinvestment problem has been considered from the private benefit and the value creation of venture of both sides. In our paper, the venture capitalist may be induced to overinvest by the NPV-like rule. The equilibrium leads us to know the interactive relationships and the distribution of venture value between two players well as proper strategies are applied.

碩士
國立東華大學
國際企業研究所
90
As the world financial becomes more globalized, the relationships among different country’s markets become more closely related, and the capitals flow more frequently among them. Besides, the process of internalization of business in Taiwan is accelerated during recent years, and this leads to the trend for raising capitals in foreign capital markets. This study focuses on the most popular international financial tools, Euro convertible bond(ECB) and global depositary receipt(GDR), and uses the major issuers of these tools in Taiwanese listed electronics firms as samples. The first part of this research is done by employing logistic regression analysis to examine the effects of various financial factors to raise capital from foreign securities markets. For discovering the influence factors on the decision making processes, the second part is done by employing the case study method. Results of the study are as follows: The first part: 1. Firm size and degree of economic dependence on foreign markets are positive effective factors influencing decisions on securities issuing abroad. 2. Degree of the assets expansion, growth ability and rate of foreign investment didn’t influence company’s decisions on securities issuing abroad. The second part: 1. There are five important steps in decision-making processes of issuing securities abroad: motivation, use of fund, choosing financial tools, choosing lead manager and foreign securities market. 2. The most important motivation of issuing securities abroad is the high issued price or conversion price, and raising firm’s international well-known reputation is relatively less important. Firm size is the moderator of the motivation of funding abroad. 3. The major purpose of the funding is to expand the scale of business operation. 4. When company chooses to issue securities abroad, the company’s financial structure is the most basic consideration. The experience of issuing securities abroad influences the choices between Euro convertible bond and global depositary receipt. 5. The issuing place, underwriting experience and reputation of the investment banks are important factors to choose lead manager. Small firms must consider if the condition of companies and the size of issuing matched the grade of underwriter. 6. The major considerations of choosing listing market are the size of foreign capital market, the orientation and condition of the company, the constraints of foreign market and financial accounting standards.

碩士
國立東華大學
國際企業研究所
90
As the world financial becomes more globalized, the relationships among different country’s markets become more closely related, and the capitals flow more frequently among them. Besides, the process of internalization of business in Taiwan is accelerated during recent years, and this leads to the trend for raising capitals in foreign capital markets. This study focuses on the most popular international financial tools, Euro convertible bond(ECB) and global depositary receipt(GDR), and uses the major issuers of these tools in Taiwanese listed electronics firms as samples. The first part of this research is done by employing logistic regression analysis to examine the effects of various financial factors to raise capital from foreign securities markets. For discovering the influence factors on the decision making processes, the second part is done by employing the case study method. Results of the study are as follows: The first part: 1.Firm size and degree of economic dependence on foreign markets are positive effective factors influencing decisions on securities issuing abroad. 2.Degree of the assets expansion, growth ability and rate of foreign investment didn’t influence company’s decisions on securities issuing abroad. The second part: 1.There are five important steps in decision-making processes of issuing securities abroad: motivation, use of fund, choosing financial tools, choosing lead manager and foreign securities market. 2.The most important motivation of issuing securities abroad is the high issued price or conversion price, and raising firm’s international well-known reputation is relatively less important. Firm size is the moderator of the motivation of funding abroad. 3.The major purpose of the funding is to expand the scale of business operation. 4.When company chooses to issue securities abroad, the company’s financial structure is the most basic consideration. The experience of issuing securities abroad influences the choices between Euro convertible bond and global depositary receipt. 5.The issuing place, underwriting experience and reputation of the investment banks are important factors to choose lead manager. Small firms must consider if the condition of companies and the size of issuing matched the grade of underwriter. 6.The major considerations of choosing listing market are the size of foreign capital market, the orientation and condition of the company, the constraints of foreign market and financial accounting standards.

Przedmiotem rozprawy jest przedstawienie problematyki obligacji zamiennych w świetle polskich i amerykańskich regulacji prawnych (w ujęciu prawnoporównawczym). Rozwiązania prawne przyjęte w zakresie prawa papierów wartościowych w skali światowej często kopiują rozwiązania amerykańskie, jako najbardziej rozwiniętego rynku papierów wartościowych na świecie. Centralnym zagadnieniem rozprawy stała się przeto analiza konstrukcji prawnej obligacji zamiennych w obu tych systemach prawnych jako papierów wartościowych dłużnych (ujęcie cywilistyczne), tudzież instrumentów finansowych (ujęcie administracyjno-prawne), inkorporujących zobowiązania emitenta do spełnienia świadczeń pieniężnych na rzecz inwestorów (obligatariuszy), a jednocześnie przyznających tym inwestorom alternatywną możliwość dokonania (wedle ich nieprzymuszonej woli) zamiany obligacji zamiennych na akcje emitenta (opcję zamiany) według ustalonych parytetów zamiany. Rzeczona analiza wymagała również przedstawienia gospodarczego przeznaczenia obligacji zamiennych, usytuowania obligacji zamiennych w świetle klasyfikacji obligacji i praktyki obrotu w Polsce, a także przybliżenia podobieństw i różnic pomiędzy obligacjami zamiennymi a pokrewnymi instrumentami finansowymi. Głównymi celami badawczymi rozprawy było wyciągnięcie wniosków z postawionych problemów badawczych, tj.: 1) charakterystyka gospodarcza (pozaprawna) i prawna obligacji zamiennych w ujęciu prawnoporównawczym (w świetle prawa polskiego i amerykańskiego), oraz 2) charakterystyka prawna podobieństw oraz różnic pomiędzy obligacjami zamiennymi a innymi, pokrewnymi instrumentami finansowymi. Ważnym elementem rozprawy było kolejno sformułowanie postulatów i wniosków de lege lata i de lege ferenda dla ustawodawcy polskiego wynikających z przeprowadzonej analizy prawnoporównawczej obligacji zamiennych. W rozprawie pozytywnie została zweryfikowana hipoteza badawcza sprowadzająca się do następującego twierdzenia: Prawo polskie w zakresie regulacji obligacji zamiennych jest efektywne, gdyż w porównaniu do prawa amerykańskiego, charakteryzuje się elastycznymi (mało restrykcyjnymi) przepisami, które w sposób właściwy chronią interesy inwestorów (obligatariuszy) oraz emitentów. Obligacje zamienne, mimo podobieństwa jurydycznego do innych instrumentów finansowych, stanowią specyficzny (szczególny) rodzaj hybrydowego instrumentu finansowego. Rozprawa doktorska składa się ze wstępu, pięciu rozdziałów oraz zakończenia (nazywanego podsumowaniem). We wstępie zaprezentowano przedmiot rozprawy, uzasadnienie wyboru badawczego oraz zakres badań. W dalszej kolejności dokonano przeglądu literatury przedmiotu, w tym polsko- i anglojęzycznej. Nadto, sformułowano cele badawcze, tezę rozprawy, pomocnicze pytania badawcze i omówiono strukturę rozprawy. Wreszcie scharakteryzowano metody badawcze wykorzystane w rozprawie. W Rozdziale I przybliżono pozaprawne aspekty związane z obligacjami zamiennymi. Celem wprowadzającego rozdziału było więc przeanalizowanie gospodarczego przeznaczenia obligacji zamiennych. W tym kontekście poruszono następujące zagadnienia: 1) rozumienie obligacji zamiennych w literaturze ekonomicznej (w tym finansowej), istotę hybrydowej natury obligacji zamiennych (częstego określania obligacji zamiennych mianem instrumentów finansowych hybrydowych), 2) wycenę obligacji zamiennych czy ekonomicznych funkcji, jakie spełniają analizowane instrumenty finansowe. Novum na gruncie literatury przedmiotu w Polsce stanowiła analiza obligacji zamiennych w świetle finansowania przedsiębiorstw. Wreszcie Rozdział I zawiera wzmianki traktujące o zaletach i wadach obligacji zamiennych z perspektywy emitenta oraz inwestora. Rozdział II rozprawy stanowi omówienie obligacji zamiennych (ang. convertible bonds) w świetle amerykańskiego systemu prawnego. Skorzystano przy tym z literatury oraz orzecznictwa sięgającego XIX wieku, jak również podstawowych przepisów prawa. W pierwszej kolejności zdefiniowano obligacje zamienne, wskazano na główne ich cechy charakterystyczne, które różnicują obligacje zamienne oraz podobne instrumenty finansowe (tj. obligacje wymienne oraz akcje uprzywilejowane). Nadto, skupiono się wokół prawnych wymogów dotyczących emisji obligacji zamiennych oraz ich konwersji na akcje emitenta w świetle prawa spółek w USA. W dalszej kolejności przybliżono federalne regulacje mające wpływ na emisję, obrót obligacjami zamiennymi oraz realizację przez obligatariusza prawa zamiany na akcje emitenta (zwrócono przy tym uwagę na rolę amerykańskich organów regulacyjnych). Wreszcie omówiono warunki emisji obligacji zamiennych i problemy związane z ich wykładnią w świetle orzecznictwa amerykańskiego. Wzmiankowano również o zmianie treści stosunku prawnego inkorporowanego w obligacjach zamiennych oraz zwrócono uwagę na problemy prawne związane z opcją konwersji (m.in. ryzyko rozwodnienia). Na końcu przybliżono rynek obligacji zamiennych w USA oraz podano przykładowe emisje obligacji zamiennych. W ramach Rozdziału III zaprezentowano wprowadzenie do analizy prawnej obligacji zamiennych w świetle prawa polskiego. Rozdział zawiera przybliżenie: konstrukcji prawnej obligacji, klasyfikacji obligacji oraz źródeł regulacji prawnej obligacji zamiennych. Ponadto, w tym rozdziale dokonano przeglądu rynku obligacji zamiennych w Polsce, który charakteryzuje się niezadowalającym poziomem rozwoju. Last but not least, wskazano we wspomnianym Rozdziale, te emisje obligacje zamiennych w Polsce, które stały się przedmiotem badań empirycznych (Załącznik Nr 1). W ramach Rozdziału IV przedstawiona została wszechstronna i kompleksowa analiza obligacji zamiennych w prawie polskim. Celem właściwego wywodu zaprezentowanego w ramach tego Rozdziału było wskazanie elementów charakterystycznych, które definiują obligacje zamienne na gruncie polskich przepisów prawnych oraz dorobku doktryny (tzw. prawnicze definicje obligacji zamiennych), co pozwoliło następnie na sformułowanie modelowej, autorskiej, definicji obligacji zamiennych w prawie polskim (z uwzględnieniem także wniosków w tym względzie płynących z rozważań zawartych w Rozdziale I). Wyjaśniono również konsekwencje prawne uznania obligacji zamiennej za papier wartościowy dłużny emitowany w serii oraz instrument finansowy. Omówiono zasadę numerus clausus papierów wartościowych i jej wpływ na kwalifikację obligacji zamiennej jako papieru wartościowego. Istotne było przedstawienie dwóch form obligacji zamiennej: dokumentowej oraz zdematerializowanej (w szerszym kontekście dematerializacji papierów wartościowych). Kolejnym zagadnieniem było wskazanie sposobów zabezpieczenia wierzytelności wynikających z obligacji zamiennych przez emitenta. W dalszej kolejności przedstawione zostały inne podstawowe zagadnienia prawne związane z obligacjami zamiennymi takie jak: zdolność do emitowania obligacji zamiennych, proces emisji obligacji zamiennych (z uwzględnieniem zapisu o dopuszczalności emisji obligacji zamiennych w statucie emitenta, konstytutywnych i fakultatywnych elementów uchwały o emisji obligacji zamiennych, uchwały o warunkowym podwyższeniu kapitału zakładowego oraz rodzajów emisji zgodnie z Ustawą o obligacjach). Na uwagę zasługuje również poruszenie kwestii statusu prawnego banku-reprezentanta i zmiany treści stosunku prawnego inkorporowanego w obligacjach zamiennych. Wreszcie, przybliżono wymogi wynikające z prawa kontroli koncentracji oraz prawa rynku kapitałowego w kontekście realizacji praw inkorporowanych w obligacjach zamiennych. W ramach ostatniego, Rozdziału V, wskazano zasadnicze kryteria wyróżniające obligacje zamienne od pokrewnych instrumentów takich jak: obligacje z prawem pierwszeństwa, warranty subskrypcyjne, prawo do akcji, kwity depozytowe czy bankowe papiery wartościowe. W Rozdziale zaprezentowany został szczególny instrument finansowy – obligacja warunkowo zamienna oraz wskazano na jego konstrukcję prawną w świetle polskich przepisów prawa. W ramach podsumowania poddano krytycznej analizie obligacje zamienne w prawie polskim z perspektywy: a) ich gospodarczego przeznaczenia; b) prawa amerykańskiego; c) klasyfikacji obligacji i obrotu gospodarczego w Polsce; d) charakterystyki pokrewnych instrumentów finansowych. Wreszcie wskazano wnioski de lege lata i postulaty de lege ferenda dla polskiego ustawodawcy (wnioski końcowe).
The subject of the dissertation is to present the issue of convertible bonds under Polish law and the United States of America law (in a comparative approach). As a matter of fact, the legal solutions adopted in the field of securities law in the world often copy the solutions of the U.S. law as the most developed securities market in the world. The central issue of the dissertation became therefore the analysis of the legal structure of convertible bonds in both jurisdictions. Convertible bonds are debt securities, financial instruments, under which the issuer owes the holders (bondholders) a debt, and simultaneously grants the holders an alternative possibility (a privilege) to convert bonds into shares of the issuer (a conversion option) according to fixed conversion ratio. The subject matter analysis also covers: the economics of convertible bonds, the convertible bonds in the light of classification of bonds and trading practices in Poland, as well as determination of the similarities and differences between convertible bonds and related financial instruments. The main objective of the dissertation is to draw conclusions from the research issues: 1) the economic characteristics of convertible bonds in a comparative approach, and 2) the legal determination of the similarities and differences between convertible bonds and other related financial instruments. An important element of the dissertation was therefore to formulate de lege lata and de lege ferenda conclusions. In the dissertation there has been positively verified the following hypothesis: convertible bonds under Polish law are effectively regulated, as compared to U.S. law, since Polish law is characterized by flexible (less restrictive) regulations that adequately protect the interests of investors (bondholders) and issuers. Convertible bonds, despite the similarity to the other financial instruments, are specific (special) hybrid financial instruments. The doctoral thesis consists of an introduction, five chapters, and the end (called summary). In the introduction to the dissertation, there were presented the following issues: a justification for the choice of the research and the scope of research. Subsequently, the review of literature on the subject matter was determined. Moreover, the research objectives, hypothesis and research questions were formulated and the structure of the dissertation was mentioned. Finally, the research methods were established. Chapter I brought closer look to non-legal aspects of convertible bonds. The purpose of the introductory chapter was therefore to analyze the economics of convertible bonds. In this context, the following issues were addressed: 1) understanding of the convertible bonds in the economic literature, the essence of the hybrid nature of convertible bonds, 2) the valuation of convertible bonds or economic functions they fulfill. Moreover, a novelty in Polish literature is an analysis of the role of convertible bonds in the corporate finance. Finally, Chapter I contains references dealing with the pros and cons of convertible bonds from the perspective of the issuer and the investors. Chapter II is a discussion of convertible bonds in the light of the American legal system. In the first instance, convertible bonds were defined and there were indicated their primary characteristics that differentiate convertible bonds from similar financial instruments. Moreover, the legal requirements for the issuance of convertible bonds and their conversion into shares of the issuer in the light of corporate law in the United States, federal securities regulation as well as antitrust laws were explained. In this chapter, there were also mentioned leading cases in the U.S. dealing with convertible bonds as well as interpretation of bond indenture. The framework of Chapter III presents an introduction to the legal analysis of convertible bonds under Polish law. This chapter contains the analysis of the legal structure of bonds, the bond classifications and sources of legal regulation of convertible bonds. In addition, this chapter reviews the convertible bonds market in Poland, which, is still characterized by an unsatisfactory level of development. Last but not least, the sample issues of convertible bonds in Poland, which became the subject of empirical research, were covered. Chapter IV presents the comprehensive analysis of convertible bonds in Polish law. The purpose of this chapter was to identify the essential features that define the convertible bonds on the basis of Polish legislation and the doctrine that allowed formulating a model definition of convertible bonds according to Polish law. In the last, Chapter V, there were indicated the basic similarities and differences between convertible bond and other financial instruments, including but not limited to bonds with warrants, reverse convertible bonds and contingent convertible bonds. Finally, there were formulated de lege lata and de lege ferenda conclusions for Polish law legislators.

Classificação J.E.L: G20, G24
Apesar de ser um instrumento de investimento importante no processo de criação de empresas e na expansão e modernização do tecido empresarial já existente, o capital de risco assume actualmente um papel reduzido na economia portuguesa. Este estudo fornece uma visão sobre o estado da arte da indústria em Portugal, com base na informação existente e complementa-a recorrendo a um estudo empírico. A esse respeito são analisados os principais factores de risco identificados pelos operadores nacionais, os elementos contratuais mais relevantes e as modalidades de financiamento mais utilizadas. Adicionalmente é dedicada atenção ao uso de títulos convertíveis e o seu papel na mitigação dos riscos de agência inerentes à relação entre as capitais de risco e os empreendedores. As conclusões obtidas indicam que em determinados aspectos, o capital de risco vem revelando alguma aproximação aos modelos internacionais de private equity, nomeadamente no crescimento recente do mercado de buyouts e também no aumento do investimento em capital-semente e start-ups. São no entanto sinais modestos estes sinais e em nada diminuem a necessidade de desenvolvimento do sector. Acresce que as capitais de risco não exploram ainda consistentemente as vantagens decorrentes de modalidades de financiamento como o financiamento faseado e das propriedades dos títulos convertíveis.
The venture capital industry is still of minor importance in the Portuguese economy, although it is recognized as an important investment tool for the creation of new enterprises and business as well as for the expansion and modernization of existing ones. This study presents a look through the current state of the art of this industry in Portugal, based on existing information and complementing it with an empirical analysis. It assesses the main risk factors perceived by the venture capitalists, as well as the relevant contractual elements and the role of different financing models. It also sheds a look on the use of convertible securities and its role on solving agency problems/risks inherent to the entrepreneur-venture capitalist relation. It concludes that in certain aspects, the venture capital industry in Portugal is starting to reveal some of the characteristics found in more developed financial markets, as for example, in the increasing number and value of buyout investments, as well as more start up and seed investment. In spite of this, it is still a developing sector and quite distant of the more advanced venture capital markets. On the other hand, it shows that many venture capitalists do not use staged financing and convertible securities as a suitable means of risk management.

Przedmiotem pracy jest jeden ze szczególnych trybów podwyższenia kapitału zakładowego w spółkach akcyjnych, jakim jest warunkowe podwyższenie kapitału zakładowego. Został on wprowadzony wraz z wejściem w życie ustawy z dnia 15 września 2000 r. - Kodeks Spółek Handlowych (Dz.U. Nr 94, poz. 1037 ze zm.) i jest ściśle powiązany z hybrydowymi papierami wartościowymi, do których w polskim systemie prawnym należą obligacje zamienne, obligacje z prawem pierwszeństwa oraz warranty subskrypcyjne. Cechą wspólną obligacji zamiennych, obligacji z prawem pierwszeństwa oraz subskrypcyjnych jest to, że przez inkorporację w nich prawa do objęcia akcji zostały one konstrukcyjnie powiązane z instytucją warunkowego podwyższenia kapitału zakładowego. Instytucja ta jest ramą, w obrębie której prawo do objęcia akcji może powstać oraz być wykonywane. Poszczególne elementy warunkowego podwyższenia kapitału zakładowego determinują zatem powstanie, trwanie oraz wygaśnięcie tego prawa. Elementy kapitału warunkowego pozostają ze sobą w określonej relacji oraz wzajemnie na siebie wpływają a decyzje podjęte przez uczestników podwyższenia (akcjonariuszy, spółkę oraz wierzycieli spółki) decydują o jego dalszych losach. Z tego względu praca eksponuje proceduralny charakter instytucji warunkowego podwyższenia kapitału zakładowego, rozumianej jako pewien ciąg czynności prawnych i faktycznych, nakierowanych na powstanie oraz wygaśnięcie prawa do objęcia akcji oraz finalne wykreowanie praw udziałowych w spółce akcyjnej. Analiza obejmuje etapy od kreacji podstawy prawnej dla warunkowego podwyższenia kapitału zakładowego, przez powstanie prawa do objęcia akcji, jego wykonanie, zawarcie umowy objęcia akcji w kapitale warunkowo podwyższonym, wniesienie wkładów na kapitał zakładowy, wydanie akcji, aż do chwili zgłoszenia do sądu rejestrowego wykazu wydanych akcji. Wielopłaszczyznowy charakter omawianej instytucji spowodował, że w zakres analizy włączona została nie tylko materia Kodeksu Spółek Handlowych, lecz również ustawy z dnia 23 kwietnia 1964 r. – Kodeks Cywilny (Dz.U. Nr 16, poz. 93 ze zm.), ustawy z dnia 15 stycznia 2015 r. o obligacjach (Dz.U. z 2015 r. poz. 238 ze zm.) jak również, w ograniczonym zakresie, problematyka prawa rynku kapitałowego. Zastosowano w niej standardowe narzędzia wykładni prawa, tj. wykładnię językową, systemową oraz funkcjonalną, w ramach której uwzględniono również wykładnię proeuropejską omawianych przepisów. Praca zawiera także liczne odniesienia prawno-porównawcze, jako że polski model warunkowego podwyższenia kapitału zakładowego jest wprost wzorowany na rozwiązaniu niemieckim. W końcowej części została podjęta próba opisu polskiego systemu ochrony wierzycieli z tytułu prawa do objęcia akcji przed rozwodnieniem ich praw.
Conditional share capital increase The summary - English language version The subject of this work is one of the special modes to increase the share capital in joint-stock companies, which is a conditional increase in share capital. It was introduced with the entry into force of the Act of 15 September 2000 - Commercial Code (OJ # 94, item. 1037 as amended) and is closely linked with hybrid securities, which in the Polish legal system include convertible bonds, bonds with warrants and subscription warrants. A common feature of convertible bonds, bonds with warrants and subscription warrants is that through the incorporation of the rights to subscribe for shares they are structurally related to the institution of the conditional share capital increase. This institution is the frame within which the right to subscribe for shares may arise and be executed. The individual elements of the conditional share capital determine therefore rise, duration and termination of this right. Elements of the contingent capital remain in a particular relationship and affect each other and the decisions taken by the participants of an increase (of the shareholders, the company and the creditors of the company) decide on its further fate. Due to this aspect the aim of this work is to highlight the procedural nature of the conditional share capital increase, perceived as a string of legal and factual actions aimed to create and terminate the right to subscribe for shares resulting in creation of final equity rights in the joint-stock company. The analysis begins with a creation of a legal basis for the conditional share capital increase, then moves to the following aspects: the rise of the rights to subscribe for shares, its execution, conclusion of the contract to subscribe for shares in the capital conditionally heightened, transfer of the contribution to the share capital and the notification to the court the list of issued shares. As a result of a complicated nature of this institution the scope of the analysis encompasses not only the content of the commercial companies code, but also the Act of 23 April 1964 - Civil Code (OJ # 16, item. 93 as amended), the Act of 15 January 2015 on bonds (Journal of laws of 2015 r. item 238 as amended) as well as, to a limited extent, the matters relating to capital market law. It features a standard tool of construing the law: linguistic, systemic and a functional method, which also includes the pro-european analysis of law. The work contains numerous comparative references, as the Polish model of the conditional share capital increase is directly derives from the German solution. This work is concluded with an attempt to describe the Polish system of protection of creditors in respect of the right to subscribe for shares against a dilution of their rights.