Tesi sul tema "Warranties and securities"

L'aptitude d'une société à participer à l'acquisition de contrôle avec effet de levier de ses titres sociaux, constitue un sujet aux incidences juridiques et financières pluridimensionnelles. Cette participation suppose un aménagement préalable. Le processus allant de la sélection à l'acquisition de la cible conduit les parties à l'exécution du contrat d'acquisition. Le levier juridico-financier suppose de respecter la dissociation entre le pouvoir de direction et la détention capitalistique de la cible. L'objectif pour les acquéreurs financiers est d'organiser la participation de la cible post-acquisition au service de la dette d'acquisition de sa nouvelle société mère, la holding de reprise. Une appréciation duale de la cible s'opère, sur ses capacités financières et sur son appartenance au groupe de sociétés constitué à l'effet de son acquisition.Bien que ces méthodes de participation post-acquisition comportent des risques inhérents, celles-ci sont l'objet d'une pratique prisée et sophistiquée par les acquéreurs financiers. En somme, l'accomplissement de la stratégie de participation de la cible au financement de l'acquisition avec effet de levier repose sur un exercice délicat de conciliation entre l'optimisation du montage et la préservation de l'intérêt social de la société acquise, ainsi que du groupe auquel elle s'intègre
The potential for a company to get involved in a Leveraged Buy-Out of its equity is a topic with multidimensional legal and financialimplications. The process, from the selection to the acquisition of the Target company, leads to the parties executing a purchase agreement. The legaland financial leverage requires maintaining a clear distinction between the Target company's leadership and shareholding. The ultimate goal for the financial buyers is to ensure the post-acquisition involvement of the Target company in servicing the acquisition debt of the holding company. A dual assessment of the Target is carried out, focusing on both its financial capabilities and its contribution to the group created for the purpose of its acquisition. Despite these post-acquisition involvement strategies' associated risks, they are favored and sophisticated practices employed by the acquiring private equity funds. In sum, the strategy of achieving the Target's participation in the leveraged acquisition relies on the challenge of optimizing the structure while safeguarding the corporate interest of both the acquired company as well as the group it joins

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.

Il est fréquent d’affirmer qu’un titre représenterait un bien : une lettre de change représenterait une créance de somme d’argent, un connaissement représenterait une marchandise, une inscription en compte représenterait une valeur mobilière, un « depositary receipt» représenterait une action étrangère … Il s’agirait donc de « titres représentatifs ». Mais que recouvre cette formule ? Traduit-elle l’existence d’un véritable mécanisme de représentation des biens par des titres en droit privé ou s’agit-il d’un abus de langage ? Dans un premier temps, l’étude des titres représentatifs permet d’établir l’existence de la représentation juridique des biens par des titres en droit privé, qui constitue alors le pendant de la représentation des personnes. Il apparaît toutefois que ce mécanisme n’est pas unitaire et c’est pourquoi il convient de distinguer deux techniques de représentation juridique des biens par des titres : la représentation parfaite d’un bien par un titre et la représentation imparfaite d’un ensemble de biens réunis au sein d’un patrimoine d’affectation par des titres. Dans un second temps, l’analyse de la mise en oeuvre de la représentation juridique des biens par des titres en droit privé, réalisée en vue d’éprouver la pertinence de la théorie dégagée, montre qu’il n’est pas toujours possible de créer librement tout type de titres représentatifs concernant des biens de toute nature. La liberté ne joue que pour les titres représentatifs parfaits de certains biens. L’étude de la mise en oeuvre de ce mécanisme souligne par ailleurs que la création d’un titre représentatif induit des difficultés auxquelles il convient de pallier en édictant un certain nombre de règles
It is common to assert that a document represents property: a bill of exchange is said to represent a receivable, a bill of lading to represent goods, a book-entry account to represent a security or a depositary receipt to represent shares, etc. These are therefore “documents of title”. However, what does this mean? Is it a genuine mechanism to represent property by documents in private law or is it a misnomer? First, a study of such documents will establish the existence of legal representation of property by certificates in private law, equivalent to the representation of persons. However, it would seem not to bea unitary mechanism and a distinction must therefore be made between two techniques of legal representation of property by documents: the direct representation of property by a document and the indirect representation of a set of properties assembled in a fiduciary trust by certificates. Next, an analysis of implementation of the legal representation of property by certificates in private law, conducted to test the relevance of the theory, shows that it is not always possible to create any type of such documents freely for any kind of property. Such freedom applies only to documents that are directly representative of certain property. A study of the implementation of this mechanism also emphasizes that the creation of a document of title leads to difficulties that may be overcome by enacting some rules

Безуглий С. А. Гарантії діяльності суддів як правовий фундамент незалежної судової системи України : кваліфікаційна робота магістра спеціальності 081 "Право" / наук. керівник С. В. Омельянчик. Запоріжжя : ЗНУ, 2020. 89 с.
UA : Кваліфікаційна робота розміщена на 89 сторінках друкованого тексту, містить 78 джерел використаної інформації. Розвиток демократичної держави неможливий без функціонування самостійної та незалежної судової влади. Самостійність та незалежність, неупередженість і об'єктивність прийняття рішення означає, що жоден суддя не може бути підданий будь-якому тиску з боку третіх осіб незважаючи на те, які посади займають ці треті особи. Саме для того існують гарантії суддівської системи, які мають прямий зв'язок з незалежністю та справедливістю всієї системи. На сьогоднішній день роль суду має бути переосмислена з позицій підвищення вимог до забезпечення конституційних та міжнародно-правових стандартів. Суд має стати щебільшдієвим органом захисту прав людини та основних свобод, щодіє на принципах справедливості, незалежності, доступності і відкритості. В цьомуаспектісудово-правова реформа в нашійдержаві повинна спрямовуватись на підвищенняефективностіправосуддя, зокрема шляхом забезпеченняналежноїорганізації кожного конкретного суду та підсилення гарантій діяльності судді як ключового учасника судового процесу. Мета дослідження полягає у повному та всебічному вивченні та аналізі гарантій, які надаються суддям під час їхньої професійної діяльності, що виступають складовою незалежності всієї судової системи України. Об’єкт дослідження – суспільні відносини у сфері суддівської професійної діяльності. Предметом дослідження виступають гарантії діяльності суддів як правовий фундамент незалежної судової системи України. Методологічну основу роботи складають сукупність філософсько-світоглядних, загальнонаукових принципів і підходів та спеціально-наукових методів пізнання конституційно-правових явищ, використання яких дало змогу отримати науково-обґрунтовані результати. Для проведення дослідження будуть застосовані такі загальнонаукові методи як: аналіз і синтез. Теоретико-методологічною основою дослідження в роботі є історичний метод та метод матеріалістичної діалектики, застосування яких сприяло розглянути всі процеси забезпечення гарантій діяльності суддів, що виступають як правовий фундамент незалежної судової системи України.
EN : Qualifying work is placed on 89 pages of printed text, contains78 sources of information used. The development of a democratic state is impossible without the functioning of an independent and independent judiciary. Independence and independence, impartiality and objectivity in the decision-making process mean that no judge can be subjected to any pressure from third parties, regardless of the positions held by these third parties. That is why there are guarantees of the judicial system that have a direct link to the independence and fairness of the whole system. To date, the role of the court must be reconsidered from the standpoint of increasing the requirements for ensuring constitutional and international legal standards. The Court should become an even greater body for the protection of human rights and fundamental freedoms, acting on the principles of justice, independence, accessibility and openness. In this aspect, judicial reform in our State should be aimed at improving the effectiveness of justice, in particular by ensuring the proper organization of each particular court and strengthening the guarantees of the activity of a judge as a key participant in the judicial process. The purpose of the study is to fully and comprehensively examine and analyze the guarantees provided to judges in their professional activities, which form an integral part of the independence of the entire judicial system of Ukraine. The object of the study is public relations in the field of judicial professional activity. The subject of the study is the guarantees of the activities of judges as the legal foundation of the independent judicial system of Ukraine. The methodological basis of the work is a set of philosophical, philosophical, general scientific principles and approaches and specially-scientific methods of knowledge of constitutional and legal phenomena, the use of which has allowed to obtain scientifically sound results. For the study will be applied such general scientific methods as: analysis and synthesis. The theoretical and methodological basis of the research in the work is the historical method and the method of materialistic dialectics, the use of which helped to consider all the processes of ensuring the guarantees of the activity of judges, which act as the legal foundation of the independent judicial system of Ukraine.

碩士
國立成功大學
會計學系碩博士班
92
This paper focuses on the pricing ability while Taiwan securities firms issue call warrants and the subsequent managing ability of total assets and funds after issuing call warrants. In the section of evaluation of pricing ability, we introduce the calculation of in-the-money probabilities as a method of evaluating the pricing ability in the pre-event point of view. Also we manipulate the investigation of the relation between due price and issue price of all warrants that each securities firm issued as another post-event method to evaluate the pricing ability. 　　Secondly, in the section of subsequent managing ability after issuing call warrants, we try to investigate the relation among the return on securities firms’ stock price, the return on call warrants’ price, and the return on the underlying securities’ stock price. 　　After using the methods mentioned above, we could analyze the pricing and managing ability of each securities firm. Some securities firms have better pricing ability, such as Da-Xin, and some can manage their total assets more efficiently and effectively, such as Fu-Hua and Tong-Yi so that those securities firms would not suffer too much loss after issuing call warrants. Although there are different conclusions that we could reach under those methods, this kind of analysis could offer the investors a way to choose a better securities firm while they want to invest their funds in call warrants.

by Lau Chi-keung, Edward, Lee Chi Wing.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1995.
Includes bibliographical references (leaves 49-51).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iii
LIST OF FIGURES --- p.v
LIST OF TABLES --- p.vi
ACKNOWLEDGEMENT --- p.viii
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- WARRANTS AND WARRANT MARKET --- p.2
General Issue of Warrants and Covered Warrants --- p.2
Hong Kong Warrant Market --- p.3
Chapter III. --- MULTIPLE COVERED WARRANT LISTING ISSUE --- p.6
Chapter IV. --- LITERATURE REVIEW --- p.7
Theoretical Reviews --- p.7
Empirical Studies --- p.9
Chapter V. --- METHODOLOGY --- p.13
Data Selection --- p.13
Analysis Method --- p.14
Abnormal Return --- p.15
Total Volatility --- p.16
Systematic Risk --- p.16
Trading Volume --- p.16
Chapter VI. --- EMPIRICAL RESULTS --- p.18
Abnormal Return --- p.18
Systematic Risk --- p.20
Total Volatility --- p.21
Trading Volume --- p.24
Chapter VII. --- DISCUSSION OF RESULTS --- p.30
Abnormal Return --- p.31
Total Volatility and Systematic Risk --- p.32
Trading Volume --- p.35
Chapter VIII. --- LIMITATIONS OF STUDY --- p.36
Chapter IX. --- CONCLUSION --- p.39
Chapter X. --- RECOMMENDATIONS --- p.40
APPENDIX --- p.43
List of Covered Warrants Issued from Jan 1989 to Dec 1992 --- p.43
List of Covered Warrants in the Sample Set --- p.44
Primary Result of Abnormal Return Analysis --- p.45
Primary Result of Systematic Risk Analysis --- p.46
Primary Result of Total Volatility Analysis --- p.47
Primary Result of Trading Volume Analysis --- p.48
BIBLIOGRAPHY --- p.49

by Ng Hon Sun, Stephen & Poon Ming Him.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1995.
Includes bibliographical references (leaves 50-52).
ABSTRACT --- p.ii
TABLE OF CONTENTS --- p.iv
LIST OF TABLES --- p.v
LIST OF FIGURES --- p.v
ACKNOWLEDGEMENT --- p.vi
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- CHARACTERISTICS OF WARRANTS AND THE NATURE OF HK WARRANT MARKET --- p.5
Chapter II (i) --- Warrants Versus Call Options --- p.5
Chapter II (ii) --- Historical Development of Warrants in Hong Kong --- p.6
Chapter II (iii) --- Equity Warrants --- p.7
Chapter II (iv) --- Derivative Warrants --- p.8
Chapter II (v) --- The Risks of Derivative Warrants --- p.10
High Inherent Risks --- p.10
Complex Exercise Conditions and Conversion Adjustments --- p.10
Chapter II (vi) --- Regulatory Environment of Derivative Warrants --- p.12
Chapter III. --- LITERATURE REVIEW --- p.14
Chapter IV. --- DATA AND METHODOLOGY EMPLOYED --- p.19
Chapter IV (i) --- Date Employed --- p.19
Chapter IV (ii) --- Methodology Employed --- p.24
Chapter V. --- EMPIRICAL RESULTS AND INTERPRETATION --- p.28
Chapter V (i) --- Market Trend Before and After Listing --- p.37
Chapter V (ii) --- Trading Volume --- p.38
Chapter V (iv) --- Volatility --- p.39
Chapter VI. --- CONCLUSIONS --- p.44
APPENDIXES --- p.46
APPENDIX A STOCKS SELECTED FOR STUDY --- p.46
APPENDIX B CONSTITUENT STOCKS OF HANG SENG INDEX --- p.47
APPENDIX C HANG SENG INDEX 1993-1994 --- p.48
APPENDIX D HANG SENG INDEX RETURN AND SELECTED STOCK UNADJUSTED MEAN RETURN --- p.49
REFERENCES --- p.50
LIST OF TABLES
TABLE 1 DERIVATIVE STOCK WARRANTS LISTING IN 1993 -1 994 --- p.21
TABLE 2 COMPARISON OF PRE- AND POST- LISTING RETURNS --- p.28
TABLE 3 EXCESS MARKET RATE OF RETURN AND CUMULATIVE EXCESS MARKET RATE OF RETURN --- p.32
TABLE 4 MARKET MODEL RATE OF RETURN AND CUMULATIVE MARKET MODEL RATE OF RETURN --- p.33
TABLE 5 β'S CALCULATED ON THE UNDERLYING STOCK --- p.33
TABLE 6 MARKET TREND BEFORE AND AFTER LISTING OF DERIVATIVE WARRANTS --- p.37
TABLE 7 EFFECTS OF DERIVATIVE WARRANT LISTING ON RISK CHARACTERISTICS OF UNDERLYING STOCKS --- p.41
LIST OF FIGURES
FIGURE 1 SUMMARY OF THE REGULATIONS ON DERIVATIVE WARRANTS --- p.13
FIGURE 2 WARRANT LISTINGS DISTRIBUTION MAP --- p.23
FIGURE 3 CUMULATIVE RETURN % (ADJUSTED AND UNADJUSTED) --- p.31
FIGURE 4 IMPACT OF LISTING ON VARIANCE --- p.40

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

by Lui Man-wai, Erik, Szeto Fong-wa, Jenny.
Thesis (M.B.A.)--Chinese University of Hong Kong, 1994.
Includes bibliographical references (leaves 35-37).
ABSTRACT --- p.i
ACKNOWLEDGEMENT --- p.ii
Chapter
Chapter I. --- INTRODUCTION --- p.1
Chapter II. --- BACKGROUND OF THE HK WARRANTS MARKET --- p.2
Chapter III. --- LITERATURE REVIEW --- p.6
Chapter IV. --- METHODOLOGY --- p.11
Data --- p.14
Chapter V. --- EMPIRICAL RESULTS --- p.19
Price Effect --- p.19
Excess Return --- p.19
Variance --- p.20
Beta --- p.25
Trading Volume --- p.26
Chapter VI. --- CONCLUSIONS --- p.28
Recommendations --- p.30
APPENDIX --- p.34
REFERENCES --- p.35

碩士
國立臺灣大學
財務金融學系
85
The sample of the study was drawn from the derivative warrants issued overseas based on Taiwanese stocks. GARCH(1,1)was used to modify the heteroscedasticity in the market models for the 15 single stock warrant and 20 basket warrant respectively. The announcement date was based on the launch date. Data was composed of two parts: the first segment corresponded to the period(-206,-7), that is, the period from the 206th day to the 7th day before the launch date, was used to B Jmate the fitted models, and the other segment(-6,24), that is, the period from the 6th day before and the 24th day after the launch date, was used to predict the AR. The significance tests of AR and CAR for the various specified time-spans of the period(-6,24) illustrated the relationships between the issuance of derivative warrant and the price of the underlying securities. The results are briefly described as follows:The peak of AR occurred on the launch date during the period (-6,24), which indicates the prices of underlying securities can effectively respond to the event of the derivative warrants issued overseas based on Taiwanese stocks. This event study can be categorized as the semi-strong effictive market.The CAR during the period(-6,24) turned to be all positive, the outcome reveals the overseas- issued derivative warrants of Taiwanese stocks tend to boost the prices of the underlying securities.The time-span (-6,0) of the period (-6,24) indicates greater significance for AR and CAR than that of the remaining time-spans. This result can account for the process that the issuer is likely to preserve enough shares of the underlying securities before the launch date. The average price of the basket stocks fluctuates more drastically than that of single stock warrant since the CAR of basket stocks is always larger than that of single stock during the period (-6,24).

碩士
銘傳大學
金融研究所
87
An Investigation on Lead-Lag Relationship of Price Changes between Warrants and their Underlying Securities, and Arbitrage Application Advisor : Chin-Shen Lee Student: E-Feng Cheng Yang-Cheng Lu Abstract This study examines intra-day lead-lag relationship of price changes between warrants and their underlying stocks. The warrant data collected as samples is traded on TSE during the period from Sep. 1997 to Feb. 1999. The purpose of this article is to examine the interaction between the warrant and stock markets. Both intra-day and daily time series data are used as samples to verify the hypothesis. The empirical intra-day data demonstrated the follows. As the warrants, such as Tisc01 and Dashin01, stay around in-the-money, the price change relationship is contemporaneous. The price change of the warrants will lag the underlying securities by thirty minutes when the warrants, Gcsc01、Gcsc02、and Polaris04 ,in status of out-the-money. However, other target warrants, such as Gcsc03, Polaris03, Capital01, Tsc01, and Cps01, established feedback relationship. The empirical evidences support that the stock market is more efficient than the warrant market because the leading price change period in the stock market is longer than that in the warrant market. Our study provides a similar result as Stephan and Whaleys'' research. According to the lead-lag relationship of price changes between warrants and its underlying stocks, there will be the chance to make quasi-arbitrage or speculative investment strategy.

碩士
國立高雄第一科技大學
財務管理所
90
ABSTRACT If the call warrant writers in Taiwan hedging by the same stock of warrants of another call warrant writers, we tried to construction an option pricing model with securities transaction tax, by Hayne E. Leland presented in 1985. We showed that the securities transaction tax of call warrant and the call warrants price is the same change. At the same time, the empirical study and the revised model with securities transaction tax have same conclusion.

碩士
銘傳大學
財務金融學系碩士在職專班
93
Covered warrants are one of the important financial derivative products in the financial market. Covered warrants provide investors with operating strategies of hedging, speculating and arbitraging. Since there exists theoretically a nonlinear relationship between covered warrants and their underlying stocks theoretically, many researchers investigate the price relationship between them. Generally speaking, covered warrants would have the function of price discovery for their underlying stocks in advance. Therefore, the purpose of this study is to explore the lead and lag relationship between the covered warrants and their underlying stocks. The data used in this study are daily prices of covered warrants and their underlying stocks from January 1, 2004 to December 31, 2004. The warrants utilized are single-stock American style. The underlying stocks are further classified into three categories in this study, including traditional, electronic and financial classes. We employ threshold vector error correction model (TVECM) to analyze the lead-lag relationship between covered warrants and their underlying stocks. The empirical results reveal that there does not exist threshold effects for 44 warrants from the overall sample of 154 covered warrants. For these 44 warrants, we employ the linear vector error correction model to analyze the lead-lag relationship between covered warrants and their underlying stocks. Within these 44 warrants, there are 34 warrants whose prices lead their underlying stocks. The rest of 10 warrants and their underlying stocks lead with each other. There are 110 warrants that exist threshold effects.Therefore, we employ the TVECM to analyze the lead-lag relationship between covered warrants and their underlying stocks. In the first regime of TVECM, within these warrants, there are 95 warrants whose prices lead their underlying stocks. The rest of them lead with each other. In the second regime of TVECM, there are 92 warrants whose prices lead their underlying stocks. The rest of them lead with each other. Therefore, the preliminary evidence indicates that the price of covered warrant would lead that of the corresponding stock, or these prices would lead with each other.