Artykuły w czasopismach: „Convertible securities”

1

Pagli, John M. "Convertible Securities Hedging". Journal of Alternative Investments 2, nr 4 (31.03.2000): 42–49. http://dx.doi.org/10.3905/jai.2000.318976.

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Cowan, Arnold R., Nandkumar Nayar i Ajai K. Singh. "Underwriting calls of convertible securities". Journal of Financial Economics 31, nr 2 (kwiecień 1992): 269–78. http://dx.doi.org/10.1016/0304-405x(92)90006-j.

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Barua, S. K., i V. Raghunathan. "Convertible Securities and Implied Options". Vikalpa: The Journal for Decision Makers 15, nr 4 (październik 1990): 23–28. http://dx.doi.org/10.1177/0256090919900403.

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

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4

Finnerty, John D., Jie Jiao i An Yan. "Convertible securities in merger transactions". Journal of Banking & Finance 36, nr 1 (styczeń 2012): 275–89. http://dx.doi.org/10.1016/j.jbankfin.2011.07.003.

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Earl, John H. "Convertible Securities Hedging: A Case Study". CFA Digest 30, nr 4 (listopad 2000): 81–83. http://dx.doi.org/10.2469/dig.v30.n4.785.

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Brown, Stephen J., Bruce D. Grundy, Craig M. Lewis i Patrick Verwijmeren. "Hedge Fund Involvement in Convertible Securities". Journal of Applied Corporate Finance 25, nr 4 (grudzień 2013): 60–73. http://dx.doi.org/10.1111/jacf.12043.

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Schmidt, Klaus M. "Convertible Securities and Venture Capital Finance". Journal of Finance 58, nr 3 (6.05.2003): 1139–66. http://dx.doi.org/10.1111/1540-6261.00561.

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Marquardt, Carol A., i Christine I. Wiedman. "Disclosure, Incentives, and Contingently Convertible Securities". Accounting Horizons 21, nr 3 (1.09.2007): 281–94. http://dx.doi.org/10.2308/acch.2007.21.3.281.

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

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9

Kravchuk, I. S. "FEATURES OF ISSUE BANKING CONTINGENT CONVERTIBLE SECURITIES". Financial and credit activity: problems of theory and practice 2, nr 25 (29.06.2018): 36–46. http://dx.doi.org/10.18371/fcaptp.v2i25.120759.

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10

Jiao, Jie, i An Yan. "CONVERTIBLE SECURITIES AND HETEROGENEITY OF INVESTOR BELIEFS". Journal of Financial Research 38, nr 2 (czerwiec 2015): 255–82. http://dx.doi.org/10.1111/jfir.12059.

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Correia, Maria do Rosario, i Raquel F. Ch Meneses. "Optimal design of venture capital financing contracts: the case of Portuguese, Spanish and German markets". Studies in Economics and Finance 38, nr 1 (16.02.2021): 149–71. http://dx.doi.org/10.1108/sef-10-2019-0424.

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Purpose This study aims to investigate the use of convertible securities and control rights covenants for a sample of 53 Portuguese, Spanish and German venture capital (VC) firms. Design/methodology/approach A relatively new methodology in business sciences – a fuzzy set qualitative comparative analysis – that considers both quantitative and qualitative factors is used for obtaining a solution that best fits the empirical data. Findings The results show that the use of convertible securities is affected by agency predictions, namely, the anticipated severity of double-sided moral hazard problems. On the other hand, a mixed support is provided to the agency predictions regarding the use of control right covenants. The results seem to suggest that control right covenants tend to play a different role from convertible securities in the optimization of contract design for VC-backed investments. Originality/value Existing literature on VC contract design is extended by providing a cross-border analysis to VC financing decision.

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Kaźmierczak, Damian, i Jakub Marszałek. "Determinants of the Issuance of Put/Call Convertibles in the Non-Financial Sector of the US Market". Comparative Economic Research. Central and Eastern Europe 17, nr 2 (10.07.2014): 119–37. http://dx.doi.org/10.2478/cer-2014-0017.

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The aim of this article is to characterize and show the differences between issuers of ordinary convertibles and convertibles with attached put/call provisions (put/call convertibles). The research was carried out on a sample of 379 firms in the US market, outside the financial sector, between 2002 and 2011. It turns out that the issuers of put/call convertibles are the companies with a higher risk exposure, associated with, inter alia, a higher level of indebtedness and worse ratio between the issue value to the fixed assets value. Adding the put/call provisions is aimed at decreasing issuers’ risk exposure, which may increase the market demand for this type of convertible securities.

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13

Cornelli, Francesca, i Oved Yosha. "Stage Financing and the Role of Convertible Securities". Review of Economic Studies 70, nr 1 (styczeń 2003): 1–32. http://dx.doi.org/10.1111/1467-937x.00235.

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Ettenhuber, Christoph, i Dirk Schiereck. "Signaling with convertible debt in the renewable energy industry?" International Journal of Energy Sector Management 9, nr 2 (1.06.2015): 274–92. http://dx.doi.org/10.1108/ijesm-08-2014-0003.

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Purpose – The purpose of this paper is to show how convertible debt is used in the renewable energy industry. The authors argue that there is an investor rationing component to the design and market impact of convertible debt securities. Design/methodology/approach – The authors apply event study methodology, option pricing theory and risk shift analysis to examine capital market reactions following the issuance of convertible debt by exchange-listed companies of the renewable energy sector. Findings – Contrary to prior cross-industry research findings, the authors show that convertible debt in the renewable energy industry tends to have a debt-like structure, and its issue is associated with strongly negative announcement returns. The authors further show that convertible issuers face high business risk and adverse selection costs. Practical implications – The results have important implications for both renewable energy industry companies and investors. For example, one problem is that the risk-mitigating features of convertible debt may not materialize, if issuers fail to credibly signal firm quality to the markets. Furthermore, excessive growth assumptions and mismatches between project risk/return and financing costs may render it more difficult to create credible signals. Originality/value – The paper contributes to three primary strands of literature. One is the research on finance and growth. Here, this paper provides new insights into risk-mitigating securities that should more effectively mirror the risk and return distributions of emerging industry issuers. Additionally, it extends the research on the motives for convertible debt offerings and provides insight on stock returns around such announcements.

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15

YANG, RUYAN, HUI MENG i FENG XU. "MANAGING EXPECTED RETURN OF INVESTORS: CONVERTIBLE BONDS IN CHINA". International Journal of Information Technology & Decision Making 06, nr 01 (marzec 2007): 141–61. http://dx.doi.org/10.1142/s0219622007002393.

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This article studies the market reaction surrounding the announcement of the convertible bonds issuance in Chinese market, and partly explains the difference of influence on underlying securities in mature market such as the US market and emerging market in China. Meanwhile, it reveals how insiders in Chinese market use convertible bonds as a tool to manage the expected return of external investors.

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16

Calamos, John P. "Convertible Securities as an Asset Class for the 1990s". Journal of Investing 3, nr 1 (28.02.1994): 63–65. http://dx.doi.org/10.3905/joi.3.1.63.

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17

Rupal, Yash. "Convertible and indexed securities The Inland Revenue Consultative Document". Intertax 18, Issue 4 (1.04.1990): 228–32. http://dx.doi.org/10.54648/taxi1990033.

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Sparaggis, Takis D. "Factor and Spread Analysis of the Convertible Securities Market". Financial Analysts Journal 51, nr 5 (wrzesień 1995): 68–73. http://dx.doi.org/10.2469/faj.v51.n5.1938.

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19

Byrd, Anthony K., i William T. Moore. "On the Information Content of Calls of Convertible Securities". Journal of Business 69, nr 1 (styczeń 1996): 89. http://dx.doi.org/10.1086/209681.

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20

Barua, S. K., i V. Raghunathan. "Inefficiency of the Indian Capital Market". Vikalpa: The Journal for Decision Makers 11, nr 3 (lipiec 1986): 225–30. http://dx.doi.org/10.1177/0256090919860305.

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Efficient pricing of securities and maintenance of parity between risk and return are absolutely essential for a well-functioning capital market. In this paper, S K Barua and V Raghunathan discuss a clear case of observed inefficiency in the Indian capital market. They show, taking the case of Reliance, that an investor can earn returns incommensurate with the degree of risk assumed by operating on rights issues of shares and convertible debentures simultaneously in forward and cash markets. Although the government policy of granting a low premium on rights shares and convertible debentures aids inefficiency, the market is also to be blamed since it is unable to adjust quickly the prices of securities so that the returns earned are in line with the risks assumed.

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21

Sim, Geum-Ok, i Hyun-Ah Lee. "Characteristics of firms that issue redeemable convertible preferred stock: Evidence from South Korea". GLOBAL BUSINESS FINANCE REVIEW 27, nr 6 (31.12.2022): 40–51. http://dx.doi.org/10.17549/gbfr.2022.27.6.40.

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Purpose: The issuance of redeemable convertible preferred stock (RCPS) has been steadily increasing in Korea since the revision of the Commercial Act, which allows firms to issue various types of stocks, in 2010. This study aims to verify equity financing behavior by examining the characteristics of firms that issue RCPS. Design/methodology/approach: Using a sample of 12,768 firm-year observations of Korean listed companies from 2011 to 2018, this study conducts univariate and multivariate analyses to examine the factors that affect firms' decisions regarding RCPS issuance. For multivariate analysis, logistic regression analysis is used. Findings: This study shows that firms issuing RCPS have higher debt ratios and lower operating cash flows than non-issuing firms. It is also found that firms issuing RCPS are smaller and younger than non-issuing firms. These findings indicate that firms with higher costs of financial distress, lower internal cash flow, and lower credibility/reputation are more likely to issue RCPS because they are constrained by debt capacity. Research limitations/implications: According to pecking order theory, firms prefer debt over equity if external funds are required. The results of this study support the pecking order theory by providing evidence that firms rely on hybrid securities financing like redeemable preferred stock, a priority after debt when they are constrained by debt capacity. Originality/value: This study sheds light on financing decisions related to the issuance of hybrid securities from the perspective of pecking order theory. It also contributes to broadening the scope of research on hybrid securities by providing empirical evidence on the financial characteristics of firms that issue RCPS.

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22

조민제 i 조남문. "Review on Issuance of Convertible Securities Subject to Compulsory Conversion". Lawyers Association Journal 56, nr 4 (kwiecień 2007): 146–77. http://dx.doi.org/10.17007/klaj.2007.56.4.004.

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Daves, Phillip R., i Michael C. Ehrhardt. "Convertible Securities, Employee Stock Options and the Cost of Equity". Financial Review 42, nr 2 (maj 2007): 267–88. http://dx.doi.org/10.1111/j.1540-6288.2007.00171.x.

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Bascha, Andreas, i Uwe Walz. "Convertible securities and optimal exit decisions in venture capital finance". Journal of Corporate Finance 7, nr 3 (wrzesień 2001): 285–306. http://dx.doi.org/10.1016/s0929-1199(01)00023-2.

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Yang, Zhaojun, i Zhiming Zhao. "Valuation and analysis of contingent convertible securities with jump risk". International Review of Financial Analysis 41 (październik 2015): 124–35. http://dx.doi.org/10.1016/j.irfa.2015.05.029.

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26

Dunn, Kenneth B., i Kenneth M. Eades. "Voluntary conversion of convertible securities and the optimal call strategy". Journal of Financial Economics 23, nr 2 (sierpień 1989): 273–301. http://dx.doi.org/10.1016/0304-405x(89)90059-7.

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27

DeBerg, Curtis L. "Earnings per share and the actual conversion of convertible securities". Journal of Accounting Education 8, nr 1 (marzec 1990): 137–51. http://dx.doi.org/10.1016/0748-5751(90)90026-4.

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Nigbur, Tobias. "Calls of convertible debt securities: no bad news at all". Financial Markets and Portfolio Management 29, nr 1 (luty 2015): 61–79. http://dx.doi.org/10.1007/s11408-014-0243-z.

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Huson, Mark R., Thomas W. Scott i Heather A. Wier. "Earnings Dilution and the Explanatory Power of Earnings for Returns". Accounting Review 76, nr 4 (1.10.2001): 589–612. http://dx.doi.org/10.2308/accr.2001.76.4.589.

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Executive stock options and convertible securities can increase the number of common shares outstanding while adding less than the market value of the newly issued securities to a firm's assets. We model the effect of expected dilution on the earnings/return relation. Expected dilution effectively reduces the permanence of an earnings innovation. Empirical evidence supports the hypothesis that dilutive securities attenuate the relation between earnings and returns. Estimated earnings response coefficients (ERCs) are significantly lower when there are shares reserved for conversion. The effect is more pronounced for firms that have experienced price increases or positive earnings news, as these increase the expected dilutive effect of conversions.

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30

Ganshaw, Trevor, i Derek Dillon. "CONVERTIBLE SECURITIES: A TOLLBOX OF FLEXIBLE FINANCIAL INSTRUMENTS FOR CORPORATE ISSUERS". Journal of Applied Corporate Finance 13, nr 1 (marzec 2000): 22–30. http://dx.doi.org/10.1111/j.1745-6622.2000.tb00039.x.

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31

Hellmann, Thomas. "IPOs, acquisitions, and the use of convertible securities in venture capital". Journal of Financial Economics 81, nr 3 (wrzesień 2006): 649–79. http://dx.doi.org/10.1016/j.jfineco.2005.06.007.

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32

Schneider, Douglas K., Dan Schisler, Mark G. McCarthy i J. Larry Hagler. "Equity Classification Of Convertible Debt?: Tax And Cash Flows Considerations". Journal of Applied Business Research (JABR) 11, nr 4 (13.09.2011): 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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33

Liebenberg, Francois, Gary Van Vuuren i Andre Heymans. "Pricing contingent convertible bonds in African banks". South African Journal of Economic and Management Sciences 19, nr 3 (5.09.2016): 369–87. http://dx.doi.org/10.4102/sajems.v19i3.1413.

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In times of financial distress, banks struggle to source additional capital from reluctant private investors. Sovereign bailouts prevent disruptive insolvencies, but distort bank incentives. Contingent convertible capital instruments (CoCos) – securities which possess a loss-absorbing mechanism in situations where the capital of the issuing bank reaches a level lower than a predefined level – offer a potential solution. Although gaining in popularity in developed economies, CoCo issuance in Africa is still in its infancy, possibly due to pricing complexity and ambiguity about conversion triggers. In this paper, the pricing of these instruments is investigated and the influence of local conditions (using data from three major African markets and an all- African index) on CoCo prices is explored. We find that the African milieu (high interest rates and equity volatility compared with the situation in developed markets) makes CoCos particularly attractive instruments for the simultaneous reduction of debt and the enhancement of capital. If CoCo issuance becomes a viable bank recapitalisation tool in Africa, these details will be valuable to future investors and issuers.

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Van der Linde, KE. "Aantekeninge: The legal nature and implications of the conversion of convertible securities". Tydskrif vir die Suid-Afrikaanse Reg 2022, nr 3 (2022): 514–27. http://dx.doi.org/10.47348/tsar/2022/i3a6.

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Maatskappye geniet aansienlike vryheid ten opsigte van die regte wat aan verskillende klasse aandele toegewys word. Benewens tipiese klasonderskeidings gebaseer op stemreg, aanspraak op dividende en die reg om by ontbinding in die maatskappy se netto bates te deel, kan die eienskappe van aflosbaarheid en omskepbaarheid verdere variasie in die aandeelstruktuur skep. Hierdie bydrae fokus op omskepbare aandele en ander omskepbare sekuriteite soos omskepbare skuldbriewe. Omskepbaarheid dui op die kenmerk dat een sekuriteit mettertyd omskep kan word in ’n ander sekuriteit, hetsy ter keuse van die maatskappy, die aandeelhouer, of by die plaasvind van ’n gespesifiseerde gebeurtenis. Die Maatskappywet 71 van 2008 bied weinig leiding oor die regsaard van omskepping en standaardkommentare ontleed nie die stappe betrokke by die omskepping van omskepbare sekuriteite nie. Die standaardwerk oor maatskappy-sekretariële praktyk bied verduidelikings wat nie oral strook met die wet en regulasies nie. Sorgvuldige ontleding van die verspreide bepalings wat wel na omskepbare sekuriteite verwys is dus noodsaaklik. Hierdie bepalings handel spesifiek oor gevalle waar die omskepbare instrument in ’n aandeel omskep kan word. Die wet bevat verskeie aanduidings dat omskepping nie ’n magiese transformasie is waar die bronsekuriteit plotseling die doelsekuriteit word nie, maar dat ’n nuwe sekuriteit ter vervanging van die oue uitgereik word. Dit blyk duidelik uit artikel 42(3)(b) wat bepaal dat die direksiebesluit om sekuriteite wat in aandele omskepbaar is uit te reik, terselfdertyd die besluit is om doelaandele uit te reik waarin dit omskep mag word. Soortgelyke aanduidings verskyn in artikel 40(1)(b) wat verwys na die uitreik van aandele ingevolge omskeppingsregte wat aan voorheen uitgereikte sekuriteite kleef en in artikel 41(4)(a)(ii) wat by die berekening van ’n persentasie in artikel 41(3) verwys na die stemreg van aandele wat uitgereik staan te word in ’n omskepping. Hierdie konstruksie strook ook met die noterings- vereistes van die JSE Bpk. Die vraag ontstaan dan op welke wyse van die bronsekuriteit ontslae geraak word en wat presies die reëls rondom die uitreiking van die doelaandele is. Die outeur argumenteer dat die bronsekuriteite slegs onttrek word as uitgereikte aandele maar dat hul steeds deel van die maatskappy se gemagtigde aandele bly en dat wysiging van die akte van inlywing dus nie nodig is nie. Wat uitreiking van die doelaandele betref voorsien die wet dat enige aandele wat moontlik mettertyd as doelaandele uitgereik sal moet word, reeds deel van die gemagtigde aandele moet uitmaak wanneer die bronsekuriteite uitgereik word. Dit dien ter beskerming van die houer van die omskepbare instrument. In die gewone gang van sake vind uitreiking van die doelaandele dus plaas sonder om die maatskappy se gemagtigde kapitaal te raak en word die transaksie bloot in die sekuriteiteregister gereflekteer waar die uitgereikte aandele van die doelklas verhoog word. Daar is egter wel oorgangsprobleme weens die feit dat die 1973-Maatskappywet die uitreiking van omskepbare instrumente, die uiteensetting van gemagtigde aandele, asook die beskikbaarheid van pariwaarde-aandele anders hanteer as die huidige wet. Dit is jammer dat die omskeppingsregte van voorafbestaande omskepbare instrumente nie voldoende deur die oorgangsmaatreëls beskerm word nie.

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Williams, Jan L., i Alex P. Tang. "Private placements of convertible securities: stock returns, operating performance and abnormal accruals". Accounting & Finance 49, nr 4 (grudzień 2009): 873–99. http://dx.doi.org/10.1111/j.1467-629x.2009.00311.x.

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Tang, Alex P., Palani-Rajan Kadapakkam i Ronald F. Singer. "THE VALUATION EFFECTS OF OUT-OF-THE-MONEY CALLS OF CONVERTIBLE SECURITIES". Journal of Financial Research 17, nr 4 (grudzień 1994): 481–93. http://dx.doi.org/10.1111/j.1475-6803.1994.tb00160.x.

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Ammann, Manuel, Kristian Blickle i Christian Ehmann. "Announcement Effects of Contingent Convertible Securities: Evidence from the Global Banking Industry". European Financial Management 23, nr 1 (27.07.2016): 127–52. http://dx.doi.org/10.1111/eufm.12092.

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38

Marquardt, Carol A., i Christine I. Wiedman. "Economic consequences of financial reporting changes: diluted EPS and contingent convertible securities". Review of Accounting Studies 12, nr 4 (10.05.2007): 487–523. http://dx.doi.org/10.1007/s11142-007-9040-5.

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39

Kang, Byung Jin. "Economic Benefits of Derivatives for Long Term Investments-Equity Linked Securities". Journal of Derivatives and Quantitative Studies 27, nr 2 (31.05.2019): 211–52. http://dx.doi.org/10.1108/jdqs-02-2019-b0004.

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In this paper, we examined the economic benefits of derivatives in the aspect of investment assets. Our study differs from previous studies in that it analyzed the differences in the economic benefits of derivatives between for short term investors and for long term investors, and focused on the equity linked securities (ELS) rather than plain vanilla derivatives. We found the following results from the analysis over 1 to 20 years of investment horizons for four different types of equity linked securities, including ‘Auto-callable ELS’, ‘Knock-out ELS’, ‘Digital ELS’ and ‘Reverse Convertible ELS.’ First, equity linked securities contribute to improving the performance of the optimal portfolio for most investors, except for some investors who have extremely low degrees of risk aversion. Second, these economic benefits of equity linked securities are consistently observed regardless of investment horizon. Third, investment demand for equity linked securities is higher for investors with a medium-level of risk aversion rather than for aggressive or conservative investors. In addition, equity linked securities are mainly used as substitutes for risk-free bonds rather than risky assets (i.e., stocks). Finally, most of our results are still valid even when different market environments are assumed or alternative decision rules are used to derive investors’ optimal portfolio.

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40

Downing, Chris, Shane Underwood i Yuhang Xing. "The Relative Informational Efficiency of Stocks and Bonds: An Intraday Analysis". Journal of Financial and Quantitative Analysis 44, nr 5 (październik 2009): 1081–102. http://dx.doi.org/10.1017/s0022109009990305.

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AbstractIn light of recent improvements in the transparency of the corporate bond market, we examine the relation between high frequency returns on individual stocks and bonds. In contrast to the authors of previous literature, we employ comprehensive transactions data for both classes of securities. We find that hourly stock returns lead bond returns for nonconvertible junk- and BBB-rated bonds, and that stock returns lead bond returns for convertible bonds in all rating classes. Most of the predictable nonconvertible bonds are issued by companies in financial distress, while the predictable convertible bonds are those with conversion options more deeply in-the-money. These results indicate that the corporate bond market is less informationally efficient than the stock market, notwithstanding the recent improvements in bond market transparency and associated reductions in corporate bond transaction costs.

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41

Blumenstein, Ian B., J. Eric Maki i John T. Owen. "SEC permits abbreviated tender and exchange offers for non-convertible high-yield and investment-grade debt securities". Journal of Investment Compliance 16, nr 3 (7.09.2015): 28–29. http://dx.doi.org/10.1108/joic-06-2015-0040.

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Purpose – To advise companies of a recent SEC no-action letter relating to tender and exchange offers for certain debt securities. Design/methodology/approach – Reviews various conditions allowing an issuer to use a shortened timeframe in which certain debt tender/exchange offers need be kept open for as few as five business days. Findings – The abbreviated debt tender/exchange offer structure contemplated by the no-action letter provides a more efficient mechanism for conducting debt tender/exchange offers in certain circumstances. Practical implications – Issuers conducting a debt tender/exchange offer should consider whether the new abbreviated structure is more effective in achieving their objectives than the more traditional structures. Originality/value – Practical guidance from experienced securities regulatory lawyers that gives an overview of important developments in debt tender/exchange offer practice.

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Rue, Joseph C., William T. Stevens i Ara Volkan. "Accounting For Convertible Bonds: An Alternative Approach". Journal of Applied Business Research (JABR) 12, nr 2 (12.09.2011): 41. http://dx.doi.org/10.19030/jabr.v12i2.5825.

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<span>Accounting for convertible bonds (CBs) has been a source of controversy for more than two decades. The main question relates to the nature of CBs. Should they be defined as: 1) debt; 2) equity; or 3) hybrid securities having both debt and equity characteristics? The disagreements revolve around the definition of several financial statement elements and fundamental concepts of accounting measurement. We believe that current procedures in accounting for CBs are flawed and alternative measures of reporting and recognizing CBs are required in order to provide useful information to external users of financial statements. After a review of alternative methods of accounting for CBs, we conclude that a CB is a partially executed contract which has equity characteristics. The purchaser has committed to buy stock at a fixed price in a future time period. The seller is committed to issue stock in the future and is committed to provide a cash dividend at a fixed rate (i.e. interest) until the stock is issued. The issuance allows the buyer to receive a return of the subscription price in the future if he fails to exercise his right or if the issue is called by the seller. Our approach of accounting for CBs emphasizes the economics reality of the situation rather than accounting by recording a liability which is replaced by equity when the issue is converted.</span>

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Rai, Atul. "Changes in risk characteristics of firms issuing hybrid securities: case of convertible bonds". Accounting and Finance 45, nr 4 (grudzień 2005): 635–51. http://dx.doi.org/10.1111/j.1467-629x.2005.00148.x.

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Frierman, Michael, i P. V. Viswanath. "Agency Problems of Debt, Convertible Securities, and Deviations from Absolute Priority in Bankruptcy". Journal of Law and Economics 37, nr 2 (październik 1994): 455–76. http://dx.doi.org/10.1086/467320.

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Davidson, Wallace N., John L. Glascock i Won Jon Koh. "A TEST OF THE TAX-INDUCED LEVERAGE HYPOTHESIS IN CONVERTIBLE SECURITIES: A NOTE". Journal of Business Finance & Accounting 20, nr 1 (styczeń 1993): 99–106. http://dx.doi.org/10.1111/j.1468-5957.1993.tb00252.x.

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Ehrhardt, Michael C., i Ronald E. Shrieves. "The Impact of Warrants and Convertible Securities on the Systematic Risk of Common Equity". Financial Review 30, nr 4 (listopad 1995): 843–56. http://dx.doi.org/10.1111/j.1540-6288.1995.tb00859.x.

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Howe, John S., Ji-Chai Lin i Ajai K. Singh. "Clientele Effects and Cross-Security Market Making: Evidence from Calls of Convertible Preferred Securities". Financial Management 27, nr 4 (1998): 41. http://dx.doi.org/10.2307/3666412.

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Reid, Christine D. "The International Handbook of Convertible Securities: A Global Guide to the Convertible Market99253Thomas C. Noddings, Susan C. Christoph, John G. Noddings. The International Handbook of Convertible Securities: A Global Guide to the Convertible Market. Chicago and London: Glenlake Publishing Company; Fitzroy‐Dearborn 1998. 395 pp, ISBN: 1 888998 44 X £65.00". Reference Reviews 13, nr 5 (maj 1999): 18. http://dx.doi.org/10.1108/rr.1999.13.5.18.253.

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Huerga, Angel, i Carlos Rodríguez-Monroy. "Mandatory Convertible Notes as a Sustainable Corporate Finance Instrument". Sustainability 11, nr 3 (10.02.2019): 897. http://dx.doi.org/10.3390/su11030897.

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Debt securities are often an efficient and inexpensive resource to finance the balance sheet of companies; however, one of the causes of the global financial crisis was the excessive leverage taken by companies. Hybrid capital instruments share characteristics of equity and debt, and allow companies to finance its balance sheet in a more sustainable way by reducing leverage, but tend to increase its overall cost of capital. Mandatory convertible notes (MCNs) are hybrid financing instruments that are very close to equity; rating agencies assign them a high equity component and are commonly treated as equity by accounting standards. Despite the high nominal coupon that MCNs seem to pay in some cases, a deeper analysis shows that the cost of issuing MCNs can be similar and even lower than the cost of issuing senior debt. This research performs an empirical study of the implicit cost of the MCNs issued between 2010 and 2018. The study shows the relationship between the implicit yield of MCNs, the senior debt yield, and the convertible arbitrage investors. MCNs can be a sustainable capital alternative that offers a reasonable cost not only for high-yield companies but also for well-established investment grade issuers. The access to efficient and not very expensive capital to finance the balance sheet of companies can promote sustainable growth, industrialization, and innovation.

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Chin, Chen-Lung, Tyrone T. Lin i Chia-Chi Lee. "Convertible Bonds Issuance Terms, Management Forecasts, and Earnings Management: Evidence from Taiwan Market". Review of Pacific Basin Financial Markets and Policies 08, nr 03 (wrzesień 2005): 543–71. http://dx.doi.org/10.1142/s0219091505000506.

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Convertible bond (CB) issuers have been required to include financial forecasts in prospectuses filed with the Taiwan Securities and Futures Commission (TSFC) since 1991. This study examines the association between CB issuance terms and the extent of optimistic initial earnings forecasts and earnings management, as well as the association between CB issuance terms and the extent of reported (post-managed) earnings forecasts. Empirical results indicate that: (1) the likelihood of the issuing company making an optimistic initial earnings forecast (positive initial forecast error) increases with conversion price, issuance amount, and issuance period, but decreases with an increasing conversion period and reselling premium; (2) earnings management was pervasive in the year of issue of the CB; and (3) a substitutive relation exists between earnings management and issuance terms in CB issuing.

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