Download or read book Why are Calls of Convertible Preferred Stock Delayed written by Richard Timothy Dye and published by . This book was released on 1993 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Rational Timing of Calls of Convertible Preferred Stocks written by Anthony K. Byrd and published by . This book was released on 2001 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Conversion-forcing calls of convertible preferred stocks are re- examined focusing on the value of the conversion option impounded in the preferred price. This amount represents the preferred shareholder wealth potentially transferable to common stockholders. Capture of this wealth underlies the theoretical motivation for calling and forcing conversion as soon as possible. Most of the preferred issues examined exhibit nonpositive average option values throughout all but short periods in their lives; hence, no wealth transfer opportunity exists for immediate calls. Issues that exhibit positive option values are called quickly. In contrast to interpretations that have persisted for over fifteen years, our results reveal no substantial delays in calling convertible preferred stocks.

Download or read book A Study of Convertible Preferred Stocks as Instruments of Corporate Finance and as Investment Media written by Ross J. Cadenasso and published by . This book was released on 1952 with total page 196 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Callable Convertible Bonds written by Tanweer Hasan and published by . This book was released on 1993 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The International Handbook of Convertible Securities written by Thomas C. Noddings and published by Taylor & Francis. This book was released on 2001 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

Download or read book On the Information Content of Calls of Convertible Securities written by Anthony K. Byrd and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Negative stock price reactions to conversion-forcing calls of convertible bonds and preferred stocks are re-examined, and most of the sample firms are shown to exhibit full price recovery by the end of the conversion period. In addition, analysts' earnings forecasts, both short-term and long-term, are found to be revised upward following call announcements for convertible bonds and preferred stocks. The combined findings cast doubt on the established belief that such capital structure decisions signal negative information about firm value.

Download or read book Price Adjustment Delays and Arbitrage Costs written by Ji-Chai Lin and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Price adjustment delays occur between in-the-money convertible preferred stock prices and common stock prices. Convertible preferred prices systematically deviate from the prices predicted from their conversion relations with common stocks. The price predictability stems from price changes in the underlying common stocks leading the price changes in the convertible preferred stocks by up to nine hours. Cross-sectionally, about 70 percent of the variation in the unsigned size of the price deviations is explained by proxies for costs of arbitrage.

Download or read book Convertible Bonds written by Carl Endy and published by . This book was released on 1994 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Calling Convertible Bonds Too Late Can Be Rational written by Wolfgang Bühler and published by . This book was released on 2004 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper, we offer a theoretical explanation for the empirical puzzle that convertible bonds are called too late or too early. Contrary to the literature, we do not assume frictions to explain the observed call behavior. Instead, we assume that the firm has issued in addition to stock and convertible bonds, also straight bonds. This seemingly innocuous extension has the important consequence that a conversion can cause a wealth transfer from the stockholders to the bondholders. This wealth transfer changes the analysis and results of the seminal papers by Ingersoll (1977a) and Brennan/Schwartz (1977) substantially. First, the value of a convertible bond can no longer be determined by option-pricing methods. The strategic behavior of the convertible bond holders requires a game-theoretical analysis. Second, the negative effect of an enforced conversion on the stockholders can be avoided by calling the bonds too late. Third, a positive wealth transfer can also be produced by calling the bond too early.

Download or read book Convertible Debt as Delayed Equity written by Kjell G. Nyborg and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: There is a common perception that many firms issue convertible debt as a form of delayed equity. The advantage of issuing equity in this delayed manner has been linked to the lower adverse selection properties of convertible debt as compared to equity; one can first issue convertibles and later call, forcing conversion, presumably preserving the initial advantage of the convertibles. However, this paper suggests that benefits of callable convertible debt as delayed equity are preserved only if conversion is voluntary. This appears to be consistent with the empirical evidence.

Download or read book Clientele Effects and Cross Security Market Making written by John S. Howe and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine trading activity, bid-ask spreads, and potential arbitrage opportunities for market makers in the period around conversion-forcing calls of convertible preferred securities. We find an increased turnover in the called convertible preferred stock, which is consistent with a clientele effect. We also find a decrease in the average bid-ask spread of the called convertible preferred and the underlying common stock. This suggests increased liquidity in the post-announcement period. We argue that the liquidity improvement is a consequence of profitable cross-security trading opportunities.

Download or read book Preferred Stock Investing written by Doug K. Le Du and published by BookLocker.com, Inc.. This book was released on 2013-07 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Preferred Stock Investing" teaches non-experts a simple method of investing in investment grade preferred stocks for annual returns that have averaged more than 14 percent since January 2001. The book purchase includes a subscription to the monthly email CDx3 Preferred Stock Newsletter.

Download or read book Corporate Finance and the Securities Laws written by Charles J. Johnson (Jr.) and published by Wolters Kluwer Law & Business. This book was released on with total page 1728 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Investigation of Lincoln Savings Loan Association written by United States. Congress. House. Committee on Banking, Finance, and Urban Affairs and published by . This book was released on 1990 with total page 968 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Summary of Testimony on Deferred Executive Compensation written by United States. Congress. Joint Committee on Internal Revenue Taxation and published by . This book was released on 1969 with total page 1388 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Mergers Acquisitions and Other Restructuring Activities written by Donald DePamphilis and published by Academic Press. This book was released on 2013-10-01 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the seventh edition of Mergers, Acquisitions, and Other Restructuring Activities – winner of a 2014 Textbook Excellence Award (Texty) from the Text and Academic Authors Association – Donald DePamphilis looks into the heart of current economic trends. In addition to a new chapter on the ways deals are financed, more than 85% of the 54 integrative case studies are new and involve transactions announced or completed since 2010. This new edition anchors its insights and conclusions in the most recent academic research, with references to more than 170 empirical studies published in leading peer-reviewed journals since 2010. Practical exhibits, case studies involving diverse transactions, easy-to-understand numerical examples, and hundreds of discussion questions and practical exercises are included. This substantially updated content, supplemented by questions from CFA Institute examinations, offers the only comprehensive exploration of today's business transactions. Mergers, acquisitions, and restructuring transactions reveal the inner workings of our economy. This longstanding, award-winning treatment lays out what every student and professional should understand about their parts, what they are intended to accomplish, and what their competitive, strategic, and value consequences are. Winner of a 2014 Texty Award from the Text and Academic Authors Association Includes up-to-date and notable transactions (Facebook's takeover of Instagram and Linkedin's IPO) and regulations (Dodd-Frank Act of 2010 and JOBS Act of 2012) Covers recent trends (emerging country acquirers in global M&As) and tactics ("top-up" options and "cash-rich" split-offs) Additional content available online

Download or read book Mezzanine Financing written by Luc Nijs and published by John Wiley & Sons. This book was released on 2013-12-09 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth explanation of mezzanine finance Mezzanine finance products, which have grown increasingly popular in recent years, involve a unique and complex form of analysis because of their hybrid nature. Because mezzanine finance involves no collateral, it accentuates legal terms, term sheets, and contracts, in addition to depicting dynamics of both debt and equity. Experienced chairman, lecturer, and professor of investment banking Luc Nijs presents readers with a thorough description of product groups, structuring and pricing, and cultural discrepancies in terms of regulation and application in Mezzanine Financing: Tools, Applications and Total Performance. Nijs analyzes common triumphs and failures encountered in mezzanine financing, and he discusses techniques for risk analysis and risk mitigation. A final study of international capital markets, their products' relevance, attractiveness, and liquidity, and the effects on pure equity/fixed-income risk concludes the book. Conveys a professional's advice through case studies of various regions, industries and contexts Provides the only complete analysis of mezzanine finance as no other books take on the topic as their only subject Details an increasingly popular and globally relevant subject in finance Those seeking a detailed explanation of the complexities within mezzanine financing will encounter a professional account in Nijs's book.