The Use of Hybrid Securities

• Corporate Author: SpringerLink (Online service)
• Other Authors: Kleidt, Benjamin (Editor)
• Format: Electronic eBook
• Language: English
• Published: Wiesbaden : DUV, 2006.
• Subjects: Finance.; Finance, general.

During recent years, an increasing number of corporations have decided to raise external capital via markets for hybrid securities. Hybrid securities share characteristics of common stock and straight debt and appear in different forms, such as convertible debt, mandatory convertibles or exchangeabl...

Table of Contents:

• Definitions
• Why firms issue convertible debt — Market timing and investor rationing
• A note on systematic risk changes around convertible debt issues
• The concurrent offerings puzzle
• Divestment of equity stakes — An analysis of exchangeable debt
• Conclusions and outlook.