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The Use of Hybrid Securities: Market Timing, Investor Rationing, Signaling and Asset Restructuring (ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen, 54, Band 54) - Softcover

Kleidt, Benjamin

 
9783835002470: The Use of Hybrid Securities: Market Timing, Investor Rationing, Signaling and Asset Restructuring (ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen, 54, Band 54)

Inhaltsangabe

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 converible debt, mandatory convertibles or exchangeable debt.

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Über die Autorin bzw. den Autor

Dr. Benjamin Kleidt ist wissenschaftlicher Mitarbeiter des Stiftungslehrstuhls Bank- und Finanzmanagement der European Business School, Oestrich-Winkel.

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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 exchangeable debt.

Benjamin Kleidt analyzes why firms decide to issue hybrid securities. Applying state-of-the-art event study analyses to recent data, he provides interesting insights into the financing behaviour of issuing firms with regard to operating and stock price performance prior and subsequent to hybrid security issues. It turns out that issuance motives for the use of different forms of hybrid securities are as diverse as available structures for this asset class.

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