Why has the once fallen star of income bonds started to rise after spending over seventy years below the financial horizon? Is it because income bonds provide many of the advantages of debt financing with the non-fixed payments feature of equity financing? Could it be caused by the high yields they carry considering the risk involved? Is it the result of the large tax savings created in many cases? All of these questions are important. Eighteen years ago income bonds were one of the least respected and most disliked types of securities that a company could issue. Today they have a limited but growing use and an ever increasing acceptance. This study is an attempt to determine and give reasons for the development and use of income bonds in the past, present, and future. It traces the development of income bonds, explains the advantages and disadvantages associated with them, and prognosticates about their future.

M.Com. (Taxation) / Financial prices such as interest rates, currency exchange rates and equity prices have become more volatile In recent years making financial costs more difficult to predict and control. Just as commodity Mures exchanges grew out of the need for a mechanism to protect producers and users of commodities from the effects of fluctuations In prices, so the financial futures markets have developed to provide a means of lessening the Impact of fluctuations in interest rates, currency exchange rates and share Indices. A futures contract Is a transferable agreement to buy or sell a standardised amount of a commodity of standardised quality at a fixed price on a specific future date underterms and conditions ofarecognised exchange. A significant milestone was reached in the development of South Africa's financial markets with the simultaneous publication and the release to the public of the reports of the Stals and Jacobs Committees in July 1988. The road had not been all that smooth up to that point. The 1985 debt standstill and all the implications which flowed therefrom had made for a somewhat bumpy ride. However, by mid·1988 the markets were once again picking up the threads and making furtherstrides forward. Flowing from the recommendations of these two committees has been the establishment of the South African Futures Exchange and the South African Futures Clearing Company where financial Mures will be freely traded. The South African tax authorities could not provide the above committee with clear guidelines as to how Mures transactions would be treated for tax purposes In the South African context, except that Receivers of Revenue, having regard to decisions handed down by the courts In a variety of cases considered over a period of many years, would decide whether any particular transaction, or series of transactions, Is ofe~her a ·revenue" or "capital" nature. If the transaction is considered to be on "revenue" account, then the profit (or loss) Is taken Into account In the determination of taxable Income for Income tax purposes. The distinction becomes of paramount Importance when dealing In futures as no capital gains tax exists In South Africa and personal and company tax rates are relatively high.

Thesis (M.B.A.)--Boston University

by Tse Kwok-fai, Sammy, Wong Kin-fai, Kelvin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaf 46). / TABLE OF CONTENTS --- p.i / LIST OF TABLES / FIGURES --- p.ii / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Chapter II. --- MARKET STRUCTURE --- p.4 / Chapter III. --- PRODUCT TYPES --- p.11 / Chapter IV. --- BASIC ELEMENTS AFFECTING BONDS PRICING --- p.18 / Chapter V. --- BONDS PRICING MODELS --- p.25 / Chapter VI. --- FACTORS LIMITING BONDS MARKET GROWTH --- p.34 / Chapter VII. --- PROSPECTS --- p.40 / Chapter VIII. --- CONCLUSION --- p.43 / BIBLIOGRAPHY --- p.46

by Yow Nga-Yee. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1999. / Includes bibliographical references (leaves 35-36). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF ILLUSTRATIONS --- p.iv / LIST OF TABLE --- p.v / Chapter / Chapter I. --- INTRODUCTION --- p.1 / Market Structure --- p.1 / Chapter II. --- VALUATION OF CREDIT RISK --- p.9 / Introducing CreditMetrics --- p.10 / Credit rating anomalies --- p.15 / Application of bond analysis to the Hong Kong Market --- p.15 / Chapter III. --- METHODOLOGY OF HONG KONG BOND RATING --- p.18 / Rating at a Global Perspective --- p.19 / Country risk: Emerging markets --- p.22 / Chapter III. --- COMPARISON BETWEEN HONG KONG BOND AND US BOND OF SAME CREDIT RATING --- p.26 / Methodology --- p.26 / The result --- p.27 / Discussion of the data set --- p.29 / Explanations of the result --- p.30 / Chapter IV. --- CONCLUSION --- p.33 / BIBILIOGRAPHY --- p.48

Leong U Man. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2006. / Includes bibliographical references (leaves 32-34). / Abstracts in English and Chinese. / Chapter 1 --- Introduction --- p.1 / Chapter 2 --- Structural Bond Pricing Models --- p.5 / Chapter 2.1 --- The Merton Model --- p.5 / Chapter 2.2 --- Extended Merton Model --- p.6 / Chapter 2.3 --- Longstaff and Schwartz Model --- p.8 / Chapter 3 --- Methodology --- p.11 / Chapter 3.1 --- Maximum Likelihood Estimation --- p.13 / Chapter 3.2 --- Non-linear Filtering Process --- p.13 / Chapter 3.3 --- Modification for LS Model --- p.15 / Chapter 4 --- Simulation and Empirical Analysis --- p.16 / Chapter 4.1 --- Simulation Study --- p.16 / Chapter 4.2 --- Empirical Analysis --- p.19 / Chapter 4.2.1 --- Bond Selection --- p.19 / Chapter 4.2.2 --- Result for EM Model --- p.21 / Chapter 4.2.3 --- Result for LS Model --- p.24 / Chapter 4.3 --- Implications from Empirical Analysis --- p.28 / Chapter 5 --- Conclusion --- p.30 / Bibliography --- p.32

Thesis (Ph. D.)--Ohio State University, 1982. / Includes bibliographical references (leaves 152-159). Available online via OhioLINK's ETD Center.

No description available.

none

£\-Bungarotoxin (£\-Bgt), a £\-neurotoxin from Taiwan banded krait (Bungarus multicinctus), consists of a single polypeptide chain of 74 amino acid residues cross-linking with five disulfide bonds. In order to explore the structural dependence of the disulfide bonds in the toxin molecule, the mutants with deleting one out of the five disulfide bonds were prepared by site-directed mutagenesis. The mutated and wild-type cDNAs were subcloned into the expression vectors pET14b as well as pET32a(+), and then transformed into Escherichia coli, BL-21(DE3). The recombinant proteins derived from pET14b expression system were isolated from inclusion bodies of E. coli, and refolding into their folded structure in vitro. Alternatively, the proteins derived from pET32a(+) system were expressed as a fusion protein and purified on a His-Bind resin column. Moreover, the recombinant proteins were further purified using a reverse phase column, and the homogeneity of recombinant proteins was determined by SDS-PAGE analyses. Noticeably, the refolding reaction was beneficially achieved by deleting the disulfide bond Cys29-Cys33. Although SDS-PAGE analyses showed that the recombinant proteins were homogeneous in molecular weight, several disulfide isomers appeared in each protein preparation as revealed by native gel analyses. These observations suggest that the formation of disulfide bonds and folding of£\-Bgt may pass through multiple pathways.