This thesis investigates the share price response to the announcement of private placements of hybrid securities in Australia. Firstly, the size and direction of the share price response is examined. Secondly, the determinants of the share price response are examined. Where possible, comparisons are made to evidence from international markets. The sample of data tested consists of 43 announcements of convertible debt issues, 39 announcements of preference share issues and 19 announcements of option issues made between 1983 and 2000 by Australian firms. The analysis of the share price impact in response to the announcements is conducted using Maynes and Rumsey (1993) event study methodology that adjusts for thin trading. The determinants of the share price response are examined using model specifications that are derived from the theoretical literature. The analysis of the announcement effect of private placements of hybrid securities finds significant negative abnormal returns for convertible debt issues, insignificant negative abnormal returns for preference share issues and significant positive abnormal returns for option issues. In comparison to international studies, the convertible debt results are similar to public and rights issues, the insignificant preference share results are similar to other findings and the option results are similar to private placements of equity and rights issues of options. The results of the investigation of the determinants of the announcement effect of private placements of hybrid securities finds that convertible debt issues are best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the information asymmetry - dynamic hypothesis and the agency cost hypothesis. The impact of preference share issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry - external monitors hypothesis, the agency cost hypothesis and the price pressure hypothesis. The announcement effect of option issues is best explained by information asymmetry - firm and issue characteristics, the information asymmetry -dynamic hypothesis and the optimal capital structure hypothesis.

Univ., Diss.--Hannover, 2003. / Literaturverz. S. [265] - 275. - Text überw. dt., teilw. engl.

Un concept innovant d'aéronef convertible a été imaginé pour des applications de drone tactique. La sustentation en mode hélicoptère est assurée par un rotor situé dans le nez de l'appareil et entraîné en rotation par des hélices montées sur ses pales. Le rotor s'arrête en vol pour faire office de plan canard et ses hélices propulsent l'appareil en mode avion. Une aile fixe est ajoutée dans la queue de l'appareil, dans le flux du rotor, pour soulager la charge de ce dernier quand il est arrêté. Ainsi, le design des hélices n'est plus surdimensionné pour sustenter l'appareil en mode hélicoptère, la dimension du rotor n'est plus limitée par le fonctionnement en mode avion et la majorité des systèmes est utilisée dans les deux modes, ce qui réduit la puissance nécessaire, le poids et la trainée aérodynamique. La faisabilité de ce concept a été démontrée au cours de ces travaux de thèse. Cette dernière comprend l'analyse du comportement du système rotor, l'étude des interactions entre les appendices aérodynamiques en vol stationnaire et le contrôle au cours de la transition entre vol stationnaire et vol horizontal. Les gains en performance de ce concept par rapport aux drones tactiques existants, en termes d'autonomie et de masse de charge utile embarquée, ont été évalués dans le cadre d'une étude de conception amont. Par ailleurs, le principe de rotor propulsé par hélice a été repris et exploité dans un nouveau concept breveté qui pallie les défauts inhérents aux drones multirotors. Ces derniers se révèlent, en effet, intrinsèquement peu fiables en raison de la complémentarité de leurs différents systèmes propulsifs. / An innovative concept of convertible aircraft, conceived primarily for tactical UAV applications, is proposed as part of this thesis. The lift in helicopter mode is provided by a rotor located in the nose of the aircraft and driven in rotation by propellers mounted on its blades. The rotor stops in flight to act as a canard and its propellers propel the whole aircraft into airplane mode. A fixed wing is added to the tail, in the rotor flow, to alleviate the latter’s load when it is stopped. This removes the previous need for oversized propellers necessary to sustain the aircraft in helicopter mode. The size of the rotor is also no longer limited by airplane operations and almost all the UAV’s systems are used in both modes. This has the great advantage of reducing the required power, the weight and the aerodynamic drag. The feasibility of this concept has been demonstrated throughout the thesis work which includes rotor system behaviour analysis, the study of interactions between the different hovering aerodynamic systems and the design of the control during the transition between hover and horizontal flights.The performance gains of this concept over existing tactical drones, in terms of autonomy and on-board payload mass, were evaluated as part of conceptual design study. A model has been produced in order to demonstrate the feasibility of the concept’s production. The propeller-driven rotor principle, developed in this thesis, was carried over and implemented in a new patented concept which overcomes the inherent defects of multi-rotor drones.

A convertible bond (CB) is a hybrid security possessing the characteristics of both debt and equity. It gives the holder the right to convert the bond into a pre-specified number of shares (usually by the same issuer of the CB) until maturity of the bond, and may also contain additional features such as callability and putability. CB’s along with all hybrid securities are difficult to value due to their uncertain income stream. In this dissertation several convertible bond valuation models are suggested, but with particular attention to the calibration of the underlying inputs into the model and also by taking default risk into account, which is extremely important given the subordination of convertibles. The models range from the basic component models that decompose the CB into a straight bond and an exchange/call option; to more sophisticated ones consisting of stochastic interest rates, default risk, volatility structures, and even some exotics such as exchangeable and inflation-linked convertibles. An important aspect often missed by CB valuation models is the presence of negative convexity for extremely low share prices. As such a credit spread function dependent upon the underlying share price is introduced into the Tsiveriotis and Fernandes, and Hung and Wang models which improve upon the accuracy of the original models. Once a reliable model has been developed it becomes necessary to take advantage of convertible arbitrage trading strategies if they exist. The typical delta hedge, gamma hedge and option strategies that many convertible hedge funds employ are explained including the underlying risks with respect to the “Greeks”. Copyright / Dissertation (MSc)--University of Pretoria, 2009. / Mathematics and Applied Mathematics / unrestricted

Under current GAAP principles convertible debt is valued and accounted for using an outdated practice. Only one aspect of these complex financial instruments are valued at a time resulting in flawed financial statements. Although the Accounting Principles Board agreed with this sentiment, originally proclaiming that both the debt and equity aspects be valued together, significant resistance by the public forced the Board to amend its Opinion to the current standard. In this paper three ratios that measure company performance and health will be tested against the amount of convertible debt in selected companies in the hopes that a correlation will be found that shows the impact of the current accounting method.

Abstract Though there were many international paper on the European Convertible Bond¡]ECB¡^. Most of them focus on the electronic industry. Financial industry was excluded. A financial holding company made the good use of international source by issuing ECB overseas under the pressure of achieving internationalizes. The purpose of this study is to explore the distinctions of the financial holding companies who have announced issuing European Convertible Bond¡]ECB¡^during 2002 to 2003. To identify the financial character and evaluate the influence on the companies¡¦share price followed by the issuance of ECB from the statistic viewpoint of financial analysis and the dynamic viewpoint of the impacts on the company¡¦s value. There are two parts of the thesis. The first part is about the effect of the financial holding company¡¦s value for their issuing ECB by using the event study. Using probit and logic regression analysis to examine the effect of various financial factors in decision-making process of issuing ECB abroad did the second part. The financial character of financial holding companies with ECB issuance have significant differences in compared to those who have not yet issued ECB. Conclusion: 1.With¡¨Event study¡¨the results shown that there is no significant effect in the short term but cumulative average abnormal return is negative in the long term on the announcement data in exiting shareholders stake of issuing ECB. 2.At 5% significance level¡Aempirical results shown that listed financial holding companies with ECB issuance have significant differences in debt ratio, EPS and firm size compared to the companies who have not yet issued ECB.

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Thesis (M.C.A.)--Victoria University of Wellington, 2009. / Includes bibliographical references.