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The Global ETD Search service is a free service for researchers
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Showing 1 to 4 of 4 (0.107 seconds)Spelling suggestions: "subject:"det instruments"" "subject:"dept instruments""
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The design of corporate debt : evidence from Eurobond issues made by UK companiesCorreia, Maria do Rosario January 2003 (has links)
This thesis provides a comprehensive analysis of the determinants for the optimal choice of contract terms on a unique type of debt instrument: Eurobonds. A discussion of corporate finance theories that postulate the use of debt contract features for mitigating financing inefficiencies provides the foundation for the development of the empirical investigation. More specifically, theories that associate the choice of debt features namely, maturity, call options, convertible options, and protective covenants with firm's and market's characteristics are discussed in detail. Emphasis is also given to the theoretical predictions about the interdependencies established between the debt features that are viewed as alternative control devises for mitigating debt-contracting costs. Panel data and simultaneous-equations estimation methods are used to regress the relevant debt features on a set of proxies for firm characteristics, market conditions, and related contract features for a sample of 377 Eurobonds issued by UK companies over the period 1986-1999. The evidence from both panel data and simultaneous-equations analyses provide strong support to the prediction that both callable and short-term debt and convertible and debt with protective covenants are used as alternative control devises to mitigate agency costs. Further evidence suggests, however, that contrary to the fundamentals guiding the choice of maturity and callability structures, the use of convertible options and protective covenants in Eurobond contracts seems to be determined by equity agency costs rather than debt agency costs. Some support is also found for the risk uncertainty theory underlying the use of convertibles and for the liquidity risk arguments regarding the choice of protective covenants. No support is found for signalling and interest tax-shield hypotheses. Some proposals for further research on debt contract design are identified and discussed.
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The Study of Corporate DebtHsu, Chia-Lun 23 August 2007 (has links)
This study examines the different characteristics of adopting private debt, corporate bonds, and bank debt in the Taiwanese listed companies that obtained new debt financing from 2002 to 2004. The Logistic Regression Model is performed to find out the main determinants to affect the choice of debt instruments, and Two-Stage Least Squares is used to examine the effects of different debt instrument on equity risk.
The results are as followed:
1. The higher the flotation cost the higher the possibility of the firm to choose issuing public bonds. On the other hand, the lower the flotation cost the higher the possibility of the firm to choose issuing private debt.
2. Firms with the highest information asymmetry tend to borrow from banks, and those with the lowest information asymmetry are likely to issue public bonds.
3. Firms with the highest credit quality exhibit a strong preference for public bonds, firms with middle credit quality prefer to borrow from banks, and the lowest credit quality prefer to borrow from private debt sources.
4. Firms with the lowest managerial ownership tend to borrow from private debt.
5. As to the equity risk from the debt sources, it increases with the size of the corporate bonds or private debt, and decreases with the size of the bank debt.
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[en] GREEN BONDS PRICING IN THE BRAZILIAN MARKET / [pt] PRECIFICAÇÃO DE TÍTULOS VERDES NO MERCADO BRASILEIROBEATRIZ DE MIRANDA FERRARI 24 May 2022 (has links)
[pt] Títulos verdes são instrumentos para financiamento de ativos e projetos com benefícios ambientais, cuja emissão vem se tornando comum no mercado brasileiro. Preferências não-pecuniárias de investidores pela compra desses títulos associados a impacto ambiental positivo podem se refletir em uma diferença em sua precificação em comparação com títulos convencionais, fenômeno denominado de prêmio verde (greenium). A bibliografia internacional que explora a existência de um prêmio verde e de seus determinantes ainda é variada, porém não contempla o mercado brasileiro. Este trabalho busca contribuir para a literatura ao explorar a dinâmica de precificação de títulos verdes no Brasil. Para possibilitar a comparação entre títulos verdes e títulos convencionais de características similares e isolar os efeitos do rótulo verde na precificação desses ativos, foram empregados dois métodos de pareamento, Propensity Score Matching e Coarsened Exact Matching. Considerando uma amostra de 110 títulos verdes e 227 títulos convencionais emitidos entre 2016 e 2022 pelos mesmos emissores, o resultado indica a existência de um prêmio verde de 1,92% no mercado brasileiro, porém com resultados mistos uma vez que apenas um dos métodos obteve resultado significativo. / [en] Green bonds are an important tool for financing assets and projects with positive environmental impacts and its issuance is becoming more commonplace in the Brazilian market. Non-pecuniary preferences by investors for these bonds may be reflected in a difference in its pricing when compared to conventional bonds in what has become known as greenium. The international literature exploring the existence of a greenium and its determinants has achieved mixed results, but it does not consider the Brazilian market. This dissertation aims to contribute to the literature by exploring the pricing dynamics of green bonds in Brazil. To enable the comparison between green and conventional bonds of similar characteristics and to isolate the effects of the green label in their pricing, two matching methods were employed, Propensity Score Matching and Coarsened Exact Matching. With a sample of 110 green bonds and 227 conventional bonds issued between 2016 and 2022 by the same issuers, the result indicates the existence of a greenium of 1.92% in the Brazilian market, but with mixed results since only one of the methods is significant.
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Finansiella instrument : En rättsekonomisk analys av värdepappersmarknadens grundläggande rättshandlingar / Financial instruments : A law and economics analysis of the fundamental contracts of the capital marketsLindblad, Anton January 2022 (has links)
This thesis evaluates and constructs a general, product-neutral legal concept and model of financial instruments, as opposed to the product-dependent definitions currently employed in contemporary capital markets law. Through a combination of law and economics perspectives, legal history, and comparative analysis, the study examines the various types of financial instruments currently and previously in use. The legal characteristics and features of these instruments are evaluated and compared, leading to the identification of commonalities that can be used to define a product-neutral concept. The thesis argues that such a concept is more beneficial to the function of the capital markets by removing obstacles for financial innovation while also providing a consistent way to ensure that new financial products are governed by the same regulatory framework as comparable instruments.The thesis also examines the historical evolution of financial instruments and how it has been driven by the evolution of international trade and the demand and surplus of available capital. The proposed concept is applied to current financial instruments, including equity and debt, as well as pre-modern markets, and evaluated in terms of regulation, practical use, and legal characteristics such as transferability and negotiability.The research of this thesis encountered several challenges and limitations. Firstly, the historical and comparative analysis proved difficult to carry out, due to limitation in available source material and language related restrictions, respectively. These limitations were overcome by limiting the scope and by employing contacts with law firms in the respective jurisdictions. Secondly, several key issues proved to require further research to be able to provide definitive conclusions. Such research would have been out of scope and as such, simplified explanations and models were employed. The thesis concludes with a discussion of the practical implications of the proposed concept, including its application to cryptocurrencies and similar assets, and identifies potential areas for future research.
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