Determinants of the Issuance of Put/Call Convertibles in the Non-Financial Sector of the US Market

Damian Kaźmierczak; Jakub Marszałek

doi:10.2478/cer-2014-0017

Autor

Damian Kaźmierczak University of Łódź, Faculty of Management, Department of Business Management
Jakub Marszałek University of Łódź, Faculty of Management, Department of Business Management

DOI:

https://doi.org/10.2478/cer-2014-0017

Słowa kluczowe:

finansowanie, obligacje zamienne, klauzule put/call, rynek amerykański

Abstrakt

Celem artykułu jest scharakteryzowanie i wykazanie różnic między emitentami zwykłych obligacji zamiennych i obligacji zamiennych z dołączoną opcją put/call. Badanie zostało przeprowadzone na podstawie 379 emitentów tych instrumentów na rynku amerykańskim w latach 2002-2011 spoza sektora finansowego. Okazuje się, że decyzje o emisji put/call convertibles podejmują spółki obarczone wyższym ryzykiem inwestycyjnym, o czym świadczy m.in. wyższy poziom zadłużenia czy gorsza relacja wartości emisji to wartości aktywów trwałych. Dołączenie opcji call/put do zwykłych obligacji zamiennych ma na celu obniżenie ryzyka inwestycyjnego emitenta, co może spowodować zwiększenie popytu na ten rodzaj papierów wartościowych ze strony inwestorów.

Pobrania

Brak dostępnych danych do wyświetlenia.

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