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The Use of Hybrid Securities

Market Timing, Investor Rationing, Signaling and Asset Restructuring

  • Book
  • © 2006

Overview

Editors:
  1. Benjamin Kleidt
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Table of contents (7 chapters)

  1. Front Matter

    Pages I-XXII
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  2. Introduction

    Pages 1-4

  3. Definitions

    Pages 5-12

  4. Why firms issue convertible debt — Market timing and investor rationing

    Pages 13-56

  5. A note on systematic risk changes around convertible debt issues

    Pages 57-65

  6. The concurrent offerings puzzle

    Pages 67-103

  7. Divestment of equity stakes — An analysis of exchangeable debt

    Pages 105-148

  8. Conclusions and outlook

    Pages 149-152

  9. Back Matter

    Pages 153-164
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Keywords

About this book

How firms choose among competing instruments of external finance has been widely discussed in the finance literature for decades. However, many important questions raised in this discussion remain unanswered today - in particular with regard to a firm's use of hybrid securities. The core market for these financing instruments, which comprise structures such as convertible debt, mandatory convertibles or exchangeable debt, is the US market, which has been characterized by a sharp increase in issuance volumes during recent years. In his thesis, Mr. Kleidt sets out to answer the question why firms issue hybrid securities. This is not only a remarkable endeavour, because Mr. Kleidt uses US-American data, but in particular because he presents state-of-the-art analyses, which are competitive and meet highest international standards. The thesis on hand carefully identifies and addresses open research questions related to the use of hybrid securities by corporations. Its primary objective was to identify issuance motives for different types of hybrid securities in the US analyzing stock price and accounting data. Thusly objectifying managerial action allows to derive recommendations for financing practice. Another focus of the thesis concerns the use of exchangeable debt, a divestment vehicle commonly employed by German corporations to disentangle the 'Deutschland AG'. Updated empirical evidence provides significant value-added for capital market participants, in particular financial managers, in Germany and Western Europe.

About the authors

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

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