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The Use of Hybrid Securities Market Timing, Investor Rationing, Signaling and Asset Restructuring

:	Benjamin Kleidt
:	The Use of Hybrid Securities Market Timing, Investor Rationing, Signaling and Asset Restructuring
:	DUV Deutscher Universitäts-Verlag
:	9783835090774
:	1
:	CHF 47.40
:

:	Betriebswirtschaft
:	English

:	164
:	Wasserzeichen/DRM
:	PC/MAC/eReader/Tablet
:	PDF

Benjamin Kleidt analyzes why firms decide to issue hybrid securities. He provides insights into the financing behaviour of issuing firms with regard to operating and stock price performance prior and subsequent to hybrid security issues and shows that issuance motives for the use of different forms of hybrid securities are as diverse as available structures for this asset class.

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

	Abstract	7
	Foreword	9
	Preface	11
	Contents	12
	List of abbreviations	16
	List of figures	17
	List of tables	18
	List of symbols	23
	I Introduction	24
	1 Problem and objectives	24
	2 Organization of the thesis	26
	II Definitions	28
	1 Hybrid securities	28
	2 Convertible debt	28
	3 Convertible preferred stock	33
	4 Mandatory convertibles	33
	5 Exchangeable debt	35
	Ill Why firms issue convertible debt - Market timing and investor rationing	36
	1 Introduction	36
	2 Existing literature	39
	2.1 The traditional hypothesis	39
	2.2 The rationing-hypothesis	41
	2.3 The timing-hypothesis	42
	3 Data and proxy variables	43
	4 Operating performance	47
	4.1 Methodology	47
	4.2 Operating performance of convertible debt issuers	51
	4.3 Operating performance of equity issuers	55
	4.4 A comparison of operating performance	58
	4.5 Determinants of operating performance	60
	5 Stock price performance	64
	5.1 Buy-and-hold abnormal returns	65
	5.2 Calendar-time abnormal returns	70
	5.3 Discussion	74
	6 Conclusion	78
	IV A note on systematic risk changes around convertible debt issues	80
	1 Introduction	80
	2 Data	81
	3 Changes in systematic risk	82
	4 Conclusion	87
	V The concurrent offerings puzzle	90
	1 Introduction	90
	2 Theoretical background	93
	3 Data and proxy variables	97
	3.1 Sample selection procedure	97
	3.2 Data summary information	98
	3.3 Proxy variables	100
	4 Empirical analysis of company characteristics	104
	4.1 Presentation of pre-issue company characteristics	104
	4.2 A regression model of security choice	106
	5 The stock price reaction to the announcement of concurrent offerings	110
	5.1 The magnitude of cumulative average abnormal returns	110
	5.2 The cross-section of cumulative abnormal returns	113
	6 Long-run abnormal returns	117
	6.1 Buy-and-hold abnormal returns	118
	6.2 Tests of robustness	120
	6.3 Discussion	122
	7 Conclusion	125
	VI Divestment of equity stakes - An analysis of exchangeable debt	128
	1 Introduction	129
	2 Theoretical background	131
	2.1 Motives for exchangeable debt issuance	131
	2.2 Existing empirical evidence for exchangeable debt issuance	133
	2.3 The magnitude of announcement returns	135
	2.4 The cross-section of announcement returns	139
	3 Data and methodology	147
	3.1 Data	147
	3.2 Methodology	152
	4 Presentation and interpretation of results	155
	4.1 The magnitude of announcement returns	155
	4.2 The cross-section of announcement returns	158
	4.3 Mandatory exchangeables	169
	5 Conclusion	170
	VII Conclusions and outlook	172
	Bibliography	176