Capital structure and corporate governance: the role of hybrid financial instruments
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Alphen aan den Rijn [u.a.]
Kluwer Law International
2013
|
| Schriftenreihe: | International banking and finance law series
21 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XI, 230 S. |
| ISBN: | 9789041148438 |
Internformat
MARC
| LEADER | 00000nam a2200000 cb4500 | ||
|---|---|---|---|
| 001 | BV042091029 | ||
| 003 | DE-604 | ||
| 005 | 20150129 | ||
| 007 | t | ||
| 008 | 140925s2013 |||| 00||| eng d | ||
| 010 | |a 2013363828 | ||
| 020 | |a 9789041148438 |9 978-90-411-4843-8 | ||
| 035 | |a (DE-599)BSZ393502279 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-M382 | ||
| 084 | |a PU 1542 |0 (DE-625)139923: |2 rvk | ||
| 100 | 1 | |a Sasso, Lorenzo |e Verfasser |0 (DE-588)1045476765 |4 aut | |
| 245 | 1 | 0 | |a Capital structure and corporate governance |b the role of hybrid financial instruments |c Lorenzo Sasso |
| 264 | 1 | |a Alphen aan den Rijn [u.a.] |b Kluwer Law International |c 2013 | |
| 300 | |a XI, 230 S. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a International banking and finance law series |v 21 | |
| 650 | 0 | 7 | |a Corporate Governance |0 (DE-588)4419850-4 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Gesellschaftsrecht |0 (DE-588)4020646-4 |2 gnd |9 rswk-swf |
| 651 | 7 | |a USA |0 (DE-588)4078704-7 |2 gnd |9 rswk-swf | |
| 651 | 7 | |a Großbritannien |0 (DE-588)4022153-2 |2 gnd |9 rswk-swf | |
| 655 | 7 | |0 (DE-588)4113937-9 |a Hochschulschrift |2 gnd-content | |
| 689 | 0 | 0 | |a USA |0 (DE-588)4078704-7 |D g |
| 689 | 0 | 1 | |a Großbritannien |0 (DE-588)4022153-2 |D g |
| 689 | 0 | 2 | |a Corporate Governance |0 (DE-588)4419850-4 |D s |
| 689 | 0 | 3 | |a Gesellschaftsrecht |0 (DE-588)4020646-4 |D s |
| 689 | 0 | |5 DE-604 | |
| 830 | 0 | |a International banking and finance law series |v 21 |w (DE-604)BV021464333 |9 21 | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027531887&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-027531887 | ||
Datensatz im Suchindex
| _version_ | 1804152548392697856 |
|---|---|
| adam_text | TABLE OF CONTENTS
ACKNOWLEDGEMENTS XI
INTRODUCTION 1
PART I: REGULATORY ISSUES OF HYBRID FINANCIAL INSTRUMENTS:
THE CLASSIFICATION APPROACH 7
CHAPTER 1
A HISTORICAL PERSPECTIVE 9
§1.01 THE BIRTH AND EVOLUTION OF PREFERENCE SHARES IN THE BRITISH LEGAL
SYSTEM 9
[A] PARTICULAR FEATURES OF THE PREFERENCE SHARES: THE PREFERENTIAL
DIVIDEND 18
[B] PRIORITY TO THE REPAYMENT OF CAPITAL IN EVENT OF LIQUIDATION 22
[C] CONVERSION AND REDEMPTION OF PREFERENCE SHARES 27
[1] FAILURE TO REDEEM 31
§1.02 NATURE OF A DEBENTURE 33
[A] THE ORIGIN AND EVOLUTION OF THE SUBORDINATED IRREDEEMABLE
DEBENTURES 37
[B] ELEMENTS OF CONVERTIBLE OBLIGATIONS 40
[C] DEBT HOLDING RESTRICTIVE COVENANTS AND VETO RIGHTS 43
CHAPTER 2
DISTINGUISHING BETWEEN EQUITY AND DEBT 47
§2.01 DOES CAPITAL STRUCTURE MATTER? 48
§2.02 DEFINITION OF EQUITY AND SHARE CAPITAL 50
§2.03 WHY DISTINGUISH BETWEEN EQUITY AND DEBT: THE ROLE OF
ACCOUNTING AS CONTROL OVER REGULATIONS 52
VU
TABLE OF CONTENTS
[A] THE ACCOUNTING STANDARDS FOR CLASSIFYING HYBRID FINANCIAL
INSTRUMENTS 54
[B] CLASSIFYING HYBRID FINANCIAL INSTRUMENTS FOR TAX PURPOSES 63
[C] RE-CHARACTERIZATION OF FINANCIAL CLAIMS IN LIQUIDATION 68
§2.04 CLASSIFICATION OF FINANCIAL INSTRUMENTS IN DIFFERENT REGULATORY
AREAS 70
§2.05 HYBRID FINANCIAL INSTRUMENTS IMPLICATIONS FOR CORPORATE LAW 73
CHAPTER 3
SETTING THE THEORETICAL FRAMEWORK 75
§3.01 TRANSACTION COSTS AND COMPANY LAW 76
§3.02 THE COMPANY AS A NEXUS OF CONTRACTS AND THE THEORY OF
AGENCY COSTS 77
§3.03 CONTRACT INCOMPLETENESS AND EX POST CONFLICTS 81
§3.04 THE MODERN THEORY OF PROPERTY RIGHTS 82
§3.05 SUMMARY OF THE ANALYSIS 86
PART II: GOVERNANCE REGULATION OF HYBRID FINANCIAL INSTRUMENTS:
THE FUNCTIONAL APPROACH 89
CHAPTER 4
FROM THE CLASSIFICATION TO THE FUNCTIONAL APPROACH 91
§4.01 GOVERNANCE IMPLICATIONS OF ISSUING HYBRID INSTRUMENTS 92
[A] LARGE PUBLICLY TRADED COMPANIES 94
[B] SMALL CLOSELY HELD START-UP FIRMS 96
§4.02 THE STRUCTURE OF PART II 98
CHAPTER 5
SIGNIFICANT CORPORATE DECISIONS 101
§5.01 CONTRACTING FOR GOVERNANCE RIGHTS AT A COMPANY S START-UP 101
[A] LIMITS TO THE CONTROL POWER OF A LENDER 105
[B] THE USE OF HYBRID INSTRUMENTS TO ALIGN THE EX ANTE
INCENTIVES OF MANAGERS: STAGE FINANCING AND CONTINGENT
CONVERTIBLE DEBT 107
[1] PREFERENCE SHARES AS INCENTIVE CONTRACTS 110
[C] THE USE OF HYBRID INSTRUMENTS TO REDUCE THE EX POST
HOLD-UP PROBLEMS 111
§5.02 THE MANAGER-SHAREHOLDER CONFLICT IN CHARTER AMENDMENTS:
VARIATION OF CLASS RIGHTS 113
[A] THE POSITION OF PREFERENCE SHAREHOLDERS AND THEIR PROTECTIONS:
A UK-US COMPARATIVE ANALYSIS 115
[B] WHAT CONSTITUTES A VARIATION OF CLASS RIGHTS? 119
[C] LEGAL STRATEGIES FOR PREFERENCE SHAREHOLDERS 121
VLLL
TABLE OF CONTENTS
§5.03 SHAREHOLDER-CONVERTIBLE BONDHOLDER AGENCY PROBLEMS 124
[A] THE PROTECTION OF CONVERTIBLE BONDHOLDERS IN MERGERS AND
ACQUISITIONS 125
[B] THE PROTECTION OF CONVERTIBLE BONDHOLDERS IN ASSETS DISPOSAL 129
[C] OTHER SITUATIONS OF POTENTIAL DILUTION: THE DISTRIBUTION OF
DIVIDENDS 131
§5.04 AN EVALUATION OF THE RATIONALE AND PROTECTION FOR HYBRIDS 135
CHAPTER 6
FINANCING THROUGH HYBRID INSTRUMENTS: RISKS OPPORTUNISM AND LEGAL
STRATEGIES FOR MITIGATION 137
§6.01 THE USE OF CONVERTIBLE BONDS TO REORGANIZE AND RESTRUCTURE A
FIRM 137
§6.02 THE MANAGER-CONVERTIBLE BONDHOLDER CONFLICT 139
[A] THE TIMING OF THE CONVERSION AND THE ISSUER S CALL OPTION 141
[B] VALUE DILUTION OF THE CONVERSION OPTION 143
[1] PRICE-BASED METHODS OF ANTI-DILUTION 145
[2] FULL RATCHET AND WEIGHTED AVERAGE RATCHET ANTI-DILUTION
PROVISIONS 147
§6.03 THE MAJORITY-MINORITY CONFLICT IN VENTURE CAPITAL FINANCING:
THE INVESTOR S CLAIM DILUTION 150
[A] EXISTING LEGAL REMEDIES IN THE UK AND US 151
[B] LOAN COVENANTS, VETO RIGHTS AND PAY-TO-PLAY CLAUSES 153
§6.04 AN EVALUATION OF THE RATIONALE AND PROTECTIONS FOR HYBRIDS 156
CHAPTER 7
CONTROL TRANSACTIONS 159
§7.01 THE AGENCY CONFLICT IN CONTROL TRANSACTIONS 160
[A] THE EXIT EVENT IN VENTURE CAPITAL START-UP FIRMS 162
[B] THE USE OF CONVERTIBLE INSTRUMENTS AS A DEVICE TO ALLOCATE
CONTROL 164
§7.02 EXISTING LEGAL STRATEGIES FOR PREFERENCE SHAREHOLDERS PROTECTION
167
[A] THE UK TAKEOVER PANEL AND THE CITY CODE ON TAKEOVERS AND
MERGERS 167
[B] THE STANDARD STRATEGY: THE DUTY OF LOYALTY IN A UK-US
COMPARATIVE PERSPECTIVE 170
[1] DO DIRECTORS OWE FIDUCIARY DUTIES TO PREFERENCE
SHAREHOLDERS? 173
§7.03 FINANCIAL CONTRACT DESIGN FOR CONTROLLING THE BOARD S POWER IN
EXIT EVENTS: VETO RIGHTS, DRAG-ALONG AND TAG-ALONG CLAUSES 176
§7.04 AN EVALUATION OF HYBRID FINANCIAL INSTRUMENTS USE AND PROTECTION
IN THE UK AND US JURISDICTIONS 179
IX
TABLE OF CONTENTS
CONCLUSION 181
CHAPTER 8
CONCLUSIVE CONSIDERATIONS 183
§8.01 THE RATIONALE FOR HYBRIDS AND IMPLICATIONS FOR CORPORATE
GOVERNANCE 184
§8.02 LEGAL STRATEGIES FOR PROTECTION: THE NEED FOR REGULATION OR MORE
FLEXIBILITY? 186
BIBLIOGRAPHY 193
TABLE OF CASES 217
TABLE OF LEGISLATION 225
INDEX 227
|
| any_adam_object | 1 |
| author | Sasso, Lorenzo |
| author_GND | (DE-588)1045476765 |
| author_facet | Sasso, Lorenzo |
| author_role | aut |
| author_sort | Sasso, Lorenzo |
| author_variant | l s ls |
| building | Verbundindex |
| bvnumber | BV042091029 |
| classification_rvk | PU 1542 |
| ctrlnum | (DE-599)BSZ393502279 |
| discipline | Rechtswissenschaft |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>01785nam a2200421 cb4500</leader><controlfield tag="001">BV042091029</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20150129 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">140925s2013 |||| 00||| eng d</controlfield><datafield tag="010" ind1=" " ind2=" "><subfield code="a">2013363828</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9789041148438</subfield><subfield code="9">978-90-411-4843-8</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BSZ393502279</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-M382</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">PU 1542</subfield><subfield code="0">(DE-625)139923:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Sasso, Lorenzo</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)1045476765</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Capital structure and corporate governance</subfield><subfield code="b">the role of hybrid financial instruments</subfield><subfield code="c">Lorenzo Sasso</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Alphen aan den Rijn [u.a.]</subfield><subfield code="b">Kluwer Law International</subfield><subfield code="c">2013</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XI, 230 S.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">International banking and finance law series</subfield><subfield code="v">21</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Corporate Governance</subfield><subfield code="0">(DE-588)4419850-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Gesellschaftsrecht</subfield><subfield code="0">(DE-588)4020646-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="651" ind1=" " ind2="7"><subfield code="a">USA</subfield><subfield code="0">(DE-588)4078704-7</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="651" ind1=" " ind2="7"><subfield code="a">Großbritannien</subfield><subfield code="0">(DE-588)4022153-2</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4113937-9</subfield><subfield code="a">Hochschulschrift</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">USA</subfield><subfield code="0">(DE-588)4078704-7</subfield><subfield code="D">g</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Großbritannien</subfield><subfield code="0">(DE-588)4022153-2</subfield><subfield code="D">g</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Corporate Governance</subfield><subfield code="0">(DE-588)4419850-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="3"><subfield code="a">Gesellschaftsrecht</subfield><subfield code="0">(DE-588)4020646-4</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="830" ind1=" " ind2="0"><subfield code="a">International banking and finance law series</subfield><subfield code="v">21</subfield><subfield code="w">(DE-604)BV021464333</subfield><subfield code="9">21</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">SWB Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027531887&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-027531887</subfield></datafield></record></collection> |
| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | USA (DE-588)4078704-7 gnd Großbritannien (DE-588)4022153-2 gnd |
| geographic_facet | USA Großbritannien |
| id | DE-604.BV042091029 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T01:12:28Z |
| institution | BVB |
| isbn | 9789041148438 |
| language | English |
| lccn | 2013363828 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027531887 |
| open_access_boolean | |
| owner | DE-M382 |
| owner_facet | DE-M382 |
| physical | XI, 230 S. |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Kluwer Law International |
| record_format | marc |
| series | International banking and finance law series |
| series2 | International banking and finance law series |
| spelling | Sasso, Lorenzo Verfasser (DE-588)1045476765 aut Capital structure and corporate governance the role of hybrid financial instruments Lorenzo Sasso Alphen aan den Rijn [u.a.] Kluwer Law International 2013 XI, 230 S. txt rdacontent n rdamedia nc rdacarrier International banking and finance law series 21 Corporate Governance (DE-588)4419850-4 gnd rswk-swf Gesellschaftsrecht (DE-588)4020646-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf Großbritannien (DE-588)4022153-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content USA (DE-588)4078704-7 g Großbritannien (DE-588)4022153-2 g Corporate Governance (DE-588)4419850-4 s Gesellschaftsrecht (DE-588)4020646-4 s DE-604 International banking and finance law series 21 (DE-604)BV021464333 21 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027531887&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Sasso, Lorenzo Capital structure and corporate governance the role of hybrid financial instruments International banking and finance law series Corporate Governance (DE-588)4419850-4 gnd Gesellschaftsrecht (DE-588)4020646-4 gnd |
| subject_GND | (DE-588)4419850-4 (DE-588)4020646-4 (DE-588)4078704-7 (DE-588)4022153-2 (DE-588)4113937-9 |
| title | Capital structure and corporate governance the role of hybrid financial instruments |
| title_auth | Capital structure and corporate governance the role of hybrid financial instruments |
| title_exact_search | Capital structure and corporate governance the role of hybrid financial instruments |
| title_full | Capital structure and corporate governance the role of hybrid financial instruments Lorenzo Sasso |
| title_fullStr | Capital structure and corporate governance the role of hybrid financial instruments Lorenzo Sasso |
| title_full_unstemmed | Capital structure and corporate governance the role of hybrid financial instruments Lorenzo Sasso |
| title_short | Capital structure and corporate governance |
| title_sort | capital structure and corporate governance the role of hybrid financial instruments |
| title_sub | the role of hybrid financial instruments |
| topic | Corporate Governance (DE-588)4419850-4 gnd Gesellschaftsrecht (DE-588)4020646-4 gnd |
| topic_facet | Corporate Governance Gesellschaftsrecht USA Großbritannien Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027531887&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV021464333 |
| work_keys_str_mv | AT sassolorenzo capitalstructureandcorporategovernancetheroleofhybridfinancialinstruments |