Valuation of Convertible Bonds when Investors Act Strategically:
Convertible bonds are interest bearing securities that can be converted into stocks. Therefore, the investors' strategy is a fundamental pricing factor. It is particularly important whether a firm has debt outstanding in addition to convertible bonds and stocks, because the conversion decision...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Wiesbaden
Deutscher Universitätsverlag
2004
|
| Edition: | 1st ed. 2004 |
| Series: | Beiträge zur betriebswirtschaftlichen Forschung
110 |
| Subjects: | |
| Online Access: | BTU01 Volltext |
| Summary: | Convertible bonds are interest bearing securities that can be converted into stocks. Therefore, the investors' strategy is a fundamental pricing factor. It is particularly important whether a firm has debt outstanding in addition to convertible bonds and stocks, because the conversion decision results in a wealth transfer between debt and stock holders. Christian Koziol analyzes conversion strategies and the related values of stocks and convertible bonds when firms have additional debt outstanding. For this purpose, he applies a multi period framework in the presence of both firm value and interest rate uncertainty. He shows that various conversion strategies can be optimal, which result in different values for stocks and convertible bonds, depending on the underlying conversion variant, i.e. monopolistic conversion, perfect competition, or block conversion. A comparative static analysis examines the differences between the properties of the optimal conversion strategies and between the asset values for the three conversion variants. One of the - partly surprising - results is that the convertible bond value is highest under monopolist conversion and that the value under block conversion is lower than under perfect competition |
| Physical Description: | 1 Online-Ressource (XVII, 200 p) |
| ISBN: | 9783322820167 |
| DOI: | 10.1007/978-3-322-82016-7 |
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| spelling | Koziol, Christian Verfasser aut Valuation of Convertible Bonds when Investors Act Strategically by Christian Koziol 1st ed. 2004 Wiesbaden Deutscher Universitätsverlag 2004 1 Online-Ressource (XVII, 200 p) txt rdacontent c rdamedia cr rdacarrier Beiträge zur betriebswirtschaftlichen Forschung 110 Convertible bonds are interest bearing securities that can be converted into stocks. Therefore, the investors' strategy is a fundamental pricing factor. It is particularly important whether a firm has debt outstanding in addition to convertible bonds and stocks, because the conversion decision results in a wealth transfer between debt and stock holders. Christian Koziol analyzes conversion strategies and the related values of stocks and convertible bonds when firms have additional debt outstanding. For this purpose, he applies a multi period framework in the presence of both firm value and interest rate uncertainty. He shows that various conversion strategies can be optimal, which result in different values for stocks and convertible bonds, depending on the underlying conversion variant, i.e. monopolistic conversion, perfect competition, or block conversion. A comparative static analysis examines the differences between the properties of the optimal conversion strategies and between the asset values for the three conversion variants. One of the - partly surprising - results is that the convertible bond value is highest under monopolist conversion and that the value under block conversion is lower than under perfect competition Finance, general Finance Corporate Finance (DE-588)4269795-5 gnd rswk-swf Wandelschuldverschreibung (DE-588)4189054-1 gnd rswk-swf Optionspreistheorie (DE-588)4135346-8 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Wandelschuldverschreibung (DE-588)4189054-1 s Optionspreistheorie (DE-588)4135346-8 s Corporate Finance (DE-588)4269795-5 s DE-604 Erscheint auch als Druck-Ausgabe 9783322820174 Erscheint auch als Druck-Ausgabe 9783824491322 https://doi.org/10.1007/978-3-322-82016-7 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Koziol, Christian Valuation of Convertible Bonds when Investors Act Strategically Finance, general Finance Corporate Finance (DE-588)4269795-5 gnd Wandelschuldverschreibung (DE-588)4189054-1 gnd Optionspreistheorie (DE-588)4135346-8 gnd |
| subject_GND | (DE-588)4269795-5 (DE-588)4189054-1 (DE-588)4135346-8 (DE-588)4113937-9 |
| title | Valuation of Convertible Bonds when Investors Act Strategically |
| title_auth | Valuation of Convertible Bonds when Investors Act Strategically |
| title_exact_search | Valuation of Convertible Bonds when Investors Act Strategically |
| title_exact_search_txtP | Valuation of Convertible Bonds when Investors Act Strategically |
| title_full | Valuation of Convertible Bonds when Investors Act Strategically by Christian Koziol |
| title_fullStr | Valuation of Convertible Bonds when Investors Act Strategically by Christian Koziol |
| title_full_unstemmed | Valuation of Convertible Bonds when Investors Act Strategically by Christian Koziol |
| title_short | Valuation of Convertible Bonds when Investors Act Strategically |
| title_sort | valuation of convertible bonds when investors act strategically |
| topic | Finance, general Finance Corporate Finance (DE-588)4269795-5 gnd Wandelschuldverschreibung (DE-588)4189054-1 gnd Optionspreistheorie (DE-588)4135346-8 gnd |
| topic_facet | Finance, general Finance Corporate Finance Wandelschuldverschreibung Optionspreistheorie Hochschulschrift |
| url | https://doi.org/10.1007/978-3-322-82016-7 |
| work_keys_str_mv | AT koziolchristian valuationofconvertiblebondswheninvestorsactstrategically |