Pokaż uproszczony rekord

Dłużny kapitał hybrydowy w finansowaniu przedsiębiorstwa

dc.contributor.authorKaźmierczak, Damian
dc.date.accessioned2022-07-19T11:14:17Z
dc.date.available2022-07-19T11:14:17Z
dc.date.issued2016
dc.identifier.citationKaźmierczak D., Dłużny kapitał hybrydowy w finansowaniu przedsiębiorstwa, Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2016, https://doi.org/10.18778/8088-363-5pl_PL
dc.identifier.isbn978-83-8088-363-5
dc.identifier.urihttp://hdl.handle.net/11089/42484
dc.descriptionW książce podjęto problematykę wykorzystania obligacji zamiennych przez współczesne przedsiębiorstwa. Skoncentrowano się na roli, jaką odgrywają w finansowaniu hybrydowym opcje przedterminowego wykupu instrumentów dłużnych na wniosek emitenta lub obligatariuszy. Niniejsza monografia to na światowym i polskim rynku wydawniczym pierwsze tak kompleksowe opracowanie, zmierzające do ustalenia przyczyn emisji długu hybrydowego z dołączonymi opcjami „call” i „put”. Aplikacyjny charakter wniosków płynących z przeprowadzonego badania uzyskano dzięki wykorzystani u danych z bazy Agencji Bloomberg – światowego lidera dostarczającego informacje na temat rynków finansowych. W publikacji przeanalizowano niemal dwa tysiące emisji obligacji zamiennych zrealizowanych przez prawie tysiąc spółek amerykańskich w latach 2003-2014. Ponieważ Stany Zjednoczone są głównym obszarem powstawania i wdrażania innowacji finansowych, wydaje się, że polskie spółki mogą z powodzeniem wykorzystać doświadczenia przedsiębiorstw amerykańskich i czerpać wzorce z rozwiązań sprawdzonych na bardziej dojrzałych rynkach kapitałowych.pl_PL
dc.description.sponsorshipUdostępnienie publikacji Wydawnictwa Uniwersytetu Łódzkiego finansowane w ramach projektu „Doskonałość naukowa kluczem do doskonałości kształcenia”. Projekt realizowany jest ze środków Europejskiego Funduszu Społecznego w ramach Programu Operacyjnego Wiedza Edukacja Rozwój; nr umowy: POWER.03.05.00-00-Z092/17-00.pl_PL
dc.language.isoplpl_PL
dc.publisherWydawnictwo Uniwersytetu Łódzkiegopl_PL
dc.relation.ispartofseriesAkademia Zarządzania i Finansów;
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Międzynarodowe*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/*
dc.subjectdług zamiennypl_PL
dc.subjectemitentpl_PL
dc.subjectfinansowanie hybrydowepl_PL
dc.subjectobligacje zamiennepl_PL
dc.subjectkapitał hybrydowypl_PL
dc.titleDłużny kapitał hybrydowy w finansowaniu przedsiębiorstwapl_PL
dc.typeBookpl_PL
dc.rights.holder© Copyright by Damian Kaźmierczak, Łódź 2016; © Copyright for this edition by Uniwersytet Łódzki, Łódź 2016pl_PL
dc.page.number256pl_PL
dc.contributor.authorAffiliationUniwersytet Łódzki, Wydział Zarządzania, Katedra Finansów i Strategii Przedsiębiorstwa, 90-237 Łódź, ul. Jana Matejki 22/26pl_PL
dc.identifier.eisbn978-83-8088-364-2
dc.referencesAbhyankar A., Dunning A., Wealth Effects of Convertible Bond and Convertible Preference Share Issues: an Empirical Analysis of the UK Market, “Journal of Banking and Finance” 1999, vol. 23(7), s. 1043–1065.pl_PL
dc.referencesAbramowicz L., Listen to the Debt Market, Deutsche Bank, 11.06.2016 http://www.bloomberg.com/gadf ly/articles/2016-07-11/deutsche-bank-coco-bond-swoon-sends-a-warning [dostęp 01.06.2016].pl_PL
dc.referencesAgarwal V., Fung W.H., Loon Y.C., Naik N.Y., Risk and Return in Convertible Arbitrage: Evidence from the Convertible Bond Market, “The Journal of Financial Economics” 2011, vol. 18(2), s. 175–194.pl_PL
dc.referencesAkerfol G.A., The Market for “Lemons”: Quality Uncertainty and the Market Mechanism, “The Quarterly Journal of Economics” 1970, vol. 84(3), s. 488–500.pl_PL
dc.referencesAlderson M.J., Betker B.L., Stock D.R., Investment and Financing Activity Following Calls of Convertible Bonds, “Journal of Banking and Finance” 2006, vol. 30(3), s. 895–914.pl_PL
dc.referencesAltintig Z.A., Butler A., Are They Still Called Late? The Effect of Notice Period on Calls of Convertible Bonds, “Journal of Corporate Finance” 2005, vol. 11(1–2), s. 337–350.pl_PL
dc.referencesAltman E.I., A Further Empirical Investigation of the Bankruptcy Cost Question, “The Journal of Finance” 1984, vol. 39(4), s. 1067–1089.pl_PL
dc.referencesAmmann M., Fehr M., Seiz R., New Evidence on the Announcement Effect of Convertible and Exchangeable Bonds, “Journal of Multinational Financial Management” 2006, vol. 16, s. 43–63.pl_PL
dc.referencesAndrade G., Kaplan S.N., How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became Distressed, “The Journal of Finance” 1998, vol. 53(5), s. 1443−1493.pl_PL
dc.referencesArzac E.R., PERCs, DECs, and Other Mandatory Convertibles, “Journal of Applied Corporate Finance” 1997, vol. 10(1), s. 54–63.pl_PL
dc.referencesAsquith P., Convertible Bonds are Not Called Late, “The Journal of Finance” 1995, vol. 50(4), s. 1275−1289.pl_PL
dc.referencesAsquith P., Mullins D., Convertible Debt: Corporate Call Policy and Voluntary Conversion, “Journal of Finance” 1991, vol. 46(4), s. 1273–1289.pl_PL
dc.referencesAvdijev S., Kartasheva A., Bogdanova B., CoCos: A Primer, “BIS Quarterly Review” 2013.pl_PL
dc.referencesBae G.S., Jeong J., Sun H.L., Tang A.P., Stock Returns and Operating Performance of Securities Issuers, “Journal of Financial Research” 2002, vol. 25(3), s. 337–352.pl_PL
dc.referencesBajo E., Barbi M., Time Value vs. Cost of Forcing Call: New Evidence on Convertible Bond Call Policy, SSRN, 2010 http://ssrn.com/abstract=1607603 [dostęp 01.06.2016].pl_PL
dc.referencesBancel F., Mittoo U.R., Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms, “Financial Management” 2004, vol. 33(4), s. 103–132.pl_PL
dc.referencesBancel F., Mittoo U.R., Why Do European Firms Issue Convertible Debt?, “European Financial Management” 2004, vol. 10(2), s. 339–373.pl_PL
dc.referencesBanneris J.C., Topsacalian P., Convertible Bonds or Bonds with Warrants: An Approach Using Sequential Financing, SSRN, 2010 http://ssrn.com/abstract=1532833 [dostęp 01.06.2016].pl_PL
dc.referencesBarber B., Exchangeable Debt, “Financial Management” 1993, vol. 22(2), s. 48–60.pl_PL
dc.referencesBarclay M.J., Smith C.W., The Maturity Structure of Corporate Debt, “The Journal of Finance” 1995, vol. 50(2), s. 609–631.pl_PL
dc.referencesBaxter N.D., Leverage, Risk of Ruin and the Cost of Capital, “The Journal of Finance” 1967, vol. 22(3), s. 395–403.pl_PL
dc.referencesBechmann K.L., Lunde A., Zebedee A.A., In- and out-of-the-money Convertible Bond Calls: Signaling or Price Pressure?, “Journal of Corporate Finance” 2014, vol. 24(C), s. 135–148.pl_PL
dc.referencesBechmann K.L., Short Sales, Price Pressure, and the Stock Price Response to Convertible Bond Calls, “Journal of Financial Markets” 2004, vol. 7(4), s. 427–451.pl_PL
dc.referencesBechmann K.L., The Difference Between Out-Of-The-Money and In-The-Money Convertible Bond Calls, Working Paper, Copenhagen Business School, Copenhagen 2001.pl_PL
dc.referencesBetker B.L., The Administrative Costs of Debt Restructuring: Some Recent Evidence, “Financial Management” 1997, vol. 26(4), s. 56–68.pl_PL
dc.referencesBhattacharya U., Dittmar A., Costless Versus Costly Signaling: Theory and Evidence from Share Repurchases, Working paper, Indiana University, Bloomington 2001.pl_PL
dc.referencesBillingsley R.S., Lamy R.E., Smith D.M., Units of Debt with Warrants: Evidence of the “Penalty-Free” Issuance of an Equity-Like Security, “Journal of Financial Research” 1990, vol. 13(3), s. 187–199.pl_PL
dc.referencesBillingsley R.S., Smith D.M., Why Do Firms Issue Convertible Debt?, “Financial Management” 1996, vol. 25(2), s. 93–99.pl_PL
dc.referencesBow M., Is the market in European Coco bonds about to pop?, “Independent”, 11.02.2016 http://www.independent.co.uk/news/business/analysis-and-features/is-the-market-in-european-coco-bonds-about-to-pop-a6866496.html [dostęp 01.06.2016].pl_PL
dc.referencesBrennan M., Her C., Convertible Bonds: Test of a Financial Signalling Model, University of California at Los Angeles, Anderson Graduate School of Management from Anderson Graduate School of Management, UCLA, 1995.pl_PL
dc.referencesBrennan M., Kraus A., Efficient Financing under Asymmetric Information, “Journal of Finance” 1987, vol. 42(5), s. 1225–1243.pl_PL
dc.referencesBrennan M.J., Schwartz E.S., Analyzing convertible bonds, “Journal of Financial and Quantitative Analysis” 1980, vol. 15(4), s. 907–929.pl_PL
dc.referencesBrennan M.J., Schwartz E.S., Convertible Bonds: Valuation and Optimal Strategies for Call and Conversion, “Journal of Finance” 1977, vol. 32(5), s. 1699–1715.pl_PL
dc.referencesBrennan M.J., Schwartz E.S., The Case for Convertibles, “Journal of Applied Corporate Finance” 1988, vol. 1(2), s. 55–64.pl_PL
dc.referencesBrick I.E., Palmon O., Patro D.K., Stock Price Response to Calls of Convertible Bonds: Still a Puzzle?, “Financial Management” 2007, vol. 36(2), s. 1–21.pl_PL
dc.referencesBrigham E.F., An Analysis of Convertible Debentures: Theory and Some Empirical Evidence, “The Journal of Finance” 1966, vol. 21(1), s. 35–54.pl_PL
dc.referencesBrounen D., de Jong A., Koedijk K., Capital Structure Policies in Europe: Survey Evidence, “Journal of Banking and Finance” 2006, vol. 30(5), s. 1409–1442.pl_PL
dc.referencesBrown S., Grundy B., Lewis C., Verwijmeren P., Convertibles and Hedge Funds as Distributors of Equity Exposure, “Review of Financial Studies” 2012, vol. 25(10), s. 3077–3112.pl_PL
dc.referencesBühler W., Koziol C., Calling Convertible Bonds too Late Can be Rational, “EFA 2004 Maastricht Meetings Paper” 2004, no. 4355.pl_PL
dc.referencesBurlacu R., New Evidence on the Pecking Order Hypothesis: The Case of French Convertible Bonds, “Journal of Multinational Financial Management” 2000, vol. 10(3–4), s. 439–459.pl_PL
dc.referencesButler A.W., Revisiting Optimal Call Policy for Convertibles, “Financial Analyst Journal” 2002, vol. 58(1), s. 50–55.pl_PL
dc.referencesByrd A.K., Moore T., On the Information Content of Calls of Convertible Securities, “The Journal of Business” 1996, vol. 69(1), s. 89–101.pl_PL
dc.referencesCalomiris C.W., Herring R.J., How to Design a Contingent Convertible Debt Requirement That Helps Solve Our Too-Big-to-Fail Problem, “Journal of Applied Corporate Finance” 2013, vol. 25(2), s. 39–62.pl_PL
dc.referencesCampbell C.J., Ederington L.H., Vankudre P., Tax Shields, Sample-Selection Bias, and the Information Content of Conversion-Forcing Bond Calls, “Journal of Finance” 1991, vol. 46(4), s. 1291–1324.pl_PL
dc.referencesChan A.W.H., Chen N., Convertible Bond Underpricing: Renegotiable Covenants, Seasoning, and Convergence, “Management Science” 2007, vol. 53(11), s. 1793–814.pl_PL
dc.referencesChang S.C., Chen S.S., Liu Y., Why Firms Use Convertibles: A Further Test of the Sequential-Financing Hypothesis, “Journal of Banking and Finance” 2004, vol. 28(5), s. 1163–1183.pl_PL
dc.referencesChemmanur T., Simonyan K., What Drives the Issuance of Putable Convertibles: Risk-Shifting, Asymmetric Information, or Taxes?, “Financial Management” 2010, vol. 39(3), s. 1027–1068.pl_PL
dc.referencesChemmanur T.J., Nandy D., Yan A., Jiao J., A Theory of Mandatory Convertibles, “Journal of Banking and Finance” 2014, vol. 42, s. 352–370.pl_PL
dc.referencesChoi D., Getmansky M., Henderson B., Tookes H., Convertible Bond Arbitrageurs as Suppliers of Capital, “The Review of Financial Studies” 2010, vol. 23(6), s. 2492–2522.pl_PL
dc.referencesChoi D., Getmansky M., Henderson B., Tookes H., Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices, “The Journal of Financial Economics” 2009, vol. 91(2), s. 227–251.pl_PL
dc.referencesChojnacka E., Struktura kapitału spółek akcyjnych w Polsce w świetle teorii hierarchii źródeł finansowania, CeDeWu, Warszawa 2012.pl_PL
dc.referencesChristensen D.G., Faria H.J., Kwok C.C.Y., Bremer M., Does the Japanese Stock Market React differently to Public Security Offering Announcements Than the US Stock Market?, “Japan and the World Economy” 1996, vol. 8(1), s. 99–119.pl_PL
dc.referencesClifford S., Creswell J., At Bloomberg, Modest Strategy to Rule the World, “New York Times”,14.11.2009 http://www.nytimes.com/2009/11/15/business/media/15bloom.html?_r=0 [dostęp 01.06.2016].pl_PL
dc.referencesConnolly K.B., Pricing Convertible Bonds, John Wiley & Sons, Chichester 1998.pl_PL
dc.referencesConstantinides G.M., Grundy B.D., Call and Conversion of Convertible Corporate Bonds: Theory and Evidence, Working paper, Graduate School of Business, University of Chicago, Chicago 1987.pl_PL
dc.referencesCosgrave J., Do we need to worry about CoCo bonds?, 10.02.2016 http://www.cnbc.com/2016/02/10/do-we-need-to-worry-about-coco-bonds.html [dostęp 01.06.2016].pl_PL
dc.referencesCowan A.R., Nayar N., Singh A.K., Calls of Out-of-the-Money Convertible Bonds, “Financial Management” 1993, vol. 22(4), s. 106–116.pl_PL
dc.referencesCowan A.R., Nayar N., Singh A.K., Stock Returns Before and After Calls of Convertible Bonds, “Journal of Financial and Quantitative Analysis” 1990, vol. 25(4), s. 549–554.pl_PL
dc.referencesCowan A.R., Nayar N., Singh A.K., Underwriting and Calls of Convertible Bonds, “Decision Sciences” 2000, vol. 31(1), s. 57–77.pl_PL
dc.referencesDa Rin M., Hellmann T.F., Puri M., A Survey of Venture Capital Research, NBER Working Paper No. 17523, 2011.pl_PL
dc.referencesDamodaran A., Finanse korporacyjne. Teoria i praktyka, wyd. II, Helion, Gliwice 2007.pl_PL
dc.referencesDanielova A.N., Smart S.B., Boquist J., What Motivates Exchangeable Debt Offerings?, “Journal of Corporate Finance” 2010, vol. 16(2), s. 159–169.pl_PL
dc.referencesDanielova A.N., When Do Firms Issue Exchangeable Debt?, “Quarterly Journal of Finance and Accounting” 2011, vol. 50(2), s. 5–24.pl_PL
dc.referencesDann L.Y., Mikkelson W.H., Convertible Debt Issuance, Capital Structure Change and Financing-Related Information, “Journal of Financial Economics” 1984, vol. 13(2), s. 157– 186.pl_PL
dc.referencesDas S., Structured Products and Hybrid Securities, John Wiley & Sons, New York 2001.pl_PL
dc.referencesDatta S., Iskandar-Datta M., New Evidence on the Valuation Effects of Convertible Bond Calls, “Journal of Financial and Quantitative Analysis” 1996, vol. 31(2), s. 295–307.pl_PL
dc.referencesDatta S., Iskandar-Datta M., Raman K., Convertible Bond Calls Resolution of the Information Content Puzzle, “Journal of Financial Intermediation” 2003, vol. 12(3), s. 255–276.pl_PL
dc.referencesDe Jong A., Duca E., Dutordoir M., Do Convertible Bond Issuers Cater to Investor Demand?, “Financial Management” 2013, vol. 42(1), s. 41–78.pl_PL
dc.referencesDe Meza D., Webb D., Too Much Investment: A Problem of Asymmetric Information, “The Quarterly Journal of Economics” 1987, vol. 102(2), s. 281–292.pl_PL
dc.referencesDe Roon F., Veld C., Announcement Effects of Convertible Bond Loans and Warrant-Bond Loans: An Empirical Analysis for the Dutch Market, “Journal of Banking and Finance” 1998, vol. 22(12), s. 1481–1506.pl_PL
dc.referencesDeAngelo H., Masulis R.W., Optimal Capital Structure Under Corporate and Personal Taxation, “The Journal of Financial Economics” 1980, vol. 8(1), s. 3–29.pl_PL
dc.referencesDębski W., Rynek finansowy i jego mechanizmy. Podstawy teorii i praktyki, PWN, Warszawa 2014.pl_PL
dc.referencesDębski W., Teoretyczne i praktyczne aspekty zarządzania finansami przedsiębiorstwa, PWN, Warszawa 2013.pl_PL
dc.referencesDong M., Dutordoir M., Veld C., Why Do Firms Really Issue Convertible Bonds? Evidence from the Field, SSRN, 2013 http://ssrn.com/abstract=1908476 [dostęp 01.06.2016].pl_PL
dc.referencesDorion C., François P., Grass G., Jeanneret A., Convertible Debt and Shareholder Incentives, “Journal of Corporate Finance” 2014, vol. 24, s. 38–56.pl_PL
dc.referencesDrobetz W., Grüninger M.C., Wöhle C.B., Warum begeben Unternehmen Wandelanleihen?, “Swiss Journal of Economics and Statistics” 2006, vol. 142(III), s. 331–365.pl_PL
dc.referencesDuliniec A., Finansowanie przedsiębiorstwa. Strategie i instrumenty, PWE, Warszawa 2011.pl_PL
dc.referencesDuliniec A., Struktura i koszt kapitału w przedsiębiorstwie, PWN, Warszawa 2001.pl_PL
dc.referencesDutordoir M., Lewis C.M., Seward J.K., Veld C., What We Do and Do Not Know About Convertible Bond Financing, “Journal of Corporate Finance” 2014, vol. 24, s. 3–20.pl_PL
dc.referencesDutordoir M., Van de Gucht L., Are There Windows of Opportunity for Convertible Debt Issuance Evidence for Western Europe, “Journal of Banking and Finance” 2007, vol. 31(9), s. 2828–2846.pl_PL
dc.referencesEckbo B., Masulis R., Norli O., Seasoned Public Offerings: Resolution of the “New Issues Puzzle”, “Journal of Financial Economics 2000, vol. 56(2), s. 251–291.pl_PL
dc.referencesEckbo B.E., Valuation Effects of Corporate Debt Offerings, “Journal of Financial Economics” 1986, vol. 15(1–2), s. 119–151.pl_PL
dc.referencesEderington L.H., Caton G.L., Campbell C.J., To Call or Not To Call Convertible Debt, “Financial Management” 1997, vol. 26(1). s. 22–31.pl_PL
dc.referencesEderington L.H., Goh J.C., Is a Convertible Bond Call Really Bad News?, “The Journal of Business” 2001, vol. 74(3), s. 459–476.pl_PL
dc.referencesEkkayokkaya P., Gemmill G., Why are Convertible Bonds Called Late: Is It Notice Period or the Risk of Financial Distress?, SSRN, 2010 http://ssrn.com/abstract=1553287 [dostęp 01.06.2016].pl_PL
dc.referencesEkkayokkaya P., Gemmill G., Koufopoulos K., Why are Some Issues of Convertibles Callable and Others Not?, SSRN, 2012 http://ssrn.com/abstract=2158237 [dostęp 01.06.2016].pl_PL
dc.referencesEmery D.R., Iskandar-Datta M.E., Rhim J.C., Capital Structure Management as a Motivation for Calling Convertible Debt, “Journal of Financial Research” 1994, vol. 17(1), s. 91–104.pl_PL
dc.referencesFabozzi J.F., Rynki obligacji. Analiza i strategie, WIG-Press, Warszawa 2000.pl_PL
dc.referencesFroot K.A., Scharfstei D.S., Stein J.C., Risk Management: Coordinating Corporate Investment and Financing, “The Journal of Finance” 1993, vol. 48(5), s. 1629–1165.pl_PL
dc.referencesGentry W.M., Schizer D.M., Frictions and Tax-Motivated Hedging: An Empirical Exploration of Publicly-Traded Exchangeable Securities, “National Tax Journal” 2003, vol. 56(1), s. 167–195.pl_PL
dc.referencesGhosh C., Varma R., Woolridge J.R., An Analysis of Exchangeable Debt Offers, “The Journal of Financial Economics” 1990, vol. 28(1–2), s. 251–263.pl_PL
dc.referencesGraham J.R., Harvey C., The Theory and Practice of Corporate Finance: Evidence from the Field, “Journal of Financial Economics” 2001, vol. 60(2–3), s. 187–243.pl_PL
dc.referencesGramlich J.D., Mais E.L., Insider Trading Around Convertible Security Calls, “Journal of Applied Business Research” 2011, vol. 19(2), s. 47–54.pl_PL
dc.referencesGreen R.C., Investment Incentives, Debt, and Warrants, “Journal of Financial Economics” 1984, vol. 13(1), s. 115–136.pl_PL
dc.referencesGrossman S.J., Hart O., Corporate Financial Structure and Managerial Incentives, NBER, 1983, s. 107–140.pl_PL
dc.referencesGruber M.J., Warner J.B., Bankruptcy Costs: Some Evidence, “The Journal of Finance” 1977, vol. 32(2), s. 337–347.pl_PL
dc.referencesGrundy B.D., Veld C., Verwijmeren P., Zabolotnyuk Y., Why Are Conversion-Forcing Call Announcements Associated with Negative Wealth Effects?, “Journal of Corporate Finance” 2014, vol. 24(C), s. 149–157.pl_PL
dc.referencesGrzywacz J., Kapitał w przedsiębiorstwie i jego struktura, SGH, Warszawa 2008.pl_PL
dc.referencesHansen R., Crutchley C., Corporate Earnings and Financings: An Empirical Analysis, “The Journal of Business” 1990, vol. 63(3), s. 347–371.pl_PL
dc.referencesHarris M., Raviv A., A Sequential Signaling Model of Convertible Debt Call Policy, “Journal of Finance” 1985, vol. 40(5), s. 1263–1281.pl_PL
dc.referencesHart O., Moore J., Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management, “The American Economic Review” 1995, vol. 85(3), s. 567–585.pl_PL
dc.referencesHellmann T., IPOs, Acquisitions, and the Use of Convertible Securities in Venture Capital, “Journal of Financial Economics” 2006, vol. 81(3), s. 649–679.pl_PL
dc.referencesHellmann T., Stiglitz J., Credit and Equity Rationing in Markets with Adverse Selection, “European Economic Review” 2000, vol. 44(2), s. 281–304.pl_PL
dc.referencesHenderson B., Convertible Bonds: New Issue Performance and Arbitrage Opportunities, Working Paper, George Washington University, Washington 2006.pl_PL
dc.referencesHennessy C.A., Tserlukevich Y., Taxation, Agency Conflicts, and the Choice between Callable and Convertible Debt, “Journal of Economic Theory” 2008, vol. 143(1), s. 374–404.pl_PL
dc.referencesHeron R.A., Lie E., A Comparison of the Motivations for and the Information Content of Different Types of Equity Offerings, “The Journal of Business” 2004, vol. 77(3), s. 605–632.pl_PL
dc.referencesHoffmeister J.R., Use of Convertible Debt in the Early 1970s: A Reevaluation of Corporate Motives, “Quarterly Review of Economics and Business” 1977, vol. 17, s. 23–32.pl_PL
dc.referencesHowton S.D., Howton S.W., Perfect S.B., The Market Reaction to Straight Debt Issues: The Effects of Free Cash Flow, “The Journal of Finance Research” 1998, vol. 21(2), s. 219–228.pl_PL
dc.referencesIckiewicz J., Pozyskiwanie, koszt i struktura kapitału w przedsiębiorstwach, SGH, Warszawa 2004.pl_PL
dc.referencesIngersoll J., A Contingent-Claims Valuation of Convertible Securities, “Journal of Financial Economics” 1977, vol. 4(3), s. 289–321.pl_PL
dc.referencesIngersoll J., An Examination of Corporate Call Policies on Convertible Securities, “The Journal of Finance” 1977, vol. 32(2), s. 463–478.pl_PL
dc.referencesIsagawa N., Callable Convertible Debt under Managerial Entrenchment, “Journal of Corporate Finance” 2002, vol. 8(3), s. 255–270.pl_PL
dc.referencesIsagawa N., Convertible Debt: An Effective Financial Instrument to Control Managerial Opportunism, “Review of Financial Economics” 2000, vol. 9(12), s. 15–26.pl_PL
dc.referencesIskandar-Datta M.E., Emery D.R., An Empirical Investigation of the Role of Indenture Provisions in Determining Bond Ratings, “Journal of Banking and Finance” 1994, vol. 18(1), s. 93–111.pl_PL
dc.referencesJaffee D., Shleifer A., Costs of Financial Distress, Delayed Calls of Convertible Bonds, and The Role of Investment Banks, “Journal of Business” 1990, vol. 63(1), s. 107–123.pl_PL
dc.referencesJajuga K., Jajuga T., Inwestycje. Instrumenty finansowe, aktywa niefinansowe, ryzyko finansowe, inżynieria finansowa, Wydawnictwo Naukowe PWN, Warszawa 2006.pl_PL
dc.referencesJalan P., Barone-Adesi G., Equity Financing and Corporate Convertible Bond Policy, “Journal of Banking and Finance” 1995, vol. 19(2), s. 187–206.pl_PL
dc.referencesJen F.C., Choi D., Lee S.H., Some New Evidence on Why Companies Use Convertible Bonds, “Journal of Applied Corporate Finance” 1997, vol. 10(1), s. 44–53.pl_PL
dc.referencesJensen M.C., Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, “The American Economic Review” 1986, vol. 76(2), s. 323–329.pl_PL
dc.referencesJensen M.C., Meckling W.H., Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, “The Journal of Financial Economics” 1976, vol. 3, s. 305–360.pl_PL
dc.referencesJerzemowska M., Kształtowanie struktury kapitału w spółkach akcyjnych, PWN, Warszawa 1999.pl_PL
dc.referencesJung M., Sullivan M.J., The Signaling Effects Associated with Convertible Debt Design, “Journal of Business Research” 2009, vol. 62(12), s. 1358–1363.pl_PL
dc.referencesKang J.K., Kim Y.C., Park K.J., Stulz R.M., An Analysis of the Wealth Effects of Japanese Offshore Dollar-Denominated Convertible and Warrant Bond Issues, “Journal of Financial and Quantitative Analysis” 1995, vol. 30(2), s. 257–270.pl_PL
dc.referencesKang J.K., Lee Y.W., The Pricing of Convertible Debt Offerings, “Journal of Financial Economics” 1999, vol. 41(2), s. 231–48.pl_PL
dc.referencesKang J.K., Stulz R.M., How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues, “Review of Financial Studies” 1996, vol. 9(1), s. 109–139.pl_PL
dc.referencesKaplan S.N., Stromberg P., Financial Contracting Theory Meets The Real World: An Empirical Analysis Of Venture Capital Contracts, “Review of Economic Studies” 2003, vol. 70(2), s. 281–315.pl_PL
dc.referencesKaźmierczak D., Obligacje zamienne w finansowaniu przedsiębiorstwa, Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2016.pl_PL
dc.referencesKaźmierczak D., Marszałek J., The Use of Exchangeable Bonds During the Privatization Process, Financial Internet Quarterly “e-Finanse” 2013, vol. 9(4), s. 86–95.pl_PL
dc.referencesKim Y.C., Stulz R., Is There a Global Market for Convertible Bonds?, “Journal of Business” 1992, vol. 65(1), s. 75–91.pl_PL
dc.referencesKim Y.O., Kallberg J., Convertible Calls and Corporate Taxes under Asymmetric Information, “Journal of Banking and Finance” 1998, vol. 22(1), s. 19–40.pl_PL
dc.referencesKing T.H.D., Mauer D.C., Determinants of Corporate Call Policy for Convertible Bonds, “Journal of Corporate Finance” 2014, vol. 24(C), s. 112–134.pl_PL
dc.referencesKleidt B., The Use of Hybrid Securities. Market Timing, Investor Rationing, Signaling and Asset Restructuring, Deutscher Universitäts-Verlag, Wiesbaden 2006.pl_PL
dc.referencesKorajczyk R.A., Lucas D.J., McDonald R.L., Equity Issues with Time-Varying Asymmetric Information, “Journal of Financial and Quantitative Analysis” 1992, vol. 27(3), s. 397–417.pl_PL
dc.referencesKorkeamaki T., Moore W.T., Convertible Bond Design and Capital Investment: The Role of Call Provisions, “The Journal of Finance” 2004, vol. 59(1), s. 391–405.pl_PL
dc.referencesKraus A., Litzenberger R.H., A State-Preference Model of Optimal Financial Leverage, “The Journal of Finance” 1973, vol. 28(4), s. 911–922.pl_PL
dc.referencesKraus A., Stoll H.R, Price Impacts of Block Trading on the New York Stock Exchange, “The Journal of Finance” 1972, vol. 27(3), s. 569–588.pl_PL
dc.referencesKrishnan V.S., Rao R., Financial Distress Costs and Delayed Calls of Convertible Bonds: An Empirical Analysis, “The Financial Review” 1996, vol. 31(4), s. 913–925.pl_PL
dc.referencesKrishnaswami S., Yaman D., The Role of Convertible Bonds in Alleviating Contracting Costs, “The Quarterly Review of Economics and Finance” 2008, vol. 48(4), s. 792–816.pl_PL
dc.referencesLa Porta R., Expectations and the Cross-Section of Stock Returns, “The Journal of Finance” 1996, vol. 51(5), s. 1715–1742.pl_PL
dc.referencesLacapra L.T., Saba J., Exclusive: Goldman Group Set To Buy Message System As Alternative To Bloomberg – sources, 03.08.2014 http://www.reuters.com/article/us-goldman-messaging-idUSKBN0G303920140803 [dostęp 01.06.2016].pl_PL
dc.referencesLee H.W., Figlewicz R.E., Characteristics of Firms That Issue Convertible Debt Versus Convertible Preferred Stock, “The Quarterly Review of Economics and Finance” 1999, vol. 39(4), s. 547–563.pl_PL
dc.referencesLee I., Loughran T., Performance Following Convertible Bond Issuance, “Journal of Corporate Finance” 1998, vol. 4(2), s. 185–207.pl_PL
dc.referencesLeitner Y., Convertible Securities and Venture Capital Finance, “Business Review” 2009, Issue Q3, s. 18–27.pl_PL
dc.referencesLeland H.E., Pyle D.H., Information Asymmetries, Financial Structure, and Financial Intermediation, “The Journal of Finance” 1977, vol. 32(2), s. 371–387.pl_PL
dc.referencesLewis C.M., Rogalski R.J., Seward J.K., Agency Problems, Information Asymmetries, and Convertible Debt Security Design, “Journal of Financial Intermediation” 1998, vol. 7(1), s. 32–59.pl_PL
dc.referencesLewis C.M., Rogalski R.J., Seward J.K., Industry Conditions, Growth Opportunities and Market Reactions to Convertible Debt Financing Decisions, “Journal of Banking and Finance” 2003, vol. 27(1), s. 153–181.pl_PL
dc.referencesLewis C.M., Rogalski R.J., Seward J.K., Is Convertible Debt a Substitute for Straight Debt or for Common Equity?, “Financial Management” 1999, vol. 28(3), s. 5–27.pl_PL
dc.referencesLewis C.M., Rogalski R.J., Seward J.K., The Long-Run Performance of Firms that Issue Convertible Debt: An Empirical Analysis of Operating Characteristics and Analyst Forecasts, “Journal of Corporate Finance” 2001, vol. 7(4), s. 447–474.pl_PL
dc.referencesLewis C.M., Rogalski R.J., Seward J.K., Understanding the Design of Convertible Debt, “Journal of Applied Corporate Finance” 1998, vol. 11(1), s. 45–53.pl_PL
dc.referencesLewis C.M., Verwijmeren P., Convertible Security Design and Contract Innovation, “Journal of Corporate Finance” 2011, vol. 17(4), s. 809–831.pl_PL
dc.referencesLiu J., Switzer L.N., Convertible Bond Issuance, Risk, and Firm Financial Policy: A New Approach, “International Journal of Business” 2013, vol. 18(1), s. 1–25.pl_PL
dc.referencesLoncarski I., ter Horst J., Veld C., The Rise and Demise of the Convertible Arbitrage Strategy, “Financial Analyst Journal” 2009, vol. 65(5), s. 35–50.pl_PL
dc.referencesLoncarski I., ter Horst J., Veld C., Why Do Companies Issue Convertible Bond Loans? An Empirical Analysis for the Canadian Market, “Canadian Journal of Administrative Sciences” 2008, vol. 25(3), s. 214–236.pl_PL
dc.referencesLong M. S., Sefcik S.E., Participation Financing: A Comparison of the Characteristics of Convertible Debt and Straight Bonds Issued in Conjunction with Warrants, “Financial Management” 1990, vol. 19(3), s. 23–34.pl_PL
dc.referencesŁapczyński M., Podejście regresyjne w budowie drzew klasyfikacyjnych CART, „Zeszyty Naukowe – Akademia Ekonomiczna w Krakowie” 2005, nr 680, s. 135–151.pl_PL
dc.referencesMarszałek J., Hybrydowe instrumenty dłużne w finansowaniu przedsiębiorstwa, Wydawnictwo Uniwersytetu Łódzkiego, Łódź 2014.pl_PL
dc.referencesMayers D., Convertible Bonds Matching Financial and Real Options, “Journal of Applied Corporate Finance” 2000, vol. 13(1), s. 8–21.pl_PL
dc.referencesMayers D., Why Firms Issue Convertible Bonds: The Matching of Financial and Real Investment Options, „Journal of Financial Economics” 1998, vol. 47(1), s. 83–102.pl_PL
dc.referencesMazzeo M.A., Moore W.T., Liquidity Costs and Stock Price Response to Convertible Security Calls, “The Journal of Business” 1992, vol. 65(3), s. 353–369.pl_PL
dc.referencesMetrick A., Masuda A., Venture Capital and the Finance of Innovation, John Wiley & Sons, New York 2011.pl_PL
dc.referencesMikkelson W.H., Convertible Calls and Security Returns, “Journal of Financial Economics” 1981, vol. 9(3), s. 237–264.pl_PL
dc.referencesMikkelson W.H., Partch M.M., Stock Price Effects and Costs of Secondary Distributions, “Journal of Financial Economics” 1985, vol. 14(2), s. 165–194.pl_PL
dc.referencesMikkelson W.H., Partch M.M., Valuation Effects of Security Offerings and the Issuance Process, “The Journal of Financial Economics” 1986, vol. 15(1–2), s. 31–60.pl_PL
dc.referencesMitchell M., Pedersen L.H., Pulvino T., Slow Moving Capital, “The American Economic Review” 2007, vol. 97(2), s. 215–220.pl_PL
dc.referencesModigliani F., Miller M.H., Corporate Income Taxes and the Cost of Capital: A Correction, “The American Economic Review” 1963, vol. 53(3), s. 433–443.pl_PL
dc.referencesModigliani F., Miller M.H., The Cost of Capital, Corporation Finance, and the Theory of Investment, “The American Economic Review” 1958, vol. 48(3), s. 261–297.pl_PL
dc.referencesMurphy G., Walsh M., Willison M., Precautionary Contingent Capital, Financial Stability Paper No. 16, Bank of England, 2012.pl_PL
dc.referencesMyers S.C., Determinants of Corporate Borrowing, “Journal of Financial Economics” 1977, vol. 5(2), s. 147–175.pl_PL
dc.referencesMyers S.C., Majluf N.S., Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have, “The Journal of Financial Economics” 1984, vol. 13(2), s. 187–221.pl_PL
dc.referencesMyers S.C., The Capital Structure Puzzle, “The Journal of Finance” 1984, vol. 39(3), s. 575–592.pl_PL
dc.referencesNarayanan M. P., Lim S.P., On the Call Provision in Corporate Zero-Coupon Bonds, “Journal of Financial and Quantitative Analysis” 1989, vol. 24(1), s. 91–103.pl_PL
dc.referencesNelken I., Handbook of Hybrid Instruments, John Wiley & Sons, Chichester 2000.pl_PL
dc.referencesNoddings T.C., Christoph S.C., Noddings J.G., The International Handbook of Convertible Securities. A Global Guide to the Convertible Market, The Glenlake Publishing Company, Chicago 2001.pl_PL
dc.referencesNordal K.B., Stefano N., Contingent Convertible Bonds (Cocos) Issued by European Banks, “Norges Bank” 2014, no. 19.pl_PL
dc.referencesNovaes W., Managerial Turnover and Leverage under a Takeover Threat, “Journal of Finance” 2002, vol. 57(6), s. 2619–2650.pl_PL
dc.referencesNovaes W., Zingales L., Capital Structure Choice when Managers are in Control: Entrenchment versus Efficiency, “Journal of Business” 2003, vol. 76(1), s. 49–82.pl_PL
dc.referencesNyborg K., Convertible Debt as Delayed Equity: Forced versus Voluntary Conversion and the Information Role of Call Policy, “Journal of Financial Intermediation” 1995, vol. 4(4), s. 358–395.pl_PL
dc.referencesOfer A.R., Natarajan A., Convertible Call Policies: An Empirical Analysis of an Information-Signaling Hypothesis, “Journal of Financial Economics” 1987, vol. 19(1), s. 91–108.pl_PL
dc.referencesOpler T.C., Titman S., Financial Distress and Corporate Performance, “The Journal of Finance” 1994, vol. 49(3), s. 1015–1040.pl_PL
dc.referencesPerotti E., Flannery M., CoCo Design as a Risk Preventive Tool, 2011 http://voxeu.org/article/coco-bonds-way-preventing-risk [dostęp 01.06.2016].pl_PL
dc.referencesPhelps K.L., Moore W.T., Roenfeldt R.L., Equity Valuation Effects of Warrant-Debt Financing, “The Journal of Financial Research” 1991, vol. 14(2), s. 93–103.pl_PL
dc.referencesPilcher C.J., Raising Capital with Convertible Securities, “Michigan Business Studies” 1955, vol. 21(2).pl_PL
dc.referencesPulliam S., How Hedge-Fund Trading Sent A Company’s Stock on Wild Ride, “The Wall Street Journal”, 28.12.2004 http://www.wsj.com/articles/SB110418523859310338 [dostęp 01.06.2016].pl_PL
dc.referencesQiu J., Zhang Y., Convertible Bonds with Resettable Conversion Prices, “Economic Modelling” 2013, vol. 31, s. 198–205.pl_PL
dc.referencesRajan R., Servaes H., Analyst Following of Initial Public Offerings, “The Journal of Finance” 1997, vol. 52(2), s. 507–529.pl_PL
dc.referencesRoss S.A., The Determination of Financial Structure: The Incentive-Signalling Approach, “The Bell Journal of Economics” 1977, vol. 8(1), s. 23–40.pl_PL
dc.referencesSarkar S., Early and Late Calls of Convertible Bonds: Theory and Evidence, “Journal of Banking and Finance” 2003, vol. 27(7), s. 1349–1374.pl_PL
dc.referencesScott K.E., Shultz G.P., Taylor J.B., Ending Government Bailouts As We Know Them, Hoover Institution, Stanford University, 2010.pl_PL
dc.referencesSingh A.K., Cowan A.R., Nayar N., Underwritten Calls of Convertible Bonds, “Journal of Financial Economics” 1991, vol. 29(1), s. 173–196.pl_PL
dc.referencesSmith C.W., Watts R., The Investment Opportunity Set and Corporate Financing, Dividend and Compensation Policies, “Journal of Financial Economics” 1992, vol. 32(3), s. 263–292.pl_PL
dc.referencesSpiess D.K., Affleck-Graves J., The Long-Run Performance of Stock Returns Following Debt Offerings, “Journal of Financial Economics” 1999, vol. 54(1), s. 45–73.pl_PL
dc.referencesSpringsteel I., The Convert Boomerang, 2002 http://www.highbeam.com/doc/1G1-83655031.html [dostęp 01.06.2016].pl_PL
dc.referencesStein J.C., Convertible Bonds as Backdoor Equity Financing, “Journal of Financial Economics” 1992, vol. 32(1), s. 3–21.pl_PL
dc.referencesStiglitz J., Weiss A., Credit Rationing in Markets with Imperfect Information, “American Economic Review” 1981, vol. 71(3), s. 393–410.pl_PL
dc.referencesStulz R.M., Managerial Discretion and Optimal Financing Policies, “The Journal of Financial Economics” 1990, vol. 26(1), s. 3–27.pl_PL
dc.referencesSundaresan S., Wang Z., Design of Contingent Capital with a Stock Price Trigger for Mandatory Conversion, Staff Reports from Federal Reserve Bank of New York No. 448, 2010.pl_PL
dc.referencesSzymanowska M., ter Horst J., Veld C., Reverse Convertible Bonds Analyzed, “Journal of Futures Markets” 2009, vol. 29(10), s. 895–919.pl_PL
dc.referencesTarczyński W., Zwolankowski M., Inżynieria finansowa. Instrumentarium, strategie, zarządzanie ryzykiem, Agencja Wydawnicza Placet, Warszawa 1999.pl_PL
dc.referencesTashjian E., Outcomes in Prepackaged Bankruptcies, “Journal of Corporate Renewal” 2000, vol. 13 (13), s. 4–9.pl_PL
dc.referencesTitman S., Wessels R., The Determinants of Capital Structure Choice, “The Journal of Finance” 1988, vol. 43(1), s. 1–19.pl_PL
dc.referencesToyer J., Abboud L., Telefonica to Use Exchangeable Bond to Cut Telecom Italia Stake, Reuters, 16.07.2014 http://www.reuters.com/article/telefonica-telecom-ita-idUSL6N0PR59Y20140716 [dostęp 01.06.2016].pl_PL
dc.referencesTserlukevich Y., Call Policy for Convertible Bonds and Signaling, SSRN, 2010 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1573109 [dostęp 01.06.2016].pl_PL
dc.referencesVeld C., Zabolotnyuk Y., The Optimal Call Policy for Convertible Bonds: Is There a Market Memory Effect?, “Applied Economics Letters” 2012, vol. 19(7), s. 661–664.pl_PL
dc.referencesWoodson H., Global Convertible Investing, John Wiley & Sons, New York 2002.pl_PL
dc.referencesUstawa z dnia 15 stycznia 2015 r. o obligacjach (Dz. U. 2015, Nr 0, poz. 238).pl_PL
dc.referencesUstawa z dnia 15 września 2000 r. Kodeks spółek handlowych (Dz. U. 2000, Nr 94, poz. 1037).pl_PL
dc.identifier.doi10.18778/8088-363-5
dc.disciplineekonomia i finansepl_PL


Pliki tej pozycji

Thumbnail
Nazwa:
Kazmierczak_Dłuzny_kapital.pdf
Rozmiar:
2.841MB
Format:
PDF
Opis:
Kazmierczak_Dłuzny_kapital
Oglądaj/Otwórz
Thumbnail
Nazwa:
Okladka.jpg
Rozmiar:
242.6KB
Format:
Obraz JPEG
Opis:
Okładka
Oglądaj/Otwórz
Thumbnail
Nazwa:
license_rdf
Rozmiar:
805bajtów
Format:
application/rdf+xml
Oglądaj/Otwórz

Pozycja umieszczona jest w następujących kolekcjach

Pokaż uproszczony rekord

Attribution-NonCommercial-NoDerivatives 4.0 Międzynarodowe
Poza zaznaczonymi wyjątkami, licencja tej pozycji opisana jest jako Attribution-NonCommercial-NoDerivatives 4.0 Międzynarodowe