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Week 11 - Hybrid Securities Final Exam Notes

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Hybrid Securities, convertible debt, conflict of interest, preferred bonds, warrants, etc.

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14 Pages Partial Study Notes > 2 Years old
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Week 11 - Hybrid Securities Final Exam Notes
Topics this document covers:
Finance Economy Money Corporate finance Stock market Equity securities Financial markets Shareholders Convertible bond Warrant Bond Preferred stock
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Topics this document covers:
Finance Economy Money Corporate finance Stock market Equity securities Financial markets Shareholders Convertible bond Warrant Bond Preferred stock
Sample Text:
From the viewpoint of the issuing firm, selling hybrid securities provide alternative ways to raise capital. • Hybrid securities can be viewed as a cross between common equity or corporate bond and financial derivatives. • Hybrids are most useful when a company has difficulty raising external capital by issuing straight bonds or common equity. • Hybrids may be effective tools to mitigate agency costs. There are pros and cons of issuing these securities and they are, mostly, based on their features. Why Hybrid Securities (convertible debt): An Example with Conflict of Interest b/e Equity and Debt holders Gloomy Corp. is in financial trouble because it cannot afford to pay its creditors. As a result, the firm value is $1,000 which is below how much is owed to debt holders. The amount that Gloomy owes its debt holders is $600,000 and the cre...
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