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Postrzeganie ryzyka instrumentów dłużnych przez JST - wyniki badań empirycznych

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Filipiak B.

Studia Ekonomiczne

2014

vol. 198 cz 1

144-154

This article presents the perception of risk by the local government, which is associated with the process of selection debt, borrowing, debt, and the occurrence of risk factors during the use of debt instruments. The problem of excessive debt, or making a wrong decision regarding the choice of debt instrument becomes important from the point of view of maintaining liquidity at a time, as well as to ensure an adequate level of goods and services to society. The paper presents empirical studies obtained using the method of time series analysis, as well as the results obtained questionnaire technique.

Charakterystyka emisji obligacji zamiennych z opcją reset

100%

Kaźmierczak D., Marszałek J.

Studia Ekonomiczne

2014

vol. 186 cz 2

198-207

A possibility of modifying a conversion price or a conversion ratio within a maturity period makes resettable convertible bonds an attractive source of capital. The aim of this article is to present the essence of reset convertibles and to define the premises of their issuance by analyzing previous activities of their issuers. It turns out that a possible motive of using reset convertibles may be a tax optimization, not a willingness to increase the equity during an economic turmoil. They were issued mainly by banks and financial institutions, especially in the countries with a lower level of fiscalism. Furthermore, the highest supply of resettables falls to a period of a market boom (2006-2008), when they seem to be the most beneficial for their issuers.

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2 Studia Ekonomiczne

1 Filipiak B.

1 Kaźmierczak D.

1 Marszałek J.

2 2014

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Postrzeganie ryzyka instrumentów dłużnych przez JST - wyniki badań empirycznych

Charakterystyka emisji obligacji zamiennych z opcją reset