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Design of convertible debt financing - some observations from the American market

100%
Marszałek J.
Business and Economic Horizons
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2015
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vol. 11
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issue 2
64-75
EN
A convertible bond may be an attractive financial instrument that helps to achieve the optimal capital structure of a company. In this paper, we analyze 562 issues of bonds from the American market between 2002-2013. Using regression trees analysis, we give some hints with respect to the design of convertible debt financing, which is the main goal of the paper, considering the most important characteristics of the issuers’ financial standing and the parameters of issued convertibles. Our research let us formulate a few conclusions. Firstly, we identified some relationships between a conversion premium, a conversion period and a conversion ratio applied by issuers. Secondly, it turned out that most of the issuer’s financial characteristics were not statistically significant for the issued convertibles. Finally, we found out that the share of fixed assets in the balance sheet amount seems to be one of the most important factors determining the internal structure of issued hybrid instruments, which supports the assets substitution theory.
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The Essence Of The Emerging Markets’ Investment Risk. Comparative Analysis Of American And Central European Convertible Bond Issuers / Istota Ryzyka Inwestycyjnego Rynków Wschodzących. Analiza Porównawcza Amerykańskich I Środkowoeuropejskich Emitentów Obligacji Zamiennych

100%
Marszałek J.
Comparative Economic Research. Central and Eastern Europe
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2015
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vol. 18
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issue 3
81-97
EN
This paper attempts to identify the determinants of credit ratings for debt instrument issuers in the so-called emerging markets. The study was conducted on the sample of convertible bonds issuers in 2001-2012, half of which originated from Central and Eastern Europe, while the rest were U.S. operators. The analysis is focused exclusively on pairs of bonds with the same rating given by the British Fitch agency, which specialises in analysing Central and East European markets. The conducted studies show that solvency risk, interpreted as indebtedness, financial leverage and current solvency, is a major difference between the two groups of bonds. Changes in indebtedness, i.e. in assets held by foreign investors, are apparently the reasons of higher requirements for issuers from the emerging markets.
PL
W niniejszym artykule podjęto próbę identyfikacji czynników determinujących rating kredytowy emitentów instrumentów dłużnych na rynkach wschodzących. Padaniu poddano grupę emitentów obligacji zamiennych z lat 2001-2012, z czego połowa pochodziła z Europy Środkowej i Wschodniej, natomiast druga część to podmioty amerykańskie. Analiza dotyczyła wyłącznie par obligacji o tym samym ratingu, nadanym przez brytyjską agencje Fitch, która specjalizuje się w analizie rynków wschodniej i centralnej Europy. Przeprowadzona analiza pozwala zauważyć, że istotnym czynnikiem różnicującym obie grupy obligacji jest ryzyko wypłacalności rozumiane przez poziom zadłużenia, stopień dźwigni finansowej oraz płynność bieżącą. Zmiany wartości zadłużenia, a więc posiadanych przez inwestorów zagranicznych aktywów wydają się główną przyczyną wyższych wymagań wobec emitentów z rynków wchodzących.
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Czy ekobiznes się opłaca? Finansowa charakterystyka przedsiębiorstw proekologicznych

63%
Kuna-Marszałek A., Marszałek J.
Studia Prawno-Ekonomiczne
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2012
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vol. LXXXV (85)
273-286
EN
The purpose of this article is the financial characteristics of companies in the industry of waste management and remediation services. The choice of this sector results from its specificity. The sector is mainly dominated by private companies providing its services to the state or municipal entities, whose activities are often the only incentives for growth. The public sector, as the main recipient of those services, may pursue specific economic policy and seek to limit the concentration of supply of services using qualification procedures. On the one hand, such actions may support the small local companies, but on the other hand can be a significant barrier to business growth. The specific features of the industry determine the behavior of firms in the areas of financing and investment decisions. They have a significant impact on revenues and profits can be achieved and they may specify the financing strategy. What are the companies from this sector? How do they finance their activities? What is their profitability in such specific market conditions? The goal of the article is answer to these questions.
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THE USE OF EXCHANGEABLE BONDS DURING THE PRIVATIZATION PROCESS

63%
Kaźmierczak D., Marszałek J.
Finansowy Kwartalnik Internetowy e-Finanse
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2013
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vol. 9
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issue 4
86-95
EN
In our article we present the use of hybrid securities in the privatization process. We show that exchangeable bonds may be successfully applied during privatization of state companies throughout the world. It may be profitable for many reasons. Firstly, the exchangeables offer a much lower coupon in comparison with the ordinary government bonds which may be crucial for highly indebted countries. Secondly, throughout the entire maturity period the state remains the owner of the privatized firm which means that the government can be a beneficiary of high dividends paid by the public enterprises and can actively manage them. Thirdly, in the case of unfavorable market conditions the authorities get an opportunity to wait for the end of economic turmoil in order to avoid selling the equity participations under their true value. Finally, the issue of certain types of exchangeables (e.g. callable exchangeables or mandatory exchangeables) and adding several provisions (e.g. greenshoe option or clean-up call) makes the instrument more flexible for the issuer. We also present a few examples of the privatization processes by means of exchangeable bonds i.a. in Germany and in Austria. Most of such operations, e.g. German Deutsche Post, Austrian Telekom Austria or Portuguese Galp Energia SGPS S.A. were completed with success.
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Determinants of the Issuance of Put/Call Convertibles in the Non-Financial Sector of the US Market

63%
Kaźmierczak D., Marszałek J.
Comparative Economic Research. Central and Eastern Europe
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2014
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vol. 17
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issue 2
119-137
EN
The aim of this article is to characterize and show the differences between issuers of ordinary convertibles and convertibles with attached put/call provisions (put/call convertibles). The research was carried out on a sample of 379 firms in the US market, outside the financial sector, between 2002 and 2011. It turns out that the issuers of put/call convertibles are the companies with a higher risk exposure, associated with, inter alia, a higher level of indebtedness and worse ratio between the issue value to the fixed assets value. Adding the put/call provisions is aimed at decreasing issuers’ risk exposure, which may increase the market demand for this type of convertible securities
PL
Celem artykułu jest scharakteryzowanie i wykazanie różnic między emitentami zwykłych obligacji zamiennych i obligacji zamiennych z dołączoną opcją put/call. Badanie zostało przeprowadzone na podstawie 379 emitentów tych instrumentów na rynku amerykańskim w latach 2002-2011 spoza sektora finansowego. Okazuje się, że decyzje o emisji put/call convertibles podejmują spółki obarczone wyższym ryzykiem inwestycyjnym, o czym świadczy m.in. wyższy poziom zadłużenia czy gorsza relacja wartości emisji to wartości aktywów trwałych. Dołączenie opcji call/put do zwykłych obligacji zamiennych ma na celu obniżenie ryzyka inwestycyjnego emitenta, co może spowodować zwiększenie popytu na ten rodzaj papierów wartościowych ze strony inwestorów.
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Obligacje zielone – trendy i perspektywy rozwoju

63%
Marszałek J., Kuna-Marszałek A.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2018
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vol. 52
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issue 4
EN
The purpose of the article is to identify changes on the green bond market. Using a sample of 1,202 bonds registered in the Thomson Reuters Eikon database, a statistical analysis using correlation measures, a test of signifiance of differences and basic descriptive statistics was carried out. The study finds an increasing share of corporate issuers and an increase in the diversifiation of the purpose of issuance and the currencies in which the bonds are denominated. There is a small correlation between maturity and the offered coupon or YTM. Compared to similar non-green bonds, they are issued for a shorter time, allowing for more flexible management of the investor’s portfolio.
PL
Celem artykułu jest identyfiacja zmian, jakie zachodzą na rynku obligacji zielonych. Na próbie 1202 obligacji zarejestrowanych w bazie Thomson Reuters Eikon przeprowadzono analizę statystyczną wykorzystującą miary korelacji, test istotności różnic oraz podstawowe statystyki deskryptywne. Przeprowadzone badanie wskazuje na coraz większy udział emitentów korporacyjnych, wzrost zróżnicowania celu emisji oraz walut, w których denominowane są obligacje. Wykazano niewielką zależność pomiędzy czasem zapadalności a oferowanym kuponem czy YTM. W porównaniu do podobnych niezielonych obligacji są one emitowane na krótszy czas, co pozwala na bardziej elastyczne zarządzanie portfelem inwestora.
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Innowacyjność przedsiębiorstw regionu łódzkiego – wyniki badania ankietowego

63%
Marszałek J., Starzyńska D.
Studia Prawno-Ekonomiczne
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2013
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vol. XC (90)
65-82
XX
The objective of this paper is to analyse and assess innovation activities of companies from the Lodz region. Its first part focuses on identification and ranking factors that impact innovation activities in companies based on the literature of the subject. The second part studies main areas of innovation activities of companies in the Lodz region based on the results of a questionnaire survey conducted in 2012 on a group of randomly selected 500 economic operators from the region. Innovation activities in companies in the region face numerous barriers resulting from both internal factors relating to the company and external circumstances in the surrounding environment. Lack of financial resources for the implementation of innovations is the top ranking barrier. The following are also mentioned: market barriers, barriers connected with production and production factors, employment and technical infrastructure, and finally barriers connected with access to information.
8
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Effectiveness of corporate mergers and acquisitions in developed and emerging countries

63%
Kucharski A., Marszałek J.
Ekonomia Międzynarodowa
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2022
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issue 37
5-21
PL
Celem artykułu jest porównanie efektów fuzji i przejęć realizowanych przez podmioty z krajów rozwiniętych i rozwijających się. Artykuł obejmuje transakcje konsolidacyjne zrealizowane w latach 2000–2018 przez giełdowe spółki z branży motoryzacyjnej. Obserwacji poddano 764 transakcje konsolidacyjne pozyskane z bazy Thomson Reuters Eikon, dla których przyjęto metodę pomiaru efektywności opartą o relację kursu akcji z indeksem giełdowym. Analizę danych przeprowadzono z wykorzystaniem metod statystyki opisowej oraz metod wnioskowania statystycznego. Porównanie efektywności fuzji i przejęć zrealizowanych w krajach rozwiniętych i rozwijających się nie wykazało istotnych różnic w sensie statystycznym. Oznacza to, że uwarunkowania makroekonomiczne kraju, z którego pochodzi przedsiębiorstwo, nie mają istotnego wpływu na szanse powodzenia realizowanej przez niego konsolidacji. Firmy z krajów rozwijających się okazały się bardziej rentowne i mniej zadłużone, posiadały także wyższą płynnością finansową. Z kolei podmioty z krajów rozwiniętych charakteryzowały się lepszymi wskaźnikami efektywności działania, co sugeruje, że osiągały wyższe marże. Rezultaty przeprowadzonego badania przeczą więc tezie o znaczeniu pozycji kosztowej dla efektywności podmiotów, zwłaszcza w krajach rozwijających się. Analiza wyników porównania obu grup przedsiębiorstw pozwala przypuszczać, że czynniki determinujące sukces konsolidacji mają charakter mikroekonomiczny i są niezależne od kraju, w którym realizowana jest transakcja.
EN
The aim of the article is to compare the effects of mergers and acquisitions carried out by entities from developed and emerging countries. The article covers consolidation transactions completed between 2000 and 2018, exclusively by listed automotive companies. 764 consolidation transactions extracted from the Thomson Reuters Eikon database were observed, for which an efficiency measurement method based on the relationship of the share price to the stock market index was adopted. Data analysis was carried out using descriptive statistics and statistical inference methods. A comparison of the efficiency of M&As completed in developed and emerging countries showed no significant differences in a statistical sense. This means that the macroeconomic conditions of the country from which the company originates have no significant impact on the chances of success of the consolidation implemented by the company. Companies from emerging countries were found to be more profitable, with higher liquidity and were less indebted. On the other hand, entities from developed countries had better operating efficiency ratios, suggesting that they achieved higher margins. The study thus also contradicts the thesis that cost position is important for the efficiency of entities, especially in emerging countries. In the context of the results of the comparison between the two groups of companies, it is reasonable to assume that the determinants of consolidation success are microeconomic in nature and are independent of the country in which the transaction takes place.
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Charakterystyka emisji obligacji zamiennych z opcją reset

63%
Kaźmierczak D., Marszałek J.
Studia Ekonomiczne
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2014
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vol. 186 cz 2
198-207
EN
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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Are Green Bonds a Good Investment Opportunity for Turbulent Times?

51%
Daszyńska-Żygadło K., Marszałek J., Piontek K., Zumente I.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2023
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vol. 57
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issue 2
7-25
EN
Theoretical background: The green bonds market is growing rapidly and serving as a source of financing for energy transition, social impact investments, green economy transition, and climate change mitigation projects. It is also an interesting alternative investment opportunity for increasingly conscious investors. Researchers are studying the green bonds market from several perspectives, among others they search for premiums for being green – greenium; they analyse the interconnectedness of conventional and green bonds markets in the search for portfolio diversification opportunities and they consider the usefulness of green bonds in the times of market crisis or turbulences as hedging strategies instruments. Purpose of the article: The purpose of this article is to verify the nature and direction of the relationship between green bonds markets and conventional bonds markets, as well as its permanence during market shocks. Research methods: Our analysis is based on rates of returns from green bonds indices and their respective counterparts in the period between January 2015 and April 2021, we used conditional volatility and dynamic conditional correlation with multivariate Gaussian and T-Student distributions. Main findings: We found similar patterns of behaviour between green and conventional bonds markets, but the green bonds market is riskier than the non-green one and the risk relationship of both bond markets is changing. Our research results lead to the conclusion that investors are more prone to flee from the green bond market and stay in the conventional bond market in times of market shocks such as the outburst of COVID-19 pandemic.
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