During recent years, an increasing number of corporations have decided to raise external capital via markets for hybrid securities. Hybrid securities share characteristics of common stock and straight debt and appear in different forms, such as convertible debt, mandatory convertibles or...

The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However, the size of the estimated growth rate of total...