Der vorliegende Beitrag stellt die Ergebnisse einer Fragebogenuntersuchung unter deutschen, schweizerischen und österreichischen börsenkotierten Unternehmen über deren Motive zur Emission von Wandelanleihen vor. Die Antworten der Unternehmen bestätigen die Backdoor- Equity-Hypothese, wonach...

We conduct interviews with financial managers in Australia, Canada, the U.K., and the U.S. to study the question why companies issue convertible bonds. For the vast majority of the firms, convertible bonds are chosen because managers find straight debt too costly. Convertible bonds are preferred...

Following the 2008-9 financial crisis, large banks increasingly issued contingent convertible bonds (CoCo bonds) to increase their capital buffers – a policy supported by national bank regulators. This paper examines whether the issuance of CoCo bonds provides the same reduction in bank...

Using a sample of 1,593 US firms that go public between 1990 and 2007, we find that VC-backed IPOs experience less financial distress risk post-offering than do comparable non-VC-backed IPOs. After controlling for endogeneity, we find this is related to the screening done by VC-investors, who...

This paper offers a new explanation for the prevalent use of convertible securities in venture capital finance. Convertible securities can be used to endogenously allocate cash flow rights as a function of the realized quality of the project. This property can be used to mitigate the double...

Innovative Unternehmensgründungen werden in zunehmendem Maße von Venture Capital (VC) Gesellschaften finanziert, die mit dem Gebrauch spezieller Finanzierungsinstrumente die diversen Agencyprobleme dieser Situation zu bewältigen versuchen. Dieses Papier gibt einen Überblick über die...