observable differences, including rating, financial performance, industry, bond characteristics and issuance timing. The … they necessarily less liquid. Bond investors appear to discount the value of privately held equity. The effect does not …

observable differences, including rating, financial performance, industry, bond characteristics, liquidity and issuance timing …

Expectations of risky bond payments are unobservable and recovery rates for sovereigns are hard to estimate because …

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 … privatization processes by means of exchangeable bonds i.a. in Germany and in Austria. Most of such operations, e.g. German Deutsche …