P.Vernimmen and others, Frequentry Asked Questions in Corporate Finance, Wiley:2011 No.2
39. hybrid securities ハイブリッド証券 以下の各項目を説明しなさい
hb are essentially bonds with an equity component
warrants ワラント
convertible bonds 転換社債
contingent capital is a convertible bond that mechanically turns into equity if certain events happen or certain ratios are breached by the issuer 条件付き資本あるいは偶発資本だが、実務では和訳せずcontingent capitalで通じる。したがってcontingent capitalで覚えるように。
convertible preferred stock 転換可能優先株
mandatory convertibles 強制転換債
deeply subordinated 従属債あるいは劣後債
tracking stock トラッキングストック
exchangeable bonds 株式転換可能債
41. generally, excess cash be used for 1)dividends 2)sharebuybacks 3) capital reductions 余剰キャッシュは株主還元余力を示す
other than reinvesting, organic growth
in signaling theory a rise in the dividen signals good news シグナル仮説
42 share buybacks 株の買戻し 自社株買いのこと
44.different types of shareholders
以下の株主について内容を説明できるように。
business angels
private equity funds
institutional investors 機関投資家
emploee shareholders 1)direct ownership 2)ESOPs 3)stock options
45.why do companies go public? なぜ会社は公開されるのか？
listing offers distinct benefits: it enables financial managers to access capital markets and obtain the market value for their companies
widely known to other stakeholders, a superb form of free advertising
using it shares as currency, flexibility for the company
incentivize employees in the success of the company
a positive impact on the value of the parent company's shares
public tender offer must be launched in order to delist a company
squeeze-out minority share holders to sell any out standing shares
47.conglomerate discount
コングロマリットディスカウント 説明しなさい
cd occurs when the market value of the conglomerate is less than the sum of the values of the assets the conglomerate holds
a persistent conglomerate discount usually leads to a spinoff or a hostile takeover bid
48.control premium and mionority discount
cp is the amount a buyer is ready to pay over the current market value in order to obtain the control of a company
md is a reduction for the market value by minority shareholders in order to sell their stocks
50. corporate governance
shareholder control over the management
1)transparency that the board and the management operate
2)the role,composition and functioning of the board
3)the exercise of shareholder power at the general meeting
independent directorsの重要性
