Hybrid S Redemption

Author : Kamil Liberadzki,Marcin Liberadzki
Publisher : Springer
Page : 224 pages
File Size : 52,8 Mb
Release : 2016-04-08
Category : Business & Economics
ISBN : 9781137589712

Get Book

Hybrid Securities by Kamil Liberadzki,Marcin Liberadzki Pdf

Hybrid capital securities or 'hybrids' offer various benefits. They offer flexibility equity without shareholder dilution, provide protection to senior creditors, are a stable source of long-term funding for healthy companies, and help insurers and banks meet regulatory and rating agency capital requirements. Risks and features of hybrid securities are expressed in the credit spread of some relatively new financial instruments, but no structural fundamentals exist for to price hybrids precisely. This book proposes a model for the pricing of hybrids. It begins by explaining the concept of hybrids as well as their equity- and debt-like characteristics. Different types of hybrids are presented, including preference shares, convertible bonds, contingent convertibles (CoCos) and bail-in bonds. The authors then present analysis of regulatory regimes' impact on hybrids. They discuss the types of hybrid bonds that are contemplated in the Capital Requirements Regulation (CRR) and Banking Union mechanism. They then present an in-depth examination of hybrids pricing and risk assessment techniques. The book provides a comprehensive analysis from mathematical, legal and financial perspectives in order to look at relatively new financial instruments and address problems with the pricing models of hybrids which are as yet unsolved.

Author : Oliver Brockhaus
Publisher : Springer
Page : 287 pages
File Size : 48,7 Mb
Release : 2016-04-29
Category : Business & Economics
ISBN : 9781137349491

Get Book

Equity Derivatives and Hybrids by Oliver Brockhaus Pdf

Since the development of the Black-Scholes model, research on equity derivatives has evolved rapidly to the point where it is now difficult to cut through the myriad of literature to find relevant material. Written by a quant with many years of experience in the field this book provides an up-to-date account of equity and equity-hybrid (equity-rates, equity-credit, equity-foreign exchange) derivatives modeling from a practitioner's perspective. The content reflects the requirements of practitioners in financial institutions: Quants will find a survey of state-of-the-art models and guidance on how to efficiently implement them with regards to market data representation, calibration, and sensitivity computation. Traders and structurers will learn about structured products, selection of the most appropriate models, as well as efficient hedging methods while risk managers will better understand market, credit, and model risk and find valuable information on advanced correlation concepts. Equity Derivatives and Hybrids provides exhaustive coverage of both market standard and new approaches, including: -Empirical properties of stock returns including autocorrelation and jumps -Dividend discount models -Non-Markovian and discrete-time volatility processes -Correlation skew modeling via copula as well as local and stochastic correlation factors -Hybrid modeling covering local and stochastic processes for interest rate, hazard rate, and volatility as well as closed form solutions -Credit, debt, and funding valuation adjustment (CVA, DVA, FVA) -Monte Carlo techniques for sensitivities including algorithmic differentiation, path recycling, as well as multilevel. Written in a highly accessible manner with examples, applications, research, and ideas throughout, this book provides a valuable resource for quantitative-minded practitioners and researchers.

Author : James Jurinski,Gary A. Zwick
Publisher : ALI-ABA
Page : 348 pages
File Size : 48,8 Mb
Release : 2002
Category : Business enterprises
ISBN : 0831814144

Get Book

Transferring Interests in the Closely Held Family Business by James Jurinski,Gary A. Zwick Pdf

Author : Marcus Overhaus,Ana Bermudez,Hans Buehler,Andrew Ferraris,Christopher Jordinson,Aziz Lamnouar
Publisher : John Wiley & Sons
Page : 337 pages
File Size : 55,9 Mb
Release : 2007-02-02
Category : Business & Economics
ISBN : 9780471770589

Get Book

Equity Hybrid Derivatives by Marcus Overhaus,Ana Bermudez,Hans Buehler,Andrew Ferraris,Christopher Jordinson,Aziz Lamnouar Pdf

Take an in-depth look at equity hybrid derivatives. Written by the quantitative research team of Deutsche Bank, the world leader in innovative equity derivative transactions, this book presents leading-edge thinking in modeling, valuing, and hedging for this market, which is increasingly used for investment by hedge funds. You'll gain a balanced, integrated presentation of theory and practice, with an emphasis on understanding new techniques for analyzing volatility and credit derivative transactions linked to equity. In every instance, theory is illustrated along with practical application. Marcus Overhaus, PhD, is Managing Director and Global Head of Quantitative Research and Equity Structuring. Ana Bermudez, PhD, is an Associate in Global Quantitative Research. Hans Buehler, PhD, is a Vice President in Global Quantitative Research. Andrew Ferraris, DPhil, is a Managing Director in Global Quantitative Research. Christopher Jordinson, PhD, is a Vice President in Global Quantitative Research. Aziz Lamnouar, DEA, is a Vice President in Global Quantitative Research. All are associated with Deutsche Bank AG, London.

Author : Tasha Haines
Publisher : Bloomsbury Publishing USA
Page : 177 pages
File Size : 45,8 Mb
Release : 2023-12-14
Category : Literary Criticism
ISBN : 9781501394522

Get Book

Redemptive Hybridism in Post-Postmodern Writing by Tasha Haines Pdf

From Virginia Woolf to David Foster Wallace and beyond, 'redemptive hybridism' – a new way of reading texts full of possibility and genre blending – emerges as a key trajectory for post-postmodernity. Tasha Haines investigates what she calls 'redemptive hybridism' a tendency in post-postmodern writing characterized by possibility. She suggests that near the 21st century, postmodern élitisme gives way to a reparative blending of high-low forms and genre collaborations for challenging and extending the relationship between writer, written material, and reader. By combining an innovative literary investigation with creative and auto-theoretical strategies, Haines offers valuable new interpretations for texts of 'the modernisms continuum'. Her conversational survey moves among the hybridity of Virginia Woolf, the paratextuality of David Foster Wallace, with Nathalie Sarraute, Édouard Levé, Maggie Nelson and more. In reference to Deleuze and Guattari, Hassan, and others, writers are curated for their approach to form, method, and content, evoking and invoking textual hybridity. Haines articulates a new way of viewing works via comparisons and close-ups that exemplify the possibility and genre-blending that is Redemptive Hybridism in Post-Postmodern Writing.

Author : Witness Lee
Publisher : Living Stream Ministry
Page : 591 pages
File Size : 46,9 Mb
Release : 2024-05-01
Category : Religion
ISBN : 9781536004960

Get Book

The Collected Works of Witness Lee, 1957, volume 3 by Witness Lee Pdf

The Collected Works of Witness Lee, 1957, volume 3, contains messages given by Brother Witness Lee from September through December 1957. Historical information concerning Brother Lee's travels and the content of his ministry in 1957 can be found in the general preface that appears at the beginning of volume 1 in this set. The contents of this volume are divided into ten sections, as follows: 1. Six messages given in Manila, Philippines, and Hong Kong in September through December. These messages were previously published in a book entitled The Living God and the God of Resurrection and are included in this volume under the same title. Chapter 3 was previously published in English in a book entitled The God of Resurrection. 2. Two private talks given in Hong Kong on October 30 and November 16. These talks are included in this volume under the title Two Private Talks in Hong Kong. 3. Six messages given in Hong Kong on November 3 through December 22. These messages are included in this volume under the title The Fellowship of Life and God's Work in Man. 4. Three messages given in Hong Kong in November. These messages are included in this volume under the title A Word to Young People. 5. Eight messages given in Hong Kong in November and December. These messages are included in this volume under the title The Supply of the Word, Shepherding, and the Administration Needed for the Building Up of the Church. 6. Nine messages given in Hong Kong in November. Four of the messages were previously published in a book entitled The Kingdom and the Church. All nine messages are included in this volume under the same title. 7. Four messages given in Hong Kong on November 17 through 30. These messages are included in this volume under the title The Ground of the Church. 8. Twelve messages given in Hong Kong. These messages are included in this volume under the title The Ground of the Church and the Ministry That Builds Up the Church. 9. Eight messages given in Hong Kong on December 4 through 21. These messages were previously published in a book entitled Service for the Building Up of the Church and are included in this volume under the same title. 10. Three messages given in Hong Kong in December. The second and third of these messages were previously published in a book entitled Men Who Turn the Age. The first message was added at the time of the compilation of this volume. The three messages are included in this volume under the same title.

Author : Frans de Weert
Publisher : John Wiley & Sons
Page : 352 pages
File Size : 48,9 Mb
Release : 2011-10-14
Category : Business & Economics
ISBN : 9780470971642

Get Book

Bank and Insurance Capital Management by Frans de Weert Pdf

In the aftermath of the financial crisis, capital management has become a critical factor in value creation for banks and other financial institutions. Although complex and subject to regulatory change, the strategic importance of capital management became apparent during the crisis and has moved the subject to the top of corporate agendas. Bank and Insurance Capital Management is an essential guide to help banks and insurance companies understand and manage their capital position. Bridging the gap between theory and practice, it provides proven techniques for managing bank capital, as well as explaining key capital management perspectives, including accounting, regulatory, risk and capital management and corporate finance. It also shows how to analyze a firm's stakeholders such as depositors, policy holders, debt holders and shareholders, and manage their expectations, and how to align risk and capital management so as to best optimize the return on capital and preserve capital in periods of stress. Economic capital is also discussed in depth, as are the practicalities of bank and insurance M&A, and the book also shows how financial innovations can be used to optimise the capital position and how diversification effects are reflected in the capital position. This book will arm readers with the knowledge and skills needed to understand how capital management can improve capital structure and performance, achieving an optimal cost of, and return on capital, creating value as a result.

Author : Jan De Spiegeleer,Wim Schoutens,Cynthia Van Hulle
Publisher : John Wiley & Sons
Page : 421 pages
File Size : 40,8 Mb
Release : 2014-05-19
Category : Business & Economics
ISBN : 9781118449998

Get Book

The Handbook of Hybrid Securities by Jan De Spiegeleer,Wim Schoutens,Cynthia Van Hulle Pdf

Introducing a revolutionary new quantitative approach to hybrid securities valuation and risk management To an equity trader they are shares. For the trader at the fixed income desk, they are bonds (after all, they pay coupons, so what's the problem?). They are hybrid securities. Neither equity nor debt, they possess characteristics of both, and carry unique risks that cannot be ignored, but are often woefully misunderstood. The first and only book of its kind, The Handbook of Hybrid Securities dispels the many myths and misconceptions about hybrid securities and arms you with a quantitative, practical approach to dealing with them from a valuation and risk management point of view. Describes a unique, quantitative approach to hybrid valuation and risk management that uses new structural and multi-factor models Provides strategies for the full range of hybrid asset classes, including convertible bonds, preferreds, trust preferreds, contingent convertibles, bonds labeled "additional Tier 1," and more Offers an expert review of current regulatory climate regarding hybrids, globally, and explores likely political developments and their potential impact on the hybrid market The most up-to-date, in-depth book on the subject, this is a valuable working resource for traders, analysts and risk managers, and a indispensable reference for regulators

Author : Pascal Quiry,Yann Le Fur,Pierre Vernimmen
Publisher : John Wiley & Sons
Page : 1040 pages
File Size : 41,6 Mb
Release : 2022-01-31
Category : Business & Economics
ISBN : 9781119841630

Get Book

Corporate Finance by Pascal Quiry,Yann Le Fur,Pierre Vernimmen Pdf

Get a distinctly European take on corporate finance The newly revised Sixth Edition of Corporate Finance: Theory and Practice delivers a uniquely European perspective on the foundations and latest trends in corporate finance, including the marked shifts brought about by sustainability, environmental, and social concerns. Containing updated statistics and graphs, the book covers the latest innovations in financial practice, like the rise of private equity investment, the continuous decline in listed companies, and the dramatic surge of sustainability-linked financing products. Readers get access to an accompanying website that offers regularly updated statistics, graphs, and charts, direct email access to the authors, quizzes, case studies, articles, and more. The book also includes: A balanced blend of theory and practice from an author team with a presence in academia and business Access to The Vernimmen.com Newsletter, which provides monthly updates on corporate finance to over 60,000 subscribers Ideal for students studying corporate finance as part of an MBA or a master's level programme in Finance, Corporate Finance: Theory and Practice is also required reading for practicing professionals in the UK and continental Europe seeking a distinctly European treatment of a critically important subject.

Author : Dani Hoots
Publisher : FoxTales Press
Page : 208 pages
File Size : 51,7 Mb
Release : 2021-06-29
Category : Fiction
ISBN : 8210379456XXX

Get Book

The Redeemed by Dani Hoots Pdf

There is only one Gargoyle left. It is only a matter of time now before the Twelve Generals defeat the remaining Gargoyle and open the gates of hell to let their brethren take over the world. It has been two thousand years and Gwen and the others are ready to be done. But there is one problem—Gwen still feels some remorse. She doesn’t tell the others, of course, but Collin is still with the remaining Gargoyle and he is her one and only weakness. Will she be able to fulfill her promise to Lucifer, or will the only humanity she has left cause her to betray her comrades once again? This is the end of THE LAST OF THE GARGOYLES TRILOGY.

Author : A. Rashad Abdel-Khalik
Publisher : Routledge
Page : 592 pages
File Size : 50,6 Mb
Release : 2013-10-08
Category : Business & Economics
ISBN : 9781136489297

Get Book

Accounting for Risk, Hedging and Complex Contracts by A. Rashad Abdel-Khalik Pdf

With the exponential growth in financial derivatives, accounting standards setters have had to keep pace and devise new ways of accounting for transactions involving these instruments, especially hedging activities. Accounting for Risk, Hedging and Complex Contracts addresses the essential elements of these developments, exploring accounting as related to today's most relevant topics - risk, hedging, insurance, reinsurance, and more. The book begins by providing a basic foundation by discussing the concepts of risk, risk types and measurement, and risk management. It then introduces readers to the nature and valuation of free standing options, swaps, forward and futures as well as of embedded derivatives. Discussion and illustrations of the cash flow hedge and fair value hedge accounting treatments are offered in both single currency and multiple currency environments, including hedging net investment in foreign operations. The final chapter is devoted to the disclosure of financial instruments and hedging activities. The combination of these topics makes the book a must-have resource and reference in the field. With discussions of the basic tools and instruments, examinations of the related accounting, and case studies to help students apply their knowledge, this book is an essential, self-contained source for upper-level undergraduate and masters accounting students looking develop an understanding of accounting for today’s financial realities.

Author : Anonim
Publisher : Unknown
Page : 1028 pages
File Size : 43,6 Mb
Release : 2006
Category : Capital investments
ISBN : CORNELL:31924083381321

Get Book

Journal of Applied Corporate Finance by Anonim Pdf

Author : Glenn Denning
Publisher : Columbia University Press
Page : 319 pages
File Size : 50,6 Mb
Release : 2023-01-03
Category : Political Science
ISBN : 9780231552257

Get Book

Universal Food Security by Glenn Denning Pdf

What would it take to achieve a genuinely food-secure world—one without hunger or malnutrition, where everyone gets to consume the right quantity and quality of food to live a healthy, active, and productive life? Bringing about such a future requires transforming how our food is grown, managed, and distributed. From production to consumption, food systems must be sustainable, halting environmental degradation and even repairing the damage we have previously done. This book provides an accessible guide to making healthy diets from sustainable food systems available to all. Glenn Denning bridges the divisive worlds of science, policy, and practice. He synthesizes the most relevant literature and shares personal perspectives and insights gained over four decades working in more than fifty countries, coupled with the real-world experience of hundreds of leading experts. Universal Food Security lays out key priorities—sustainable intensification, market infrastructure, postharvest stewardship, healthy diets, and social protection—and presents how to achieve food systems transformation. Denning identifies the education and development of practitioner-leaders as the critical trigger of change. Universal Food Security informs and inspires those leaders—acting on their own and with others through institutions—to achieve a food-secure world. This book is an ideal handbook for students and practitioners looking to transform our food systems at all levels.

Author : Jakob Bundgaard
Publisher : Kluwer Law International B.V.
Page : 498 pages
File Size : 54,5 Mb
Release : 2016-11-15
Category : Law
ISBN : 9789041183187

Get Book

Hybrid Financial Instruments in International Tax Law by Jakob Bundgaard Pdf

Financial innovation allows companies and other entities that wish to raise capital to choose from a myriad of possible instruments that can be tailored to meet the specific business needs of the issuer and investor. However, such instruments put increasing pressure on a question that is fundamental to the tax and financial systems of a country – the distinction between debt and equity. Focusing on hybrid financial instruments (HFIs) – which lie somewhere along the debt-equity continuum, but where exactly depends on the terms of the instrument as well as on applicable laws – this book analyses their treatment under both domestic law and tax treaties. Key jurisdictions, including the EU, some of its Member States, and the United States, are covered. Advocating for a broader scope of application of HFIs as part of the financing of companies in Europe alongside traditional sources of debt and equity financing, the book addresses such issues and topics as the following: • problems associated with the debt-equity distinction in international tax law; • cross-border tax arbitrage and linking rules; • drivers behind the use and design of HFIs; • tax law impact of perpetual and super maturity debt instruments, profit participating loans, convertible bonds, mandatory convertible bonds, contingent convertibles, preference shares and warrant loans on HFIs; • financial accounting treatment; • administrative guidance; • influence of the TFEU on Member States’ approaches to classification of HFIs; • interpretation of the Parent-Subsidiary Directive by the European Court of Justice; • applicability of the OECD Model Tax Convention; and • implications of the OECD Base Erosion and Profit Shifting (BEPS) project. Throughout this book, the analysis draws upon preparatory works, case law, and legal theory in English, German, and the Scandinavian languages. In conclusion, the author considers tax policy issues, and identifies and outlines possible high-level solutions. Actual or potential users of HFIs will greatly appreciate the clarity and insight offered here into the capacity and tax implications of HFIs. The book not only examines whether existing legislation is sufficient to handle the issues raised by international HFIs, but also provides an in-depth analysis of the interaction between corporate financing and tax law in the light of today’s financial innovation. Corporate executives and their counsel will find it indispensable in the international taxation landscape that is currently coming into view, and academics and policymakers will hugely augment their understanding of a complex and constantly changing area of tax law.

Author : Luc Nijs
Publisher : John Wiley & Sons
Page : 530 pages
File Size : 41,8 Mb
Release : 2013-12-09
Category : Business & Economics
ISBN : 9781119941811

Get Book

Mezzanine Financing by Luc Nijs Pdf

An in-depth explanation of mezzanine finance Mezzanine finance products, which have grown increasingly popular in recent years, involve a unique and complex form of analysis because of their hybrid nature. Because mezzanine finance involves no collateral, it accentuates legal terms, term sheets, and contracts, in addition to depicting dynamics of both debt and equity. Experienced chairman, lecturer, and professor of investment banking Luc Nijs presents readers with a thorough description of product groups, structuring and pricing, and cultural discrepancies in terms of regulation and application in Mezzanine Financing: Tools, Applications and Total Performance. Nijs analyzes common triumphs and failures encountered in mezzanine financing, and he discusses techniques for risk analysis and risk mitigation. A final study of international capital markets, their products' relevance, attractiveness, and liquidity, and the effects on pure equity/fixed-income risk concludes the book. Conveys a professional's advice through case studies of various regions, industries and contexts Provides the only complete analysis of mezzanine finance as no other books take on the topic as their only subject Details an increasingly popular and globally relevant subject in finance Those seeking a detailed explanation of the complexities within mezzanine financing will encounter a professional account in Nijs's book.