51 resultados para convertible


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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

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A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

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This case study focuses on the BPI’s recapitalization plan, its causes and the reasons for the early reimbursement of CoCos in June 2014. The need for a capital intervention and the subsequent subscription agreement with the Portuguese Government of €1 500 million Core Tier 1 instruments were the result of a temporary capital buffer for sovereign debt exposures imposed by the European Banking Authority. The capital increase, the positive earnings in 2012 and 2013, the improvements in the sovereign debt crisis, the implementation of Basel III, in addition to the public exchange offer and the conversion of deferred tax assets into tax credits are the main factors for concluding the entire recapitalization operation three years before the deadline.

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We examine why firms combine convertible debt offerings with stock repurchases. In 2006, 33% of the convertible issuers in the US simultaneously repurchased stock. These combined transactions are inconsistent with traditional motivations for convertible issuance. We document that convertible arbitrage drives these stock repurchases. Convertible debt arbitrageurs simultaneously buy convertibles and short sell the issuer’s common stock, resulting in downward pressure on the stock price. To prevent such short-selling activity, firms repurchase their stock directly from arbitrageurs. We show that combined transactions exhibit lower short-selling activity and that convertible arbitrage explains both the size and speed of the stock repurchases.

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Includes bibliography

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Centralized and Distributed methods are two connection management schemes in wavelength convertible optical networks. In the earlier work, the centralized scheme is said to have lower network blocking probability than the distributed one. Hence, much of the previous work in connection management has focused on the comparison of different algorithms in only distributed scheme or in only centralized scheme. However, we believe that the network blocking probability of these two connection management schemes depends, to a great extent, on the network traffic patterns and reservation times. Our simulation results reveal that the performance improvement (in terms of blocking probability) of centralized method over distributed method is inversely proportional to the ratio of average connection interarrival time to reservation time. After that ratio increases beyond a threshold, those two connection management schemes yield almost the same blocking probability under the same network load. In this paper, we review the working procedure of distributed and centralized schemes, discuss the tradeoff between them, compare these two methods under different network traffic patterns via simulation and give our conclusion based on the simulation data.

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"August 1992."