Corporations’ financial structures are featured by the increasing relevance of financial devices, the mezzanine financing, that juxtapose the twofold nature of equity and debt in terms of risk and return. Some of these instruments show several analogies with equity and therefore have been defined as “Quasi-Equity”. This definition encompasses specific financial issues, like shares with restricted or without voting rights, convertible bonds and warrants. This monograph specifically analyses the “Quasi Equity” financial tools giving an overview of their main relevant economic and financial features and institutional and empirical aspects. The study is organized in two parts: the first part is devoted to the description of the “Quasi-Equity” and to its connection to the voting right issues; the latter deals with the aspects of “Quasi-Equity” pricing and market value of the corporations, concluding with some corporate finance policy suggestions.
Nella struttura finanziaria delle imprese trova sempre maggiore rilevanza una tipologia di fonti di finanziamento che non può essere interamente ricondotta alla calssica distinzione fra capitale di rischio e capitale di debito (Fama e Jensen 1983), ma che assume caratteristiche specifiche di entrambi gli strumenti sopra ricordati, sia in termini di rendimento, sia di rischio. Si tratta del cosiddetto mezzanine financing di cui il quasi equity è una parte, costituito, fra gli altri, da strumenti finanziari come le categorie di azioni senza diritto di voto o con diritto di voto limitato, le obbligazioni convertibili e i warrants. Tali strumenti, accanto a una componente di natura debitoria, a remunerazione generalmente fissa e a basso profilo di rischio, contengono una componente caratterizzata da un profilo più alto di rendimento e di rischio che ne assimila i detentori, di fatto, agli azionisti nella loro veste di residual claimants.
Bellavite Pellegrini, C., Il quasi Equity: aspetti istituzionali, teoria economica ed evidenza empirica, Giuffrè Editore, Milano 2003: 270 [http://hdl.handle.net/10807/98970]
Il quasi Equity: aspetti istituzionali, teoria economica ed evidenza empirica
Bellavite Pellegrini, Carlo
2003
Abstract
Corporations’ financial structures are featured by the increasing relevance of financial devices, the mezzanine financing, that juxtapose the twofold nature of equity and debt in terms of risk and return. Some of these instruments show several analogies with equity and therefore have been defined as “Quasi-Equity”. This definition encompasses specific financial issues, like shares with restricted or without voting rights, convertible bonds and warrants. This monograph specifically analyses the “Quasi Equity” financial tools giving an overview of their main relevant economic and financial features and institutional and empirical aspects. The study is organized in two parts: the first part is devoted to the description of the “Quasi-Equity” and to its connection to the voting right issues; the latter deals with the aspects of “Quasi-Equity” pricing and market value of the corporations, concluding with some corporate finance policy suggestions.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.