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Autor:innen: 
Erscheinungsjahr: 
2004
Schriftenreihe/Nr.: 
Serie Documentos de Trabajo No. 260
Verlag: 
Universidad del Centro de Estudios Macroeconómicos de Argentina (UCEMA), Buenos Aires
Zusammenfassung: 
This paper sets out a proposal by which two distinctive and new types of preferred stock (one- and two-tiered convertibles) could be used to sharpen up a company's governance. Firstly, the framework of analysis for standard preferreds will be outlined, mainly their valuation, underlying incremental cash flows, control rights and contractual features. Secondly, one - and two - tiered convertible preferred are introduced, setting up their financial design, how they convey control rights and contractual characteristics, and giving heed to a simple valuation for those preferreds. Last of all, it will be shown how the one- and twotiered convertibles come in handy to deal with some particular governance topics: capital structure, debt refinancing and compensation schemes for management.
Schlagwörter: 
preferred stock
convertible preferred stock
corporate governance
control rights
compensation scheme
JEL: 
G34
G11
G10
Dokumentart: 
Working Paper

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