AbstractMaterial guarantees create material rights with superior characteristics. One is absolute, that is, the right holder can enforce against anyone. It as if nothing beat holder’s position of guarantee in event a conflict concurrent creditors and holding privileges. However, this absolute character be weakened by law. In certain circumstances, such to collect cost saving collateral object, ...

We document that in M&As a significant proportion of targets’ equity is owned by financial institutions that simultaneously own targets’ bonds (“dual holders”). Targets with larger equity ownership by dual holders have lower M&A equity premia and larger abnormal bond returns, particularly when dual holders stand to benefit more from appreciation of their bond stakes, e.g., when their bond owner...

In this paper, we present an approach to design MOEMS based on Reconfigurable Free Space Micro-Optical Benches (RFS-MOB). The proposed concept enables to design modular and reconfigurable MOEMS by using a generic structure of silicon holders and non defined position in the substrate. Various micro-optical elements, e.g. microlenses or micromirrors, can be integrated within holders. Their assemb...

In this paper, we analyze the effect of the conversion price of CoCo bonds on equity holders’ incentives. First, we use an option-pricing context to show that CoCo bonds can magnify equity holders’ incentives to increase the riskiness of assets and decrease incentives to raise new equity in a crisis in cases in which conversion transfers wealth from CoCo bond holders to equity holders. Second, ...

Political office holders are chiefly entrusted with the formulation and implementation of government policies and programmes designed to enhance sustainable development. Their activities can therefore make or unmake a nation, geo-political region initiative. The mental health and emotional intelligence of political office holders had been linked with their personal growth initiative and a...

Block holders have significant impacts on the firm’s policies, especially strategies regarding the payout policy. The purpose of this study is to investigate the relationship between ownership structure and firm dividend policy considering the role of block investors in the companies listed on the Tehran Stock Exchange (TSE). We selected 37 public listed companies with state block holders and m...

This thesis extends the literature on the role of state ownership by distinguishing the governance roles of two types of state-share holders in China’s listed companies. Government agencies that act as state-share holders (“GA shareholders”) are detrimental to firm value according to both the political and managerial perspectives. Non-government agencies such as SOEs and other forms of market-o...