- Author
- Mamcarz Henryk
- Title
- Obligacja "bycza" i "niedźwiedzia" jako instrument inwestowania i pozyskiwania kapitału
Bull and Bear Bond as an Instrument of Raising and Investing Capital - Source
- Prace Naukowe Akademii Ekonomicznej we Wrocławiu, 2007, nr 1152, s. 355-364, tab., rys., bibliogr. 6 poz.
- Issue title
- Zarządzanie finansami firm : teoria i praktyka
- Keyword
- Indeks giełdowy, Obligacje, Instrumenty rynku kapitałowego
Stock market indexes, Bonds, Capital market instruments - Note
- summ.
- Abstract
- Przedstawiono instrumenty inwestowania i pozyskiwania kapitału - obligacja "bycza" i "niedźwiedzia". Omówiono konstrukcje i funkcjonowanie tych instrumentów na rynku oraz dokonano ich oceny z punktu widzenia emitenta i inwestora.
Bull and bear bond belongs to a group of indexed bonds in which case the indexation base is the specific stock exchange index. The issue of these bonds is carried out in two big, equal tranches: bull tranche and bear tranche. Due to the low interest coupon, the issue is a cheap way of raising the capital for the issuer. At the same time the issue gives to the investor a possibility of realizing speculative and hedging strategies at both increasing and going down stock prices. Exchange bonds prices are determined by changes in the interest rate at the capital market and changes of the stock exchange index. The condition of the correct functioning of bull and bear bond is high liquidity of the secondary market. (original abstract) - Accessibility
- The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Library of University of Economics in Katowice
The Main Library of Poznań University of Economics and Business
The Main Library of the Wroclaw University of Economics - Full text
- Show
- Bibliography
-
- Demuth M., Fremdkapitalbeschaffung durch Finanzinnovationen, Gabler-Verlag, Wiesbaden 1988.
- Jahrmann F.-U., Finanzierung, Verlag Neue Wirtschafts-Briefe, Berlin 1992.
- Köpf G., Waltz H., Die Indexanleihen der Deutschen Bank: Ansatzpunkte zu ihrer Bewertung, "Die Bank" 1986, nr 9.
- Sieper H., Geldanlage Professionell, Gabler Verlag, Wiesbaden 1997.
- Stoimenov P.A., Wilkens S., Der Markt fűr strukturierte Aktienprodukte in Deutschland, "Finanz Betrieb" 2004, nr 3.
- Weisensee U., Festverzinsliche Wertpapiere, Rudolf Haufe Verlag, Zürich 1999.
- Cited by
- ISSN
- 0324-8445
- Language
- pol
