Wealth Transfers among and between Bond Issues in Mergers and Acquisitions: Evidence from Bond Tender Offers Matthew T. Billett* and Ke Yang ** March 2011 Abstract: We explore the wealth effects of mergers and acquisitions to bondholders at the bond issue level using a sample of mergers and acquisitions that involve a tender offer for one or more of the target or acquiring firms’ bond issues. Over the period 2000-2008 such tender offers occur in 32% of the mergers and acquisitions involving targets
Premium Bond Bonds Investment
BONDS COMPUTING THE COUPON RATE‚ PRICE‚ YIELD AND YTM OF A BOND Compute the coupon rate of a bond: Divide the coupon by the face value of the bond. Example: A bond has a $1‚000 face value‚ a market price of $1‚115‚ and pays interest payments of $90 every year. What is the coupon rate? Coupon Rate = Coupon/Face Value Coupon Rate = $90/$1‚000=9% Compute the current price of a bond (annual coupon payments): The price of a bond equals the present value of the coupon payments (calculated
Premium
Year | 5% Bonds | 11% Bonds | 1975 | $1.695 | $2.233 | 1976 | $1.695 | $2.233 | 1977 | $1.695 | $2.233 | 1978 | $1.695 | $2.233 | 1979 | $1.695 | $2.233 | 1980 | $1.695 | $2.233 | 1981 | $1.695 | $2.233 | 1982 | $1.695 | $2.233 | 1983 | $1.695 | $2.233 | 1984 | $1.695 | $2.233 | 1985 | $1.695 | $2.233 | 1986 | $1.695 | $2.233 | 1987 | $1.695 | $2.233 | 1988 | $35.595* | $22.533* | *Face value and interest (In millions) 1. $33.9 million (Face value) X 5% (Coupon
Premium Stock Bond Stock market
Matlab to get an intuitive understanding of bonds valuation. 1. Basic knowledge: 1.1 The price equation and its six contributing factors As we know‚ there are six factors that determine the expected price of bonds: the par value(F)‚ the maturity(n) the yield to maturity(y)‚ the coupon interest(CF)‚ the interest payment frequency(m)‚ and the interest rates for each period(ri). We assume that the coupon interest is fixed‚ then the price of bonds(P)is the discounted cash flows of each period:
Premium Bond Finance Bonds
Social bond theory developed by Travis Hirschi in 1969 that claims social bonds or ties to family‚ school‚ friends‚ or work tend to minimize crime. The idea behind the theory is that people who are bonded to others they respond to the other people who are then able to control the person behavior. Young agrees that if the theory was limited to an explanation of low crime rates within bonded social groups it would be an accurate theory but to say that these types of social bonds would prevent crime
Premium United States Crime Law
According to an American novelist Richard Bach‚ he stated “The bond that links your true family is not one of blood‚ but of respect and joy in each other’s life.” It explains the bonds between the parents and their children are important that needs to be nurtured with effort and time or major problems may occur and bonds may weaken within the family. With the Hadley family‚ the relationship between the children‚ Peter and Wendy‚ and their biological parents‚ George and Lydia are weak because the
Premium Family Marriage Mother
If you are wondering who one of the best baseball players of all time is and guessed Barry Bonds‚ you are correct. He was one of the fastest players with great speed and stamina and strength. His career began in college at Arizona State University in 1984. When he graduated from college‚ he was drafted by the Pittsburgh Pirates and finished his baseball career with the San Francisco Giants. Barry Bonds was a really great player because he was strong‚ fast and had great stamina. He has won many awards
Premium Major League Baseball Baseball San Francisco Giants
The primal importance of a child ’s bond to his mother has always been recognized as a topic that has fascinated people for hundreds of years. Among psychologists and sociologists‚ there is much debate about exactly how important this attachment is and why. At the turn of the century‚ the treatment of new-born babies was regarded as having little significance for later life‚ because babies were thought to be immune to influence. Such idea was attacked by Sigmund Freud. He believed the relationship
Premium Attachment theory John Bowlby Harry Harlow
and glam of a world revolving around fine food‚ attractive women and fast cars‚ there seems to be nothing more than a bottomless pit of mediocre writing‚ shallow ideologies and immoral perspectives. So here I am feeling rather shaken and stirred that Bond has quite literally made the double 0‚ managing to have scraped up a spot alongside the literary greats as number ninety-seven in Time Magazine’s ‘Top 100 Books Of All Time’. This may not come to a surprise to most of you‚ as the several books and
Premium Fiction Literature Dystopia
Family Bond Family Bonds are important to have because without them people can feel alone. People may not get along with their families but a blood relative isn’t the only family someone can have. For example close friends who you have known for a very long time can be considered family and lots of times are. There are many people out there who have troubles getting along with blood relatives usually because they are so similar it makes them different and causes them to argue. In The Secret Life
Premium Family Mother Marriage