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In choosing between forward and spot hedging, cash constrained and/or high credit risk firms are more likely to hedge foreign currency transactions forward than firms of greater quality. This arises because the cost of the levered component of a spot hedge is greater than the cost of the...
This paper presents the basic analytics of a debt/equity swap and illustrates the concept with a detailed example of American Express Bank's swap transactions that began in 1986 and have resulted in construction of seven hotels in Mexico during the course of the swap agreement. The economics of...
This study provides some insights into managerial perceptions of the costs, benefits, and net benefits of foreign listing through a survey of Canadian firms that have listed their securities on the foreign exchanges in the U.S. and U.K. Access to foreign capital markets and increased stock...
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