The determinants of the hybrid security issuance decision for Australian firms |
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| Affiliation: | 1. University of Wyoming, United States;2. Florida International University, United States;1. Division of Clinical and Translational Sciences, Department of Internal Medicine, University of Texas Medical School at Houston, Houston, TX 77030, USA;2. Division of Epidemiology, Human Genetics, and Environmental Sciences (EHGES), University of Texas School of Public Health at Houston, Houston, TX 77030, USA;3. Biostatistics/Epidemiology/Research Design (BERD) Component, Center for Clinical and Translational Sciences (CCTS), University of Texas Health Science Center at Houston, Houston, TX 77030, USA;4. Center for Clinical Research and Evidence-Based Medicine, University of Texas Medical School at Houston, Houston, TX 77030, USA;5. Department of Neurology, Stroke Program, University of Texas Medical School at Houston, Houston, TX 77030, USA;6. Department of Management, Policy & Community Health, University of Texas School of Public Health at Houston, Houston, TX 77030, USA;7. Newcastle Clinical Trials Unit (NCTU), Newcastle University, Newcastle upon Tyne NE2 4AE, United Kingdom;8. Oxford Academic Health Science Network, Magdalen Centre North, Oxford Science Park, OX4 4GA, United Kingdom;9. Clinical Innovation and Research Institute, Memorial Hermann Hospital, Houston, TX 77030, USA |
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| Abstract: | ![]()
The Australian capital market has number of distinct characteristics that distinguish it from typical U.S. and European markets. There is a limited listed debt market where most firms use bank debt, convertible debt is not callable and stand alone warrants are used to raise capital. This paper examines the determinants of security choice for hybrid issuers in the Australian market. The results support the pecking order model and the impact of financial distress costs and taxation. Alternatively, the results provide support for the sequential financing model where firms with high profitability use convertible debt and firms with low profitability use warrants, to solve the sequential financing problem. |
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