Valuation and classification of company issued cash and share-puts View Full Text


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Article Info

DATE

2007-10-02

AUTHORS

William D. Terando, Wayne H. Shaw, David B. Smith

ABSTRACT

This paper examines whether investors’ valuations of cash and share-put warrants are influenced by their potential differential effect on firm solvency. It is motivated by the enactment of SFAS 150, which requires that all contingent put warrant obligations be classified as balance sheet liabilities regardless of put type. Consistent with the critics of SFAS150, we show that market participants differentially value cash and share-puts based on their solvency characteristics beyond the firm’s recorded assets and liabilities. Our results add to existing capital structure literature by suggesting that complex financial instruments (such as cash and share-puts) be reported separately from each other on a firm’s balance sheet. More... »

PAGES

223-240

Identifiers

URI

http://scigraph.springernature.com/pub.10.1007/s11156-007-0033-z

DOI

http://dx.doi.org/10.1007/s11156-007-0033-z

DIMENSIONS

https://app.dimensions.ai/details/publication/pub.1007198104


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