Details

Autor(en) / Beteiligte

• Hirte, Heribert

Titel

Convertible Bonds and Option Bonds: A Comparative Study

Ist Teil von

• European business organization law review, 2000-09, Vol.1 (3), p.507-537

Ort / Verlag

The Hague, NL: T.M.C. Asser Press

Erscheinungsjahr

2000

Link zum Volltext

Quelle

SpringerLink

Beschreibungen/Notizen

• There are numerous differences in the legal forms of convertible bonds and option bonds in Europe, both between countries and between the time sequences. These differences are a result of the different tax laws and of differing conditions in the markets for equity and outside capital. At this point, an overview is to be given, going back to the analysis of the most important European systems in the special Zeitschrift für Unternehmens- und Gesellschaftsrecht [hereinafter: ZGR] issue Convertible and Option Bonds in Germany and Europe, published jointly by Marcus Lutter and the present author. It will concentrate on the legal issues regarding convertible and option bonds as an instrument of corporate financing. Therefore, a question to be disregarded, for example, is to what extent convertible or option bonds can be used as an instrument to motivate executives and employees, in particular where the issue of naked warrants is regarded as inadmissible. The overview will be limited essentially to an analysis of the contributions in the abovementioned special ZGR issue. For this reason, with only a few exceptions, only the legal systems in Germany, Austria and Switzerland, France, Belgium and the Netherlands, Italy, Spain and Portugal as well as English and Swedish law are included in the study, and only the legal issues discussed in these contributions are taken into account. Thus, if a solution is discussed or emphasised here only for one country, this does not mean that it exists only in that country. Moreover, similarities as well as differences are not mentioned if they appear to be a matter of course; the point instead is to achieve “problem awareness”.