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Convertible Bonds

In: Convertible Bond Markets

Author

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  • George A. Philips

Abstract

The field of ‘derivatives’ encompasses very different financial securities which all derive their existence from some primary or underlying security including equities, all types of indices, and commodities. There are even pollution futures. Many of these so-called ‘derivatives’ have similar characteristics, but it is quite common for experts in one specific field to have little or no knowledge at all of another area. Derivatives have a long and illustrious history, but in recent years exponential growth has brought many problems with it. Financial crises centred on declared bankruptcies in Barings Bank, Metallgesellschaft, Orange County and massive losses at Sumitomo Corporation are just a few examples where billions of dollars have been lost due to a mixture of misunderstanding, abuse and poor risk management. Although a considerable amount of the analysis and theory presented throughout this book may be applied much more widely, almost all attention will be focused on particular derivatives known as convertible bonds, converts, or CBs.

Suggested Citation

  • George A. Philips, 1997. "Convertible Bonds," Palgrave Macmillan Books, in: Convertible Bond Markets, chapter 1, pages 1-17, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14385-6_1
    DOI: 10.1007/978-1-349-14385-6_1
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