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Bernard Winger, Carl Chen, John Martin, J. Petty, Steve Hayden (1986)
Adjustable Rate Preferred StockFinancial Management, 15
J. Finnerty, V. Borun (1989)
An analysis of unbundled stock unitsGlobal Finance Journal, 1
Merton Miller (1986)
Financial Innovation: The Last Twenty Years and the NextJournal of Financial and Quantitative Analysis, 21
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Clifford Smith, Jerold Warner (1979)
On financial contracting: An analysis of bond covenantsJournal of Financial Economics, 7
Footnotes 1 . “ Financial Innovation: The Last Twenty Years and the Next ,” Journal of Financial and Quantitative Analysis ( December 1986 ), pp. 459 – 471 . 2 . Cited by Merton Miller as perhaps the most significant financial innovation in the past 25 years. See Miller, 1986, cited above. 3 . The year the security was first issued, and the number of issues and aggregate proceeds raised through year‐end 1991, were provided by Securities Data Company, Inc. 4 . This aspect of financial innovation is emphasized by Stephen Ross in “Institutional Markets, Financial Marketing, and Financial Innovation,” Journal of Finance (July 1989), pp. 541–556. 5 . The securities are often issued in a senior‐subordinated structure. The senior class of securities, which is sold to investors, has a prior claim to the cash flows from the underlying collateral pool. The issuer typically retains the subordinated interest in the collateral pool, although in many cases in recent years the subordinated class has also been sold to investors. The relative sizes of the senior and subordinated classes determine how the default risk is allocated between the two classes. 6 . See Frank J. Fabozzi (ed.), The Handbook of
Journal of Applied Corporate Finance – Wiley
Published: Jan 1, 1992
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