The Long-Run Performance following Convertible Debt Offerings: Does The Design Matter?

International audienceThis paper examines the impact of convertible debt design on the long-run stock price performance of the issuing firms in France. More specifically, we divide French convertible bonds (CBs) into three categories; namely, debt-like, mixed, and equity-like CBs, based on their total conversion probability, which integrates the possibility of early exercise of the call feature. In line with previous empirical studies, our results show that French CB issuers experience a substantial increase in their stock price profitability before the offering followed by significant under-performance over the three year post-issue event window. However, the breakdown of our sample into three groups of CBs depending on their design reveals, on one hand, a strong evidence of stock price run-up before the offering only for equity-like and mixed CBs. On the other hand, the post-issue performance is worse only for equity-like issuers, indicating that the post-issue performance is poorer the more the convertible debt issuer's stock is over-valued prior to the offering. This finding is consistent with the market timing hypothesis

Adsorption of carbofuran (2,3-dihydro-2,2-dimethyl benzofuran-7-yl carbamate) and fenamiphos (ethyl 4-methylthio-m-tolylisopropyl phosphoramidate) by homoionic montmorillonite - humic acid complex

L'étude de l'adsorption a montré l’influence du cation de saturation des complexes argilo-humiques sur le phénomène d’adsorption des deux pesticides carbofuran et phénamiphos. L’analyse des résultats des différents complexes argilo-humiques (Me-M-HA) a montré que l'adsorption du phénamiphos est plus importante que celle du carbofuran. L'analyse des spectres d’absorption infra-rouge a montré des modifications importantes dans les fréquences de vibration des groupements fonctionnels des deux molécules pesticides au cours de leur adsorption par les complexes argilo-humique. L’analyse par diffraction aux rayons-X des complexes argilo-humiques traité par le carbofuran ou le phénamiphos a montré une augmentation significative de la distance réticulaire d001, indiquant la possibilité de pénétration de ces molécules dans l'espace interlamellaire des complexes saturés par des cations polyvalents