Emisja obligacji zamiennych w warunkach światowego kryzysu finansowego
Convertible bonds issuance in the time of world financial crisis

Summary/Abstract: Despite many years of research on the world market of convertible bonds the reasons of their issue conditions have not been clearly identified yet. The most important concepts often cannot be confirmed in practice. The article analyzes the relationship between the activity of the convertible bonds issuers and the stock market conditions. The goal of this study is to verify the hypothesis of hybrid financing attractiveness during low market valuation. Unfortunately the analysis does not allow to formulate clear conclusions. The observations made on several markets cannot be generalized or seem to opposite to each other. In several cases the relationship between changes of the stock market indices and amount of issued convertible bonds was presented. For most of the markets the growth of issued hybrid capital after a significant downturn in the stock market was observed.

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