Interlocking Global Business Systems: The Restructuring of Industries, Economies and Capital Markets

By Edward B. Flowers; Thomas P. Chen et al. | Go to book overview
Four underlying stocks of the HKI are not constituent securities of the HSI and seven constituent securities of the HSI are not underlying stocks of the HKI. The HKI also differs from the HSI in that, among other things, the selection, maintenance and replacement criteria for the constituent securities of the two indices are not the same and they are operated and governed by the rules of two different entities.Second, all call and put warrants carry both fixed exercise price and fixed exchange rate with their cash settlement value upon exercise determined as follows:

SV = F(S - X) for call warrants (6.1) = F(X - S) for put warrants

where SV = cash settlement value in U.S. dollars;

F = the adjustment factor; = M/X for the Merrill Lynch MHW Warrant and 1/DE for all other

warrants;
S = the spot price of the HKI value;
X = exercise price (index);
M = a predetermined multiplier;
D = a predetermined divisor; and
E = the fixed exchange rate between HK$ and U.S.$.

The date on which the HKI value is used to determine the settlement value of a warrant is generally the New York business day following the exercise date. The AMEX's trading hours are from 9:30 a.m. to 4:00 p.m. Eastern time and Hong Kong's trading hours are from 10:00 a.m. to 12:30 p.m. and 2:30 p.m. to 3:30 p.m. Hong Kong time, which is 13 hours ahead of Eastern standard time. Consequently, due to the nonsynchronicity between price quotes for the warrants and underlying index, the warrant's final settlement value will not be known until the day following the exercise.

Third, all warrants allow for early exercise, provided that a minimum number of warrants (100 for MHW and 500 for the rest) are presented for redemption. Furthermore, except in the case of automatic exercise, all warrant holders except MHW, in connection with any exercise of warrants, will have the limit option to specify that such warrants are not to be exercised if the spot price on the valuation date deviates from the closing index level on the exercise date by a prespecified amount. 1 Fourth, exercises are cash-settled in U.S. dollars and are privately guaranteed and paid by the respective issuers.

-95-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Interlocking Global Business Systems: The Restructuring of Industries, Economies and Capital Markets
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 308

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.