Valuing contributing shares

Article Abstract:

Contributing shares, which are only partly paid initially, entitle the holder to a pro-rata call on the firm's assets . Subsequent payments, if and when made, convert the contributing share into a full ordinary share. This right to convert effectively may reside with different players in various cases. The valuation of contributing shares is developed in the three cases of a fixed obligation to convert, the option to convert is held by the firm and the option to convert is under the control of the contributing shareholders themselves, such as possibly when the contributing shares are held by board members. The valuation is given in closed form solutions for an indefinite life of the contributing share. (Reprinted by permission of the publisher.)

Evaluation, Stocks

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Suburbia by stealth

Article Abstract:

Suburban growth in the US has assumed a new form, with the recognition of areas called edge cities or stealth cities. These are suburban agglomerations that have no particular identity or affiliation but exist as physical presences and blips on property value maps. They are usually commercial zones along transit corridors or nodal complexes and are frequently located in unincorporated areas. The stealth city has no city administration or amenities, schools, libraries or open space. The naked appeal of profit in placing these complexes is partially responsible for the deterioration of our inner cities.

Growth, Suburbs, Central places

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In the belly of the beast

Article Abstract:

A geologist details his trip to the Pinatubo and Mayon volcanoes of the Philippines. The country, situated in the Pacific's Ring of Fire, is home to some of most beautiful yet dangerous volcanoes which have claimed the lives of hundreds people in sudden eruptions.

Personal narratives, Description and travel, Philippines, Volcanoes, Geologists

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