Hybrides Kapital im Jahresabschluss: Zugleich zum Begriff des Eigenkapitals in Insolvenzrecht, Bankaufsichtsrecht und Ratingmethodik

Part 1 describes four of the most important hybrid instruments: subordinated debt, participation rights (Genussrechte), silent partnerships, and hybrid bonds. Part 2 deals with the relevance of certain contractual clauses ('modules') in capital/credit agreements, e.g. the different forms of subordination, for the users of financial statements. A deep-dive shows the effects of specific modules before and in case of insolvency of the capital recipient. Part 3 shows how the relevant information on hybrid capital is presented in financial statements (IFRS and HGB), including the proximity of an instrument to 'pure' equity or debt.