This paper considers case studies of the use of innovative hybrid funding instruments-which have features of debt and equity issued by UK companies in the Euromarket. It considers why these instruments were developed and how they utilise the 'grey areas' in accounting and tax regulations to...

"We evaluate the performance of UK unit trusts with international equity objectives between January 1985 and December 2000 relative to domestic benchmark strategies. We use performance measures based on Jensen (1968), Ferson and Schadt (1996), and the Chen and Knez (1996) law of one price (LOP)....