Does the Paris Warrants Market Present a Systemic Risk
The first part of the paper is of a statistical nature. It presents the characteristics of the Paris warrants market which are fivefold: a rapidly growing market; an unequal growth among the underlying assets; a large differentiation among assets; a very concentrated market; and whose issuers hold different portfolios.
With the use of data and concrete examples, such as ::: a mini-case study, and a focus on the top 20 global players, this ::: thesis aims at tackling Capex issues in the telecom industry by ::: covering: – Uses, levels, inefficiencies in Capex management, ::: notably via insider perspective, and their impacts on capital ::: allocation; – Financing of Capex via debt and the recent ::: development of asset monetization; – Specific trends (NSA, VNOs) ::: and M&A in the telecom industry and their impacts on Capex, via ::: the case study of the French SFR-Numericable ::: transaction.