Does the use of hybrids cause distortions in financial statement disclosures?

Nigel Finch

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This paper reports on a study of a sample of hybrid securities issued by large Australian listed corporations between 2002 and 2004. The paper focuses on the key financial reporting impacts of this sample. From a balance sheet perspective these include the frequency with which the securities were classified as equity and the resulting impact on leverage ratios and other traditional risk measures. The impact of these securities on reported earnings and key financial performance metrics is also discussed. Policy implications are drawn from the findings by way of conclusion.
Original languageEnglish
Pages (from-to)4-19
Number of pages16
JournalJournal of law and financial management
Issue number2
Publication statusPublished - 2005

Bibliographical note

Publisher version archived with the permission of the publisher Macquarie Graduate School of Management, Macquarie University, NSW, Australia. This archived copy is available for individual, non-commercial use. Permission to use this version for other uses must be obtained from the publisher.


  • hybrid securities
  • financial reporting
  • creative accounting


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