Editorial Board

Toyota Test-Drives a New Hybrid

A new kind of stock could help managers and shareholders plan for the long term.

No, not that kind of hybrid.

Photographer: Tomohiro Ohsumi/Bloomberg

Toyota shareholders last week approved the issuance of 50 million new shares -- and not just any new shares. The securities are a curious hybrid: They look like stock but behave more like convertible bonds. If you're interested in the quality of corporate management, it's an innovation worth watching.

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