Capital Structure Decision
... The type of securities that the investors prepare to buy is an important factor determining the type of securities shall be issued. (V) Maintaining maneuverability for commercial strategy: Maneuverability refers to the firm ability to either increasing or decreasing its sources of funds in response ...
... The type of securities that the investors prepare to buy is an important factor determining the type of securities shall be issued. (V) Maintaining maneuverability for commercial strategy: Maneuverability refers to the firm ability to either increasing or decreasing its sources of funds in response ...
Centene Corporation - corporate
... This prospectus is part of an automatic “shelf” registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or SEC, as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”). Under this shelf registr ...
... This prospectus is part of an automatic “shelf” registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or SEC, as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”). Under this shelf registr ...
LEYR rev2 - Law and Economics Yearly Review
... derivatives. The operators usually replied: What’s the problem? The first warning signs were already there in the form of several large cases [the British bank Barings, 1995; the American firm LTCM, 1998], but the market was able to absorb them. The full virulent force of the crisis only appeared in ...
... derivatives. The operators usually replied: What’s the problem? The first warning signs were already there in the form of several large cases [the British bank Barings, 1995; the American firm LTCM, 1998], but the market was able to absorb them. The full virulent force of the crisis only appeared in ...
Does Debtor Protection Really Protect Debtors? Evidence from the Small Business Credit Market
... (2001), and Gropp, Scholz, and White (1997)). These studies find that higher exemptions reduce availability and amount of credit to households. ...
... (2001), and Gropp, Scholz, and White (1997)). These studies find that higher exemptions reduce availability and amount of credit to households. ...
MERCURY GENERAL CORP (Form: 424B5
... Neither this prospectus supplement nor the accompanying prospectus is a prospectus for the purposes of the Prospectus Directive (as defined below). This prospectus supplement and the accompanying prospectus have been prepared on the basis that any offer of notes in any Member State of the European E ...
... Neither this prospectus supplement nor the accompanying prospectus is a prospectus for the purposes of the Prospectus Directive (as defined below). This prospectus supplement and the accompanying prospectus have been prepared on the basis that any offer of notes in any Member State of the European E ...
KELLOGG CO (Form: 424B5, Received: 02/26/2016 17:06:57)
... Tender Offer for 7.45% debentures due 2031 On February 25, 2016, we commenced an offer to purchase for cash (the “tender offer”) up to $440 million aggregate principal amount (the “Maximum Tender Amount”) of our 7.45% debentures due 2031 (the “2031 Debentures”). As of such date, $1,100,000,000 aggre ...
... Tender Offer for 7.45% debentures due 2031 On February 25, 2016, we commenced an offer to purchase for cash (the “tender offer”) up to $440 million aggregate principal amount (the “Maximum Tender Amount”) of our 7.45% debentures due 2031 (the “2031 Debentures”). As of such date, $1,100,000,000 aggre ...
words
... is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement, the accompanying prospectus and any free writing prospectus, and the documents incorporated by reference herein o ...
... is an offer to sell only the notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement, the accompanying prospectus and any free writing prospectus, and the documents incorporated by reference herein o ...
13 Fiscal Monitor Fiscal Adjustment in an Uncertain World
... taining these surpluses over time may be difficult. Altogether, about one-third of advanced economies—representing some 40 percent of global GDP—still face major fiscal challenges. Most of these countries have never experienced debt levels similar to the current ones, and certainly not for decades. ...
... taining these surpluses over time may be difficult. Altogether, about one-third of advanced economies—representing some 40 percent of global GDP—still face major fiscal challenges. Most of these countries have never experienced debt levels similar to the current ones, and certainly not for decades. ...
SPIRE INC (Form: 424B2, Received: 02/23/2017 15:27:05)
... Exchange Commission, or SEC, utilizing a “shelf” registration process. This document contains two parts. The first part consists of this prospectus supplement, which provides you with specific information about the Notes that we and the selling securityholders are selling in this offering and about ...
... Exchange Commission, or SEC, utilizing a “shelf” registration process. This document contains two parts. The first part consists of this prospectus supplement, which provides you with specific information about the Notes that we and the selling securityholders are selling in this offering and about ...
Government Debt and Risk Premia - Penn Economics
... risk premia, low risk-free rates, low expected returns on government debt, and high fiscal policy uncertainty. I rationalize these facts in a general equilibrium model featuring a fiscal uncertainty channel that links government debt and asset prices. The importance of government debt is manifested ...
... risk premia, low risk-free rates, low expected returns on government debt, and high fiscal policy uncertainty. I rationalize these facts in a general equilibrium model featuring a fiscal uncertainty channel that links government debt and asset prices. The importance of government debt is manifested ...
Debt Refinancing and Equity Returns
... controlling for the immediacy of debt refinancing. In the model, the firm optimizes its capital structure by jointly choosing the amount of debt as well as the maturity structure of debt. The firm has to refinance debt according to its maturity structure and shareholders commit to cover potential sh ...
... controlling for the immediacy of debt refinancing. In the model, the firm optimizes its capital structure by jointly choosing the amount of debt as well as the maturity structure of debt. The firm has to refinance debt according to its maturity structure and shareholders commit to cover potential sh ...
MICROSOFT CORP (Form: 424B2, Received: 01/31/2017 16:20:44)
... means that we can disclose important information to you by referring you to another document. Any information referred to in this way is considered part of this prospectus supplement and the accompanying prospectus from the date we file that document. Any reports filed by us with the SEC after the d ...
... means that we can disclose important information to you by referring you to another document. Any information referred to in this way is considered part of this prospectus supplement and the accompanying prospectus from the date we file that document. Any reports filed by us with the SEC after the d ...
Download Dissertation
... price information has become a particular challenge for investors and academics. To assess the probability of bankruptcy more accurately in the absence of equity market price information, a prediction model must be able to capture, from financial statements and other publicly available sources, a co ...
... price information has become a particular challenge for investors and academics. To assess the probability of bankruptcy more accurately in the absence of equity market price information, a prediction model must be able to capture, from financial statements and other publicly available sources, a co ...
The Market for Corporate Control and the Cost of Debt
... takeovers can exacerbate the expropriation of bondholder wealth. For example, management often responds to hostile takeovers by increasing leverage or paying out liquid assets; following a leveraged buyout, the amount of debt can also increase dramatically. Notably, Warga and Welch (1993) …nd that b ...
... takeovers can exacerbate the expropriation of bondholder wealth. For example, management often responds to hostile takeovers by increasing leverage or paying out liquid assets; following a leveraged buyout, the amount of debt can also increase dramatically. Notably, Warga and Welch (1993) …nd that b ...
APPLE INC (Form: 424B2, Received: 11/04/2014 06:07:42)
... We are not, and the underwriters are not, making an offer of the notes in any jurisdiction where the offer or sale is not permitted. The distribution of this prospectus supplement and the accompanying prospectus and the offering or sale of the notes in some jurisdictions may be restricted by law. Th ...
... We are not, and the underwriters are not, making an offer of the notes in any jurisdiction where the offer or sale is not permitted. The distribution of this prospectus supplement and the accompanying prospectus and the offering or sale of the notes in some jurisdictions may be restricted by law. Th ...
Subprime Lending, Suboptimal Bankruptcy: A Proposal to Amend
... the enormous growth in the subprime mortgage lending market is a relatively recent phenomenon. When the Bankruptcy Code was adopted in 1978, policymakers were not concerned with the impact of mortgage lending on bankruptcy policy. Quite the opposite: in the environment of the late 1970s, in which ho ...
... the enormous growth in the subprime mortgage lending market is a relatively recent phenomenon. When the Bankruptcy Code was adopted in 1978, policymakers were not concerned with the impact of mortgage lending on bankruptcy policy. Quite the opposite: in the environment of the late 1970s, in which ho ...
Why Did Rating Agencies Do Such a Bad Job Rating Subprime
... aliens attack and everyone leaves their homes and goes to camp out in the desert (and of course stops paying their mortgages)? Or, more realistically, what if a few huge natural disasters occur at once, or a huge company is revealed to be a giant Ponzi scheme, there is panic, and as a result .... Fu ...
... aliens attack and everyone leaves their homes and goes to camp out in the desert (and of course stops paying their mortgages)? Or, more realistically, what if a few huge natural disasters occur at once, or a huge company is revealed to be a giant Ponzi scheme, there is panic, and as a result .... Fu ...
The Employment Cost of Sovereign Default
... The recent European debt crisis was characterized by high government indebtedness and rising bond spreads in Portugal and Spain and a sovereign default in Greece. In all three countries, the crisis was accompanied by high levels of unemployment. Firm-level evidence documents that sovereign risk depr ...
... The recent European debt crisis was characterized by high government indebtedness and rising bond spreads in Portugal and Spain and a sovereign default in Greece. In all three countries, the crisis was accompanied by high levels of unemployment. Firm-level evidence documents that sovereign risk depr ...
No - econpubblica - Università Bocconi
... • local government (own resources) 3. Contingency Reserves Building contingency margins into expenditure projections or ceilings: • Netherlands: 0.25% • UK: 0.75 – 1% • Canada: 1.5 – 2% • Sweden: 1.5 – 2% • Australia: 1.5 – 5% ...
... • local government (own resources) 3. Contingency Reserves Building contingency margins into expenditure projections or ceilings: • Netherlands: 0.25% • UK: 0.75 – 1% • Canada: 1.5 – 2% • Sweden: 1.5 – 2% • Australia: 1.5 – 5% ...
The Urban Infrastructure Challenge in Canada: Making Greater Use
... financing experts who engage in borrowing on a daily basis and reduces administration costs of issuing bonds for individual municipalities; and ...
... financing experts who engage in borrowing on a daily basis and reduces administration costs of issuing bonds for individual municipalities; and ...
Some Indicators of a Firm`s Risk and Debt Capacity
... be "equity vs. debt" but "debt now and equity later vs. equity now and a choice later." Besides capital for growth, companies also want to have a financing reserve or backup liquidity to be able to raise capital quickly to fund unforeseen needs like lawsuits, strikes, unsuccessful marketing programs ...
... be "equity vs. debt" but "debt now and equity later vs. equity now and a choice later." Besides capital for growth, companies also want to have a financing reserve or backup liquidity to be able to raise capital quickly to fund unforeseen needs like lawsuits, strikes, unsuccessful marketing programs ...
The Aggregate Demand for Treasury Debt
... rates, and the bond spread to widen. The opposite applies when the stock of debt is high. Variation in the supply of Treasury securities traces out a downward sloping demand curve for Treasuries. We estimate the semi-elasticity of the corporate bond spread to the Debt/GDP ratio, finding that a hypot ...
... rates, and the bond spread to widen. The opposite applies when the stock of debt is high. Variation in the supply of Treasury securities traces out a downward sloping demand curve for Treasuries. We estimate the semi-elasticity of the corporate bond spread to the Debt/GDP ratio, finding that a hypot ...
ASTRAZENECA PLC (Form: F-3ASR, Received: 11/22/2016 11:52:39)
... can also be no assurance regarding the ability of holders of our debt securities to sell their debt securities or the price at which such holders may be able to sell their debt securities. If a trading market were to develop, the debt securities could trade at prices that may be higher or lower than ...
... can also be no assurance regarding the ability of holders of our debt securities to sell their debt securities or the price at which such holders may be able to sell their debt securities. If a trading market were to develop, the debt securities could trade at prices that may be higher or lower than ...
Capital Structure of SMEs: Does Firm Size Matter?
... small and medium-sized enterprises (SMEs) in the Baltic countries, namely the determinants of long-term debt financing of these enterprises. Instead of viewing SMEs as a homogenous group, in this paper, it is distinguished among micro, small and medium-sized enterprises and examined whether the fact ...
... small and medium-sized enterprises (SMEs) in the Baltic countries, namely the determinants of long-term debt financing of these enterprises. Instead of viewing SMEs as a homogenous group, in this paper, it is distinguished among micro, small and medium-sized enterprises and examined whether the fact ...
Hot debt market - Adverse selection costs as a debt issue driver
... debt issue volume, or the hot debt market. Following the pecking order theory of capital structure, I hypothesize that high information asymmetry between investors and managers hinders companies from issuing equity and, instead, prompts firms to time their debt issues to that point of time. I also e ...
... debt issue volume, or the hot debt market. Following the pecking order theory of capital structure, I hypothesize that high information asymmetry between investors and managers hinders companies from issuing equity and, instead, prompts firms to time their debt issues to that point of time. I also e ...