Long-term debt maturity and financing constraints of SMEs during
... firms. Information asymmetries are generally higher for SMEs, as they have less information disclosure requirements. Therefore, problems of adverse selection, moral hazard, and credit rationing are more pronounced for SMEs than for large firms (e.g., Beck et al. 2008; Berger and Udell 1998; Hyytinen ...
... firms. Information asymmetries are generally higher for SMEs, as they have less information disclosure requirements. Therefore, problems of adverse selection, moral hazard, and credit rationing are more pronounced for SMEs than for large firms (e.g., Beck et al. 2008; Berger and Udell 1998; Hyytinen ...
Implications of Globalization on Growing External Debt in Eight
... financial resources in the foreign markets is to enable investments, which could ensure long term and sustainable economic development. External capital inflow might have multiplicative effects on investments and economic activity influencing further favourable selection of more profitable projects. ...
... financial resources in the foreign markets is to enable investments, which could ensure long term and sustainable economic development. External capital inflow might have multiplicative effects on investments and economic activity influencing further favourable selection of more profitable projects. ...
Batelco`s Cost of Capital
... Online”, the country risk premium to be included in the cost of debt should be towards the high end of the proposed range, i.e., 1.5%. However, the TRA was not satisfied by the arguments that it is appropriate to set the forward-looking cost of capital on the basis of the more recent evidence. In de ...
... Online”, the country risk premium to be included in the cost of debt should be towards the high end of the proposed range, i.e., 1.5%. However, the TRA was not satisfied by the arguments that it is appropriate to set the forward-looking cost of capital on the basis of the more recent evidence. In de ...
Optimal Federal Public Debt Composition
... medium-term financing strategies. In the Brazilian case, the benchmark is expressed by a set of relevant debt indicators, including composition of the outstanding debt by type of index, average maturity and maturity structure, particularly the percentage of the debt maturing in the coming 12 months. ...
... medium-term financing strategies. In the Brazilian case, the benchmark is expressed by a set of relevant debt indicators, including composition of the outstanding debt by type of index, average maturity and maturity structure, particularly the percentage of the debt maturing in the coming 12 months. ...
LDC Debt Policy
... staffers had prepared a report in April warning of potential debt-service difficulties, but this report did not receive high-level attention. The U.S. government should not be especially faulted for this, however, since few outside the government saw the crisis coming either. The rapid spread of the ...
... staffers had prepared a report in April warning of potential debt-service difficulties, but this report did not receive high-level attention. The U.S. government should not be especially faulted for this, however, since few outside the government saw the crisis coming either. The rapid spread of the ...
DEBT FINANCING
... Long-term debt typically comprises more than half of the total debt of listed Australian companies. ...
... Long-term debt typically comprises more than half of the total debt of listed Australian companies. ...
Rating Sovereign Governments
... DBRS requires that there be a minimum amount of information available in order to arrive at a credit opinion. “Minimum information” includes adequate disclosure of material economic and public financial information from the Ministry of Finance, Directorate of Public Credit, Statistical Agency, Centr ...
... DBRS requires that there be a minimum amount of information available in order to arrive at a credit opinion. “Minimum information” includes adequate disclosure of material economic and public financial information from the Ministry of Finance, Directorate of Public Credit, Statistical Agency, Centr ...
The rise in US household debt: assessing its
... US households’ debt relative to their income has increased to new highs in recent years, posing questions about the likely economic effects of this growth in indebtedness. This paper assesses possible causes of this rising indebtedness and considers how sustainable such borrowing behaviour might be. ...
... US households’ debt relative to their income has increased to new highs in recent years, posing questions about the likely economic effects of this growth in indebtedness. This paper assesses possible causes of this rising indebtedness and considers how sustainable such borrowing behaviour might be. ...
mmi13 Egert 19074760 en
... these results are very sensitive to the time dimension and country coverage considered, data frequency (annual data vs. multi-year averages) and assumptions on the minimum number of observations required in each nonlinear regime. We also show that nonlinear effects are likely to kick in at much lowe ...
... these results are very sensitive to the time dimension and country coverage considered, data frequency (annual data vs. multi-year averages) and assumptions on the minimum number of observations required in each nonlinear regime. We also show that nonlinear effects are likely to kick in at much lowe ...
Jeffrey This N. Cooper
... constraint on borrowing, while when r is high there surely is. Thus, the rise in real interest rates after 19T9 may have severely jolted long—term expectations about the debtor country's capacity to repay debt. ...
... constraint on borrowing, while when r is high there surely is. Thus, the rise in real interest rates after 19T9 may have severely jolted long—term expectations about the debtor country's capacity to repay debt. ...
The new debt trap - Jubilee Debt Campaign
... The debt crisis which began in much of the global South in the early 1980s was triggered by falling prices for primary commodity exports, and an increase in US interest rates. This means countries were earning less money, but spending more on their debts which were primarily owed in dollars. Since e ...
... The debt crisis which began in much of the global South in the early 1980s was triggered by falling prices for primary commodity exports, and an increase in US interest rates. This means countries were earning less money, but spending more on their debts which were primarily owed in dollars. Since e ...
Worldwide Debt Cap 28 October 2010.ppt
... Elections can be made to exclude the finance income and finance expense amounts of all group treasury companies (“GTC”) from the calculation of Tested Expense Amount (“TEA”) and Tested Income Amount (“TIA”). Broadly speaking, a group treasury company is a member of the worldwide group which: • Under ...
... Elections can be made to exclude the finance income and finance expense amounts of all group treasury companies (“GTC”) from the calculation of Tested Expense Amount (“TEA”) and Tested Income Amount (“TIA”). Broadly speaking, a group treasury company is a member of the worldwide group which: • Under ...
chapter 7—long-term debt
... a. A ratio that indicates a firm's long-term, debt-paying ability from the income statement view is the times interest earned. b. Some of the items on the income statement that are excluded in order to compute times interest earned are interest expense, income taxes, and unusual or infrequent items. ...
... a. A ratio that indicates a firm's long-term, debt-paying ability from the income statement view is the times interest earned. b. Some of the items on the income statement that are excluded in order to compute times interest earned are interest expense, income taxes, and unusual or infrequent items. ...
Indeterminacy in Sovereign Debt Markets: an Empirical Investigation ∗ Luigi Bocola
... and Kehoe (2000) and assume that the government cannot commit to repaying its debt within the period. This opens the door to self-fulfilling debt crises: if lenders expect the government to default and do not buy new bonds, the government may find it too costly to service the entire stock of debt co ...
... and Kehoe (2000) and assume that the government cannot commit to repaying its debt within the period. This opens the door to self-fulfilling debt crises: if lenders expect the government to default and do not buy new bonds, the government may find it too costly to service the entire stock of debt co ...
NBER WORKING PAPER SERIES FINANCIAL DISTRESS IN THE GREAT DEPRESSION Sonali Hazarika
... operations that might be much harder to detect during normal or robust economic conditions, and the resulting cross-sectional variation in performance can enhance statistical identification of the key factors. Third, examining the Depression helps solve, at least in part, the “peso problem” of econo ...
... operations that might be much harder to detect during normal or robust economic conditions, and the resulting cross-sectional variation in performance can enhance statistical identification of the key factors. Third, examining the Depression helps solve, at least in part, the “peso problem” of econo ...
NBER WORKING PAPER SERIES OPTIMAL RESERVE MANAGEMENT AND SOVEREIGN DEBT Laura Alfaro
... that it is optimal not to hold reserves. The main implication that emerges from our work is that greater attention should be given to the explicit modeling of the sovereign’s motivations, incentives, and constraints (political economy rationales) as they seem necessary towards understanding the obse ...
... that it is optimal not to hold reserves. The main implication that emerges from our work is that greater attention should be given to the explicit modeling of the sovereign’s motivations, incentives, and constraints (political economy rationales) as they seem necessary towards understanding the obse ...
ABCD DISCUSSION PAPER SERIES www.cepr.org
... ancient (and quite possibly mythical) world of ‘my word is my bond’, people choose to honour their debts because it was the right thing to do. Even if you could get away with defaulting on your debt, and thus be better off from a material point of view in every period and in every state of nature, y ...
... ancient (and quite possibly mythical) world of ‘my word is my bond’, people choose to honour their debts because it was the right thing to do. Even if you could get away with defaulting on your debt, and thus be better off from a material point of view in every period and in every state of nature, y ...
Chapter 6 Long-run aspects of fiscal policy and
... national government and a central bank. In economics the term “government” does not generally refer to the particular administration in o¢ ce at a point in time. The term is rather used in a broad sense, encompassing both legislation and administration. The aspects of legislation and administration ...
... national government and a central bank. In economics the term “government” does not generally refer to the particular administration in o¢ ce at a point in time. The term is rather used in a broad sense, encompassing both legislation and administration. The aspects of legislation and administration ...
report of the annual national debt sustainability analysis
... the states, the federal government may use its on-lending programme by sourcing funds from the domestic bond market on their behalf to reduce the volume of their contingent liabilities. It should be noted that the build-up of contingent liabilities by governments, is a direct consequence of poor pub ...
... the states, the federal government may use its on-lending programme by sourcing funds from the domestic bond market on their behalf to reduce the volume of their contingent liabilities. It should be noted that the build-up of contingent liabilities by governments, is a direct consequence of poor pub ...
Global leader in eyewear
... Record operating margin for wholesale: 26%, up by 280 bps Strong increase in retail: 13.1%, up by 150 bps Despite higher non-cash expenses for stock options (€48 million for the year) North American retail operating margin back to 14% Further improvements in working capital, €391 million of ...
... Record operating margin for wholesale: 26%, up by 280 bps Strong increase in retail: 13.1%, up by 150 bps Despite higher non-cash expenses for stock options (€48 million for the year) North American retail operating margin back to 14% Further improvements in working capital, €391 million of ...
Wealth Inequality and the Optimal Level of Government Debt
... do not perform a welfare analysis. Oh and Reis (2010) argue that the fiscal rescue package after the financial crisis mainly resulted in an increase in targeted transfers. Therefore they analyze the impact of targeted transfers on aggregate economic activity in an incomplete markets model with stick ...
... do not perform a welfare analysis. Oh and Reis (2010) argue that the fiscal rescue package after the financial crisis mainly resulted in an increase in targeted transfers. Therefore they analyze the impact of targeted transfers on aggregate economic activity in an incomplete markets model with stick ...
Debt, Recovery Rates and the Greek Dilemma - Eureka
... more forgiving would be more than matched by longer-term higher returns from their remaining investments in Greece, and an overall lower volatility of German consumption (welfare). We, nevertheless, implicitly assume that the Greek economy operates below its potential output and, hence additional in ...
... more forgiving would be more than matched by longer-term higher returns from their remaining investments in Greece, and an overall lower volatility of German consumption (welfare). We, nevertheless, implicitly assume that the Greek economy operates below its potential output and, hence additional in ...
1990 2001 THE STRUCTURE, TREND AND IMPACT OF DOMESTIC
... To what extend is this statement of Thomas Paine true to Africa (or developing countries) and Kenya in particular? The period starting 1980s has been described as the “lost decade” for the developing countries. This is when these countries, and Africa in particular, experienced overall economic down ...
... To what extend is this statement of Thomas Paine true to Africa (or developing countries) and Kenya in particular? The period starting 1980s has been described as the “lost decade” for the developing countries. This is when these countries, and Africa in particular, experienced overall economic down ...
The real effects of debt - Bank for International Settlements
... risks shared more equally among the various parties? And, when investors finance a boom, why is it exclusively through this contractual form? The answers to these very important questions are probably related to information asymmetries and tax treatment. 6 But rather than getting bogged down, we sim ...
... risks shared more equally among the various parties? And, when investors finance a boom, why is it exclusively through this contractual form? The answers to these very important questions are probably related to information asymmetries and tax treatment. 6 But rather than getting bogged down, we sim ...