securities and exchange commission
... This prospectus and certain documents incorporated by reference herein contain certain forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the U.S. Securities Act of 1933, as amended (the “Secur ...
... This prospectus and certain documents incorporated by reference herein contain certain forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 27A of the U.S. Securities Act of 1933, as amended (the “Secur ...
PINNACLE WEST CAPITAL CORP (Form: 8-K
... * APS noted that its April 19, 2002 filing with the ACC had sought unification of "PWEC Assets" (West Phoenix Combined Cycle Units 4 and 5, Redhawk Units 1 and 2, and Saguaro Combustion Turbine Unit 3) and APS generation assets under a common financial and regulatory regime. APS further noted that t ...
... * APS noted that its April 19, 2002 filing with the ACC had sought unification of "PWEC Assets" (West Phoenix Combined Cycle Units 4 and 5, Redhawk Units 1 and 2, and Saguaro Combustion Turbine Unit 3) and APS generation assets under a common financial and regulatory regime. APS further noted that t ...
Debt Refinancing and Equity Returns∗
... intensity may have the same expected return as a firm with low leverage but high debt refinancing intensity. Put differently, the model implies that, in the cross-section of firms, expected equity returns increase with leverage only when controlling for firms’ refinancing intensities. Additionally, ...
... intensity may have the same expected return as a firm with low leverage but high debt refinancing intensity. Put differently, the model implies that, in the cross-section of firms, expected equity returns increase with leverage only when controlling for firms’ refinancing intensities. Additionally, ...
words
... involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future ...
... involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements can also be identified by words such as “future ...
SPIRE INC (Form: 424B2, Received: 02/23/2017 15:27:05)
... The impact of changes and volatility in natural gas prices on our competitive position in relation to suppliers of alternative heating sources, such as electricity; ...
... The impact of changes and volatility in natural gas prices on our competitive position in relation to suppliers of alternative heating sources, such as electricity; ...
Debt Refinancing and Equity Returns
... with leverage within each refinancing tertile. Furthermore, the difference in returns of highand low-leverage firms increases as the refinancing intensity increases (i.e. debt maturities become shorter). These findings are consistent with the notion that shareholders demand a premium for holding hi ...
... with leverage within each refinancing tertile. Furthermore, the difference in returns of highand low-leverage firms increases as the refinancing intensity increases (i.e. debt maturities become shorter). These findings are consistent with the notion that shareholders demand a premium for holding hi ...
APPLE INC (Form: 424B2, Received: 11/04/2014 06:07:42)
... reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Please note, however, that we have not incorporated any other in ...
... reports filed or furnished pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. Please note, however, that we have not incorporated any other in ...
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 ...
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 ...
The Urban Infrastructure Challenge in Canada: Making Greater Use
... The Canadian Home Builders’ Association (CHBA) retained Altus Group Economic Consulting (Altus) to provide an analysis of efficient, effective and equitable financing tools for urban infrastructure in Canada. Since the publication of Altus’ previous report, The Urban Infrastructure Challenge in Cana ...
... The Canadian Home Builders’ Association (CHBA) retained Altus Group Economic Consulting (Altus) to provide an analysis of efficient, effective and equitable financing tools for urban infrastructure in Canada. Since the publication of Altus’ previous report, The Urban Infrastructure Challenge in Cana ...
Payments on Long-Term Debt As Voidable Preferences
... the debtor from undermining this goal by transferring its property to a creditor on the eve of bankruptcy, Congress has long provided the bankruptcy trustee with the power to avoid preferential transfers.2 The focus of preference law, however, hs not been consistent. Prior to the enactment of the Ba ...
... the debtor from undermining this goal by transferring its property to a creditor on the eve of bankruptcy, Congress has long provided the bankruptcy trustee with the power to avoid preferential transfers.2 The focus of preference law, however, hs not been consistent. Prior to the enactment of the Ba ...
Doctoral Dissertation Template
... alignment and opportunistic income smoothing in two settings. Both settings involve managers with low debt compensation having stronger incentives to hide volatile earnings performance (i.e., opportunistic income smoothing). First, I examine the extent to which the firm relies on debt financing. Deb ...
... alignment and opportunistic income smoothing in two settings. Both settings involve managers with low debt compensation having stronger incentives to hide volatile earnings performance (i.e., opportunistic income smoothing). First, I examine the extent to which the firm relies on debt financing. Deb ...
Accruals, Financial Distress, and Debt Covenants Troy D. Janes
... positive debt covenants, referred to as technical default. Frequently, these violations can be waived or the covenant can be renegotiated, but the borrower incurs costs in doing so, ranging from the actual costs of negotiation (attorney’s fees, etc.) to the addition of new covenants.2 ...
... positive debt covenants, referred to as technical default. Frequently, these violations can be waived or the covenant can be renegotiated, but the borrower incurs costs in doing so, ranging from the actual costs of negotiation (attorney’s fees, etc.) to the addition of new covenants.2 ...
Capital Structure of SMEs: Does Firm Size Matter?
... Table 1. Taxes, macroeconomic and financial sector development variables of the Baltic states, NMS and EU-15 ......................................................................................................................... 28 Table 2. Institutional factors in the Baltic countries, NMS and EU ...
... Table 1. Taxes, macroeconomic and financial sector development variables of the Baltic states, NMS and EU-15 ......................................................................................................................... 28 Table 2. Institutional factors in the Baltic countries, NMS and EU ...
Responding to Shocks and Maintaining Stability in the West
... In particular, it is assumed that (i) only supply shocks, such as productivity or demographic shocks, affect output (∆ yt) in the long term; (ii) both supply and real demand shocks (government spending or change in fiscal policy) affect the real exchange rate (∆reert) in the long term; and (iii) all ...
... In particular, it is assumed that (i) only supply shocks, such as productivity or demographic shocks, affect output (∆ yt) in the long term; (ii) both supply and real demand shocks (government spending or change in fiscal policy) affect the real exchange rate (∆reert) in the long term; and (iii) all ...
Venture Debt Financing for Start
... progress. These ventures persistently pursue commercialisation of new unproven products. Startups in general, but particularly those in their early stages of development are traditionally deemed financially-constrained. As a consequence, they are greatly dependent on external sources of capital. Ent ...
... progress. These ventures persistently pursue commercialisation of new unproven products. Startups in general, but particularly those in their early stages of development are traditionally deemed financially-constrained. As a consequence, they are greatly dependent on external sources of capital. Ent ...
DebT anD (noT mucH) DeLeveraGInG
... After the global financial crisis hit in 2008, the McKinsey Global Institute began an intensive research effort to understand the magnitude and implications of the global credit bubble that sparked it. In our first report, released in January 2010, we examined growth in debt in the ten largest econo ...
... After the global financial crisis hit in 2008, the McKinsey Global Institute began an intensive research effort to understand the magnitude and implications of the global credit bubble that sparked it. In our first report, released in January 2010, we examined growth in debt in the ten largest econo ...
DebT anD (noT mucH) DeLeveraGInG
... After the global financial crisis hit in 2008, the McKinsey Global Institute began an intensive research effort to understand the magnitude and implications of the global credit bubble that sparked it. In our first report, released in January 2010, we examined growth in debt in the ten largest econo ...
... After the global financial crisis hit in 2008, the McKinsey Global Institute began an intensive research effort to understand the magnitude and implications of the global credit bubble that sparked it. In our first report, released in January 2010, we examined growth in debt in the ten largest econo ...
Felonious, Erroneous, It`s All Odious: A Story of Debt Gone Wrong
... sovereign could arguably liquidate some of its assets.37 Unlike a corporation, however, a sovereign debtor can—at least in an abstract sense—always pay its debt.38 The government may increase taxes or divert domestic production to generate foreign export revenue.39 With these capabilities, it become ...
... sovereign could arguably liquidate some of its assets.37 Unlike a corporation, however, a sovereign debtor can—at least in an abstract sense—always pay its debt.38 The government may increase taxes or divert domestic production to generate foreign export revenue.39 With these capabilities, it become ...
Sovereign Debt Restructurings: Delays in Renegotiations and Risk
... from the debtor countries in a regular basis and discuss exchange proposals during restructurings. Our dataset shows a new stylized fact that the creditors establish formal committees in 131 debt restructuring episodes (73 percent of total 179 episodes) over 1978–2010. Among these cases, 121 cases ( ...
... from the debtor countries in a regular basis and discuss exchange proposals during restructurings. Our dataset shows a new stylized fact that the creditors establish formal committees in 131 debt restructuring episodes (73 percent of total 179 episodes) over 1978–2010. Among these cases, 121 cases ( ...
Debt, Equity and Hybrid Decoupling
... to include these rights (‘morphable crediting’). In both areas, investors can have control rights yet have negative economic ownership (sometimes loosely called a “net short” position) and thus have incentives to cause the firm’s value to fall. Equity and debt decoupling can be combined, producing w ...
... to include these rights (‘morphable crediting’). In both areas, investors can have control rights yet have negative economic ownership (sometimes loosely called a “net short” position) and thus have incentives to cause the firm’s value to fall. Equity and debt decoupling can be combined, producing w ...
The Employment Cost of Sovereign Default
... countries, the crisis was accompanied by high levels of unemployment. Firm-level evidence documents that sovereign risk depresses job vacancies via bank lending, suggesting a link between a government’s debt policies and labor market outcomes.1 Such employment effects make debt and default crises co ...
... countries, the crisis was accompanied by high levels of unemployment. Firm-level evidence documents that sovereign risk depresses job vacancies via bank lending, suggesting a link between a government’s debt policies and labor market outcomes.1 Such employment effects make debt and default crises co ...
The Role of the IMF in Debt Restructurings: L I A , Moral Hazard and
... is not robust enough and may underestimate the risks faced by debtor countries, particularly when adverse shocks are positively correlated and persistent, as has often been the experience in developing countries. Moreover, the IMF has shown a systematic tendency to be overoptimistic in its debt sust ...
... is not robust enough and may underestimate the risks faced by debtor countries, particularly when adverse shocks are positively correlated and persistent, as has often been the experience in developing countries. Moreover, the IMF has shown a systematic tendency to be overoptimistic in its debt sust ...
PLI Text Article
... rule, all modifications made to the instrument (other than those for which specific bright-line rules are provided) are considered collectively. Thus, a series of related modifications, each of which independently is not significant under the general significance rule, may together constitute a sign ...
... rule, all modifications made to the instrument (other than those for which specific bright-line rules are provided) are considered collectively. Thus, a series of related modifications, each of which independently is not significant under the general significance rule, may together constitute a sign ...
Linkages across Sovereign Debt Markets
... simultaneously. Foreign defaults also make it more difficult for the home country to service the debt because these defaults lower lenders’ payoffs, which in turn tighten bond prices at home. This dependency arises during fundamental foreign defaults, where the foreign country defaults because of h ...
... simultaneously. Foreign defaults also make it more difficult for the home country to service the debt because these defaults lower lenders’ payoffs, which in turn tighten bond prices at home. This dependency arises during fundamental foreign defaults, where the foreign country defaults because of h ...