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A Primer on Floating-Rate Notes
... offering circulars, prospectuses and supplements, the “Offering Documentation”), which discuss certain investment risks and contain a more complete description of such securities. All statements made herein are qualified in their entirety by reference to the Offering Documentation. An offering only ...
... offering circulars, prospectuses and supplements, the “Offering Documentation”), which discuss certain investment risks and contain a more complete description of such securities. All statements made herein are qualified in their entirety by reference to the Offering Documentation. An offering only ...
Information Asymmetry within Financial Markets and Corporate
... It is worth noticing that a great deal of interest has recently been paid by the financial literature with respect to the relationship prevailing between the information asymmetry and the financing decisions regarding 150 firms listed on the SBF 250 index over the period ranging from 2005 to 2012. T ...
... It is worth noticing that a great deal of interest has recently been paid by the financial literature with respect to the relationship prevailing between the information asymmetry and the financing decisions regarding 150 firms listed on the SBF 250 index over the period ranging from 2005 to 2012. T ...
The real effects of debt - Bank for International Settlements
... are key; taxes, where interest paid to lenders is treated differently from dividends paid to shareholders; differences between types of borrowers, so household, corporate and government debt are treated separately; and externalities, since there are times when financial actors do not bear (or are ab ...
... are key; taxes, where interest paid to lenders is treated differently from dividends paid to shareholders; differences between types of borrowers, so household, corporate and government debt are treated separately; and externalities, since there are times when financial actors do not bear (or are ab ...
Equity Auctions and the New Value Corollary to the
... reorganization plan that preserved both the debtor’s ownership of its real estate and the interests of the debtor’s equity security holders. Such a plan generally used section 506(b) of the Code to bifurcate the undersecured mortgagee’s claim into a secured claim equal in amount to the value of the ...
... reorganization plan that preserved both the debtor’s ownership of its real estate and the interests of the debtor’s equity security holders. Such a plan generally used section 506(b) of the Code to bifurcate the undersecured mortgagee’s claim into a secured claim equal in amount to the value of the ...
NBER WORKING PAPER SERIES FINANCIAL DISTRESS IN THE GREAT DEPRESSION Sonali Hazarika
... The stock market declined dramatically from 1929 to 1932. The aggregate market value of common stock on the NYSE declined from about $60 billion in December 1928 to about $20 billion in December 1932. The Dow Jones Industrial Average (DJIA) lost four-fifths of its value between 1928 and 1932, declin ...
... The stock market declined dramatically from 1929 to 1932. The aggregate market value of common stock on the NYSE declined from about $60 billion in December 1928 to about $20 billion in December 1932. The Dow Jones Industrial Average (DJIA) lost four-fifths of its value between 1928 and 1932, declin ...
Wells Fargo Total Loss-Absorbing Capacity (“TLAC”) Disclosure
... subsidiaries was sufficient to enable the subsidiaries to remain solvent, losses at the subsidiary level could be transferred to Wells Fargo and ultimately borne by Wells Fargo’s security holders (including holders of Wells Fargo’s unsecured debt securities), with the result that third-party credito ...
... subsidiaries was sufficient to enable the subsidiaries to remain solvent, losses at the subsidiary level could be transferred to Wells Fargo and ultimately borne by Wells Fargo’s security holders (including holders of Wells Fargo’s unsecured debt securities), with the result that third-party credito ...
Pros and Cons of Structural Models - Berkeley-Haas
... iii) Most of my discussion will make simplistic but common assumptions • Security types are given – debt and equity −−no “optimal security design” issues −−firms have a single type of debt (can be extended, but not here!) • Markets are sufficiently complete to allow risk neutral valuation • Sharehol ...
... iii) Most of my discussion will make simplistic but common assumptions • Security types are given – debt and equity −−no “optimal security design” issues −−firms have a single type of debt (can be extended, but not here!) • Markets are sufficiently complete to allow risk neutral valuation • Sharehol ...
Voluntary Sovereign Debt Exchanges
... It should be noted that creditors face difficulties when trying to confiscate assets of a defaulting country (see, for instance, Panizza et al., 2009 and Hatchondo and Martinez, 2011). In many countries (including the U.S.), there are legal procedures that creditors may follow once individuals or co ...
... It should be noted that creditors face difficulties when trying to confiscate assets of a defaulting country (see, for instance, Panizza et al., 2009 and Hatchondo and Martinez, 2011). In many countries (including the U.S.), there are legal procedures that creditors may follow once individuals or co ...
A Qualitative Analysis of Pakistan`s External and Internal Debt
... reoccur, the burden of its economic and social costs on citizens would be more severe this time. The already existing circular debt in the energy sector, which has choked economic activity flows, would add fuel to the fire. Additional complications would arise, especially for the poor and middle-inc ...
... reoccur, the burden of its economic and social costs on citizens would be more severe this time. The already existing circular debt in the energy sector, which has choked economic activity flows, would add fuel to the fire. Additional complications would arise, especially for the poor and middle-inc ...
Summary of Appraisals Proposal - the Virginia Bankers Association
... The Bureau states that this rulemaking is undertaken in conjunction with other mortgage-related regulations and that there may be intersection among them. CFPB seeks to avoid unnecessary burdens on industry, and seeks comments on coordinating this rulemaking. The Bureau specifically solicits comment ...
... The Bureau states that this rulemaking is undertaken in conjunction with other mortgage-related regulations and that there may be intersection among them. CFPB seeks to avoid unnecessary burdens on industry, and seeks comments on coordinating this rulemaking. The Bureau specifically solicits comment ...
1 - Blackwell Publishing
... What effect does financial leverage have on the expected level and the variability of a firm’s EPS and ROE? Financial leverage generally increases the expected level of a firm’s EPS and ROE. At low levels of EBIT, however, both EPS and ROE may actually be lower because of the debt’s fixed interest e ...
... What effect does financial leverage have on the expected level and the variability of a firm’s EPS and ROE? Financial leverage generally increases the expected level of a firm’s EPS and ROE. At low levels of EBIT, however, both EPS and ROE may actually be lower because of the debt’s fixed interest e ...
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. ...
Fiscal Responsibility Panel
... GDP will be needed to meet the debt service or debt to revenue targets within 5 years of achieving budget balance in 2018/19. This we believe would be a credible timescale to set, and should be reassuring to the domestic public as well as to investors and capital markets. Hopefully it could gain at ...
... GDP will be needed to meet the debt service or debt to revenue targets within 5 years of achieving budget balance in 2018/19. This we believe would be a credible timescale to set, and should be reassuring to the domestic public as well as to investors and capital markets. Hopefully it could gain at ...
Proposed features of a sovereign debt restructur
... Finally, there is the question of the treatment of official bilateral claims under the amendment. At the conclusion of their discussion of the November paper, Directors expressed the views that the preferred course of action would be to proceed, at least initially, on the basis of excluding official ...
... Finally, there is the question of the treatment of official bilateral claims under the amendment. At the conclusion of their discussion of the November paper, Directors expressed the views that the preferred course of action would be to proceed, at least initially, on the basis of excluding official ...
Lowering risk and saving money
... mid-2014. This trend has continued into the third quarter of 2016, and U.S. issuers have become the single largest source of Euro-denominated investment grade corporate issuance. So, what specifically has changed since our last assessment in July 2014? Issuance: Foreign currency issuance by U.S. f ...
... mid-2014. This trend has continued into the third quarter of 2016, and U.S. issuers have become the single largest source of Euro-denominated investment grade corporate issuance. So, what specifically has changed since our last assessment in July 2014? Issuance: Foreign currency issuance by U.S. f ...
C. Ad hoc guarantees - WTO Documents Online
... The Group recognised that quantifying a risk-based cost to the government would be difficult, due to the difficulty of establishing the probability that a default would occur, and the likely amount that would be recovered with respect to a particular guaranteed debt. The Group discussed at length th ...
... The Group recognised that quantifying a risk-based cost to the government would be difficult, due to the difficulty of establishing the probability that a default would occur, and the likely amount that would be recovered with respect to a particular guaranteed debt. The Group discussed at length th ...
report of the annual national debt sustainability analysis
... which will still not pose sustainability problems. In particular, such nonconcessional borrowing under proper debt management will also not pose any immediate liquidity problems for government expenditure, if the proceeds are utilized for imported capital goods needed to develop the country’s ...
... which will still not pose sustainability problems. In particular, such nonconcessional borrowing under proper debt management will also not pose any immediate liquidity problems for government expenditure, if the proceeds are utilized for imported capital goods needed to develop the country’s ...
Foreign debt and capital accumulátion
... Assume 8 > r. Then p = p/p > 0, that is P < 0 and - P > 0 so that p rises in absolute terms, and consumption is reduced over time. From equation 8b, we have X=p so that from equations 8c, 8d and 8e we have ...
... Assume 8 > r. Then p = p/p > 0, that is P < 0 and - P > 0 so that p rises in absolute terms, and consumption is reduced over time. From equation 8b, we have X=p so that from equations 8c, 8d and 8e we have ...
Summary - A review of the surplus target
... policy rules must, however, be seen as part of an institutional context. An effective rule or combination of rules must provide scope for stabilisation policy, while at the same time having a strong link to sustainability of general government finances, which is normally measured using the level and ...
... policy rules must, however, be seen as part of an institutional context. An effective rule or combination of rules must provide scope for stabilisation policy, while at the same time having a strong link to sustainability of general government finances, which is normally measured using the level and ...
Long-Term Debt Management Plan
... As noted earlier, the CSA budgeting concept employed by the Region requires that there be enough debt room under the ARL at the time of project authorization. For example, in order to assign CSA to projects as part of the 2014 budget process, the Region must have sufficient room under its 2014 ARL t ...
... As noted earlier, the CSA budgeting concept employed by the Region requires that there be enough debt room under the ARL at the time of project authorization. For example, in order to assign CSA to projects as part of the 2014 budget process, the Region must have sufficient room under its 2014 ARL t ...
1.00
... –Account for bad debts using both a balance sheet approach and an income statement approach –Account for dispositions of accounts receivable, including collection, pledging as collateral, and factoring (selling) –Extract and interpret information on receivables from the financial statements ...
... –Account for bad debts using both a balance sheet approach and an income statement approach –Account for dispositions of accounts receivable, including collection, pledging as collateral, and factoring (selling) –Extract and interpret information on receivables from the financial statements ...
Chapter 6 Long-run aspects of fiscal policy and
... Very much depends on whether the real interest rate in the long-run is higher than the growth rate of GDP or not. To see this, suppose the country considered has positive government debt at time 0 and that the government levies taxes equal to its non-interest spending: T~t = Gt + Xt ...
... Very much depends on whether the real interest rate in the long-run is higher than the growth rate of GDP or not. To see this, suppose the country considered has positive government debt at time 0 and that the government levies taxes equal to its non-interest spending: T~t = Gt + Xt ...
NBER WORKING PAPER SERIES DEBT MATURITY: IS LONG-TERM DEBT OPTIMAL? Laura Alfaro
... understood within the context of our modeling framework if one considers that the stochastic process that underlies the “type” of government (or constraints a government faces) might display some persistence. In other words, if today’s government is of the good “type,” the likelihood that one will o ...
... understood within the context of our modeling framework if one considers that the stochastic process that underlies the “type” of government (or constraints a government faces) might display some persistence. In other words, if today’s government is of the good “type,” the likelihood that one will o ...
LDC Debt Policy
... played in releasing cash; most notably, an advance purchase by the Strategic Petroleum Reserve was used to funnel funds to Mexico via its state-owned oil company. The Mexican example then served as a model for Brazil, Venezuela, and other countries as they developed similar debt-servicing problems. ...
... played in releasing cash; most notably, an advance purchase by the Strategic Petroleum Reserve was used to funnel funds to Mexico via its state-owned oil company. The Mexican example then served as a model for Brazil, Venezuela, and other countries as they developed similar debt-servicing problems. ...
commercial / multifamily mortgage debt outstanding | q1 2016
... electronic, mechanical, photocopying, recording or otherwise, without MBA’s prior written consent. Disclaimer Although the MBA takes great care in producing this and all related data products, the MBA does not guarantee that the information is accurate, current or suitable for any particular purpose ...
... electronic, mechanical, photocopying, recording or otherwise, without MBA’s prior written consent. Disclaimer Although the MBA takes great care in producing this and all related data products, the MBA does not guarantee that the information is accurate, current or suitable for any particular purpose ...