The Gains from Resolving Debt Overhang: Evidence from a
... makes such an approach feasible. In turn, we only need to solve the problem of equity holders in order to estimate our model. Hence, although we specify assumptions on the general equilibrium environment and debt contract, it is only how these functional form assumptions enter the problem of equity ...
... makes such an approach feasible. In turn, we only need to solve the problem of equity holders in order to estimate our model. Hence, although we specify assumptions on the general equilibrium environment and debt contract, it is only how these functional form assumptions enter the problem of equity ...
AVVISO n. 198
... Offers to exchange its 6.250% Bonds Due 2019 (the “New 2019 Bonds”) for 6.250% Bonds Due 2019 (the “2019 Bonds”), 6.875% Bonds Due 2021 (the “New 2021 Bonds”) for 6.875% Bonds Due 2021 (the “2021 Bonds”), 7.500% Bonds Due 2026 (the “New 2026 Bonds”) for 7.500% Bonds Due 2026 (the “2026 Bonds”), 7.62 ...
... Offers to exchange its 6.250% Bonds Due 2019 (the “New 2019 Bonds”) for 6.250% Bonds Due 2019 (the “2019 Bonds”), 6.875% Bonds Due 2021 (the “New 2021 Bonds”) for 6.875% Bonds Due 2021 (the “2021 Bonds”), 7.500% Bonds Due 2026 (the “New 2026 Bonds”) for 7.500% Bonds Due 2026 (the “2026 Bonds”), 7.62 ...
DENTON COUNTY FRESH WATER SUPPLY DISTRICT NO. 11
... No dealer, broker, salesman or other person has been authorized to give any information or to make any representations other than those contained in this Official Statement and, if given or made, such other information or representations must not be relied up ...
... No dealer, broker, salesman or other person has been authorized to give any information or to make any representations other than those contained in this Official Statement and, if given or made, such other information or representations must not be relied up ...
The role of inflation-linked bonds Increasing, but still modest
... government and that are held by risk-averse investors. The model offers two reasons why a government may find it unattractive to use inflation-linked bonds to finance its public debt. The most important one is liquidity risk. Because of liquidity risk, investors may be unwilling to step into ILBs. I ...
... government and that are held by risk-averse investors. The model offers two reasons why a government may find it unattractive to use inflation-linked bonds to finance its public debt. The most important one is liquidity risk. Because of liquidity risk, investors may be unwilling to step into ILBs. I ...
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 ...
Risk Premiums in Slovak Government Bonds
... Overnight-Indexed Swap (OIS) is an interest rate swap whose floating rate leg is tied to the overnight rate, i.e. EONIA in the Eurozone. Unlike the swaps linked to the Libor rate, OIS do not reflect the credit risk of the banking system. Similar to conventional swaps, there is no exchange of the pri ...
... Overnight-Indexed Swap (OIS) is an interest rate swap whose floating rate leg is tied to the overnight rate, i.e. EONIA in the Eurozone. Unlike the swaps linked to the Libor rate, OIS do not reflect the credit risk of the banking system. Similar to conventional swaps, there is no exchange of the pri ...
CHAPTER 14 Long-Term Liabilities
... lower interest rates. The call feature does not affect the amortization of bond discount or premium; because early redemption is not a certainty, life to maturity date should be used for amortization purposes. 12. It is sometimes desirable to reduce bond indebtedness in order to take advantage of lo ...
... lower interest rates. The call feature does not affect the amortization of bond discount or premium; because early redemption is not a certainty, life to maturity date should be used for amortization purposes. 12. It is sometimes desirable to reduce bond indebtedness in order to take advantage of lo ...
Violating the law of one price: the role of non
... to the denomination in foreign currency. We find that the basis including eligible USDdenominated bonds was lower than the basis including non-eligible USD-denominated bonds during the eight weeks after the ECB collateral expansion. Our estimates suggest that the change in the ECB eligibility crite ...
... to the denomination in foreign currency. We find that the basis including eligible USDdenominated bonds was lower than the basis including non-eligible USD-denominated bonds during the eight weeks after the ECB collateral expansion. Our estimates suggest that the change in the ECB eligibility crite ...
Leverage and Capital Structure
... equity maintained by the firm—can significantly affect its value by affecting return and risk. Unlike some causes of risk, management has almost complete control over the risk introduced through the use of leverage. Because of its effect on value, the financial manager must understand how to measure ...
... equity maintained by the firm—can significantly affect its value by affecting return and risk. Unlike some causes of risk, management has almost complete control over the risk introduced through the use of leverage. Because of its effect on value, the financial manager must understand how to measure ...
Bank exposures and sovereign stress transmission
... demand. Hence, in principle causality could run from banks’ loans to their sovereign holdings rather than the other way: sovereign distress may reduce loan demand by sapping entrepreneurial confidence, and may impair corporate creditworthiness, for instance for firms catering to the public sector. T ...
... demand. Hence, in principle causality could run from banks’ loans to their sovereign holdings rather than the other way: sovereign distress may reduce loan demand by sapping entrepreneurial confidence, and may impair corporate creditworthiness, for instance for firms catering to the public sector. T ...
Building Sub-national Debt Markets in Developing and
... entry of debt repayments in the budget and the passing of a balanced budget. Subnational entities must respect simple prudential rules, i.e they may not lend to others, and they may not finance their debt redemption out of borrowings. On the demand side, subnational entities are free to take out loa ...
... entry of debt repayments in the budget and the passing of a balanced budget. Subnational entities must respect simple prudential rules, i.e they may not lend to others, and they may not finance their debt redemption out of borrowings. On the demand side, subnational entities are free to take out loa ...
Building Sub-national Debt Markets
... banks and IFIs to the approval and sovereign guarantee from the Ministry of Finance. As a result, private lending to local governments has virtually disappeared, and Treasury lending to local governments has increased rapidly. The pricing of Treasury credit to local governments does not take into a ...
... banks and IFIs to the approval and sovereign guarantee from the Ministry of Finance. As a result, private lending to local governments has virtually disappeared, and Treasury lending to local governments has increased rapidly. The pricing of Treasury credit to local governments does not take into a ...
Calculating the Equity Risk Premium and the Risk
... Short-term bonds are the best approximation of a truly risk-free rate assumed by the CAPM. An investor who really wanted to minimise risk would buy a series of three-month government bonds for example. In contrast, long-term government bonds are not risk-free, even if held to maturity. Imagine an in ...
... Short-term bonds are the best approximation of a truly risk-free rate assumed by the CAPM. An investor who really wanted to minimise risk would buy a series of three-month government bonds for example. In contrast, long-term government bonds are not risk-free, even if held to maturity. Imagine an in ...
Document
... Structural deficits of the public purse exist everywhere, and well beyond the point where stimulus spending runs out Ageing demographics come with increasing funding gaps for social security, public pensions and health costs With a smaller portion of the population engaged in producing GDP in the re ...
... Structural deficits of the public purse exist everywhere, and well beyond the point where stimulus spending runs out Ageing demographics come with increasing funding gaps for social security, public pensions and health costs With a smaller portion of the population engaged in producing GDP in the re ...
Does austerity pay off?
... from indirect sources using time disaggregation/interpolation. In a recent contribution, Ilzetzki, Mendoza, and Végh (2013) have collected quarterly data based on direct sources for government consumption for 44 countries. Quarterly data of a comparable coverage for other fiscal variables such as ta ...
... from indirect sources using time disaggregation/interpolation. In a recent contribution, Ilzetzki, Mendoza, and Végh (2013) have collected quarterly data based on direct sources for government consumption for 44 countries. Quarterly data of a comparable coverage for other fiscal variables such as ta ...
De Nederlandsche Bank Monetary and Economic Policy
... static model (4), where the dependent variable is the actual rather than the target leverage. Second, we estimate the dynamic equation (2b) – using the estimated parameters from the first step as starting values – but keep the adjustment speed fixed. Third, we estimate (2b) again, but this time we k ...
... static model (4), where the dependent variable is the actual rather than the target leverage. Second, we estimate the dynamic equation (2b) – using the estimated parameters from the first step as starting values – but keep the adjustment speed fixed. Third, we estimate (2b) again, but this time we k ...
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... be made in every period and state of the economy. However, such a constitution is not feasible. There exists a significant amount of uncertainty about the future and as a result the sequence of optimal investments is not known in advance. A good fiscal constitution addresses this fundamental incompl ...
... be made in every period and state of the economy. However, such a constitution is not feasible. There exists a significant amount of uncertainty about the future and as a result the sequence of optimal investments is not known in advance. A good fiscal constitution addresses this fundamental incompl ...
the macerich company - corporate
... Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cauti ...
... Note: This release contains statements that constitute forward-looking statements which can be identified by the use of words, such as "expects," "anticipates," "assumes," "projects," "estimated" and "scheduled" and similar expressions that do not relate to historical matters. Stockholders are cauti ...
IMF Staff Report 2016 Article IV Consultation Curacao and Sint
... including a high level of development, good infrastructure, and relatively low public debt. However, preserving these going forward will require surmounting some critical challenges. GDP per capita is already at high-income country levels, but the islands must combat lackluster growth and high unemp ...
... including a high level of development, good infrastructure, and relatively low public debt. However, preserving these going forward will require surmounting some critical challenges. GDP per capita is already at high-income country levels, but the islands must combat lackluster growth and high unemp ...
KELLOGG CO (Form: 424B5, Received: 02/26/2016 17:06:57)
... We have indebtedness that is substantial in relation to our shareholders’ equity. As of January 2, 2016, on a pro forma basis after giving effect to the issuance of the notes and the repurchase of $440 million in aggregate principal amount of our 2031 Debentures in the tender offer, we had total deb ...
... We have indebtedness that is substantial in relation to our shareholders’ equity. As of January 2, 2016, on a pro forma basis after giving effect to the issuance of the notes and the repurchase of $440 million in aggregate principal amount of our 2031 Debentures in the tender offer, we had total deb ...
TCRP Report 89 – Financing Capital Investment
... TCRP Report 89: Financing Capital Investment: A Primer for the Transit Practitioner provides a valuable resource for people who are responsible for financing public transportation capital projects. The primary objective of this primer is to identify and evaluate financing options for public transpor ...
... TCRP Report 89: Financing Capital Investment: A Primer for the Transit Practitioner provides a valuable resource for people who are responsible for financing public transportation capital projects. The primary objective of this primer is to identify and evaluate financing options for public transpor ...
Capital Structure Decision
... capital structure it should not loose site of the future impact of its present financial plan. For example if the firm has exhausted its firms capital it may be force to issue equity shares for future financing on unfavorable term due to heavy debt. Hence the firm should all ways return some unused ...
... capital structure it should not loose site of the future impact of its present financial plan. For example if the firm has exhausted its firms capital it may be force to issue equity shares for future financing on unfavorable term due to heavy debt. Hence the firm should all ways return some unused ...
SPIRE INC (Form: 424B2, Received: 02/23/2017 15:27:05)
... 400 million cubic feet per day that is anticipated to cost $190 million to $210 million. This pipeline project, which is planned by Spire STL Pipeline LLC, our wholly owned subsidiary, will connect the Rockies Express pipeline to our service area in eastern Missouri and achieve a more diverse supply ...
... 400 million cubic feet per day that is anticipated to cost $190 million to $210 million. This pipeline project, which is planned by Spire STL Pipeline LLC, our wholly owned subsidiary, will connect the Rockies Express pipeline to our service area in eastern Missouri and achieve a more diverse supply ...
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 ...
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 ...
Government debt
Government debt (also known as public debt, national debt and sovereign debt) is the debt owed by a central government. (In federal states, ""government debt"" may also refer to the debt of a state or provincial, municipal or local government.) By contrast, the annual ""government deficit"" refers to the difference between government receipts and spending in a single year, that is, the increase of debt over a particular year.Government debt is one method of financing government operations, but it is not the only method. Governments can also create money to monetize their debts, thereby removing the need to pay interest. But this practice simply reduces government interest costs rather than truly canceling government debt, and can result in hyperinflation if used unsparingly.Governments usually borrow by issuing securities, government bonds and bills. Less creditworthy countries sometimes borrow directly from a supranational organization (e.g. the World Bank) or international financial institutions.As the government draws its income from much of the population, government debt is an indirect debt of the taxpayers. Government debt can be categorized as internal debt (owed to lenders within the country) and external debt (owed to foreign lenders). Another common division of government debt is by duration until repayment is due. Short term debt is generally considered to be for one year or less, long term is for more than ten years. Medium term debt falls between these two boundaries. A broader definition of government debt may consider all government liabilities, including future pension payments and payments for goods and services the government has contracted but not yet paid.