300202930 Employees Retirement System of the Government of the
... The Employees Retirement System of the Government of the Commonwealth of Puerto Rico (the “System”) is a trust created by law in 1951 by the Legislature of the Commonwealth of Puerto Rico to provide pension and other benefits to retired employees of the government of the Commonwealth and its instrum ...
... The Employees Retirement System of the Government of the Commonwealth of Puerto Rico (the “System”) is a trust created by law in 1951 by the Legislature of the Commonwealth of Puerto Rico to provide pension and other benefits to retired employees of the government of the Commonwealth and its instrum ...
chapter one - ResearchOnline@JCU
... many people. Each of them has been very important to this work and it is my great pleasure to express my appreciation to them. I especially thank my PhD thesis supervisors. I express many thanks to A/Professor Stewart Alison for his constructive, constant supervision and guidance, over the life of t ...
... many people. Each of them has been very important to this work and it is my great pleasure to express my appreciation to them. I especially thank my PhD thesis supervisors. I express many thanks to A/Professor Stewart Alison for his constructive, constant supervision and guidance, over the life of t ...
Main Street Capital CORP (Form: 10-K, Received: 02
... Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of interest bearing debt securities in privately held companies that are generally larger in size than the companies included in our LMM portfolio. Our Middle Market portfolio debt investments a ...
... Our Middle Market portfolio investments primarily consist of direct investments in or secondary purchases of interest bearing debt securities in privately held companies that are generally larger in size than the companies included in our LMM portfolio. Our Middle Market portfolio debt investments a ...
29305000 trustees of the california state university systemwide
... any information or to make any representations other than as contained in this Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Board or the State of California. Certain of the information set forth herein ha ...
... any information or to make any representations other than as contained in this Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the Board or the State of California. Certain of the information set forth herein ha ...
May 2015- Review of Economy and Markets
... • National Debt: $18.2 trillion State & Local Debt: $3.1 trillion GDP: $17.7 trillion[calculation changed] Debt/GDP Ratio: 103% (120% Fed+State) • Unfunded Liabilities: $ 96 trillion Total National Assets: $116 trillion • Debt doesn’t include Federal Reserve, Fannie Mae + Freddie Mac and FHA obligat ...
... • National Debt: $18.2 trillion State & Local Debt: $3.1 trillion GDP: $17.7 trillion[calculation changed] Debt/GDP Ratio: 103% (120% Fed+State) • Unfunded Liabilities: $ 96 trillion Total National Assets: $116 trillion • Debt doesn’t include Federal Reserve, Fannie Mae + Freddie Mac and FHA obligat ...
Nordic High Yield Update
... priorities and an organic replacement ratio of 114% is negative for the oil services industry. Despite deflation in service prices and internal cost measures within the E&P companies, we have no doubt that activity has declined and will continue to decline next year. So far, around 30 oil and gas pr ...
... priorities and an organic replacement ratio of 114% is negative for the oil services industry. Despite deflation in service prices and internal cost measures within the E&P companies, we have no doubt that activity has declined and will continue to decline next year. So far, around 30 oil and gas pr ...
Does The Firm Information Environment Influence Financing
... We use Wang (2007) as a point of departure in this study. Principally, we recognize that the effects of Reg FD are not uniform across firms. Given the impact of Reg FD on the firm information environment, we examine whether and how the regulation induced changes in firm environment impact a manager’ ...
... We use Wang (2007) as a point of departure in this study. Principally, we recognize that the effects of Reg FD are not uniform across firms. Given the impact of Reg FD on the firm information environment, we examine whether and how the regulation induced changes in firm environment impact a manager’ ...
Government Guarantees and Fiscal Risk, April 1, 2005
... guarantee is granted. That said, transparency with respect to guarantees under any basis of accounting can be strengthened by disclosing supplementary information in budget documents, fiscal reports and financial statements. In this connection, the paper proposes a set of comprehensive disclosure re ...
... guarantee is granted. That said, transparency with respect to guarantees under any basis of accounting can be strengthened by disclosing supplementary information in budget documents, fiscal reports and financial statements. In this connection, the paper proposes a set of comprehensive disclosure re ...
Essays on government debt financing costs
... I.1. Background, actuality In the recent years, more and more countries had to face the problem that their government debt / gross domestic product quotients dynamics were not sustainable. The most important factors in this process were smaller growth, bad structural balance of the budget, and high ...
... I.1. Background, actuality In the recent years, more and more countries had to face the problem that their government debt / gross domestic product quotients dynamics were not sustainable. The most important factors in this process were smaller growth, bad structural balance of the budget, and high ...
Determinants of Capital Structure: Evidence from a Major
... been extensive theoretical work on the determinants of firms’ capital structures. Already by the early 1980s, these efforts culminated in the development of the two major theories of capital structure. In the (static) trade-off theory, firms trade off tax savings from debt financing against deadweig ...
... been extensive theoretical work on the determinants of firms’ capital structures. Already by the early 1980s, these efforts culminated in the development of the two major theories of capital structure. In the (static) trade-off theory, firms trade off tax savings from debt financing against deadweig ...
unit 7 financial and operating leverage module - 2
... As stated earlier, a company can finance its investments by debt and equity. The company may also use preference capital. The rate of interest on debt is fixed irrespective of the company’s rate of return on assets. The company has a legal binding to pay interest on debt. The rate of preference divi ...
... As stated earlier, a company can finance its investments by debt and equity. The company may also use preference capital. The rate of interest on debt is fixed irrespective of the company’s rate of return on assets. The company has a legal binding to pay interest on debt. The rate of preference divi ...
STEP - Merrill Lynch
... The STEP Income Securities ® Linked to the Common Stock of Delta Air Lines, Inc., due May , 2017 (the “notes”) are our senior unsecured debt securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation or the FDIC, and are not, either directly or indirectly, an obl ...
... The STEP Income Securities ® Linked to the Common Stock of Delta Air Lines, Inc., due May , 2017 (the “notes”) are our senior unsecured debt securities. The notes are not guaranteed or insured by the Canada Deposit Insurance Corporation or the FDIC, and are not, either directly or indirectly, an obl ...
Diamondback Energy, Inc.
... During the six months ended June 30, 2015, our average daily production was approximately 30,302 BOE/d, consisting of 22,894 Bbls/d of oil, 18,795 Mcf/d of natural gas and 4,276 Bbls/d of natural gas liquids, an increase of 14,596 BOE/d, or 93%, from average daily production of 15,706 BOE/d for the ...
... During the six months ended June 30, 2015, our average daily production was approximately 30,302 BOE/d, consisting of 22,894 Bbls/d of oil, 18,795 Mcf/d of natural gas and 4,276 Bbls/d of natural gas liquids, an increase of 14,596 BOE/d, or 93%, from average daily production of 15,706 BOE/d for the ...
Capital structure and volatility of risk
... (VRV). Second we obtain daily series of volatilities implied from option prices for each day in the previous calendar year. The standard deviation of these IVs provides our second measure called volatility of implied volatility (VIV). All our results are implemented both of these measures of volatil ...
... (VRV). Second we obtain daily series of volatilities implied from option prices for each day in the previous calendar year. The standard deviation of these IVs provides our second measure called volatility of implied volatility (VIV). All our results are implemented both of these measures of volatil ...
Default Risk and Aggregate Fluctuations in Emerging Economies
... (1993) and Kocherlakota (1996). These studies, however, assume that a complete set of contingent assets are available and search for allocations that are efficient subject to a lack of enforceability. Alvarez and Jermann (2000) show that in this framework each state-contingent asset is associated with ...
... (1993) and Kocherlakota (1996). These studies, however, assume that a complete set of contingent assets are available and search for allocations that are efficient subject to a lack of enforceability. Alvarez and Jermann (2000) show that in this framework each state-contingent asset is associated with ...
- UConn School of Business
... the manager because the risk of losing her pension is significantly neutralized. Alternatively stated, the negative effect of pension plans on dividend policy is significantly stronger when pensions are unfunded. This result confirms our hypothesis that managers consider the risk of their future pen ...
... the manager because the risk of losing her pension is significantly neutralized. Alternatively stated, the negative effect of pension plans on dividend policy is significantly stronger when pensions are unfunded. This result confirms our hypothesis that managers consider the risk of their future pen ...
optimal capital structure
... We have studied three companies within the real estate industry due to comparable issues. Our result reveals that the companies do not use any mathematical model when deciding their capital structure but they do consider many important factors. The business and financial risk have the largest impact ...
... We have studied three companies within the real estate industry due to comparable issues. Our result reveals that the companies do not use any mathematical model when deciding their capital structure but they do consider many important factors. The business and financial risk have the largest impact ...
Handbook of German States
... In relative terms, debt levels have actually decreased in 2011. In order to assess the relative performance of indebtedness among the states, we use an indicator provided by S&P. This indicator is "tax-supported debt as % of consolidated operating revenues" (taxsupported debt includes direct debt of ...
... In relative terms, debt levels have actually decreased in 2011. In order to assess the relative performance of indebtedness among the states, we use an indicator provided by S&P. This indicator is "tax-supported debt as % of consolidated operating revenues" (taxsupported debt includes direct debt of ...
FEDEX CORP (Form: 424B3, Received: 01/03/2017 08:57:53)
... We depend upon our subsidiaries to service our debt We are a holding company and derive all of our operating income from our subsidiaries. Our only source of cash to pay principal of and premium, if any, and interest on the notes is from dividends and other payments from our subsidiaries. Our subsid ...
... We depend upon our subsidiaries to service our debt We are a holding company and derive all of our operating income from our subsidiaries. Our only source of cash to pay principal of and premium, if any, and interest on the notes is from dividends and other payments from our subsidiaries. Our subsid ...
Handbook of German States - Erik F. Nielsen
... possibly even above that of 2014. First, the 1Q15 performance already looks quite promising – even if it has to be taken with a pinch of salt due to the volatile nature of the data at the beginning of the year. Second, the very strong upwards revision of the expected tax revenues for this year, as w ...
... possibly even above that of 2014. First, the 1Q15 performance already looks quite promising – even if it has to be taken with a pinch of salt due to the volatile nature of the data at the beginning of the year. Second, the very strong upwards revision of the expected tax revenues for this year, as w ...
DBRS Recovery Ratings for Non-Investment Grade
... While a non-investment-grade issuer may not default for several years (if ever), a recovery rating necessarily assumes an eventual default. DBRS considers the types of likely issues that may cause the deterioration in the business and financial risk factors that might ultimately cause its default. T ...
... While a non-investment-grade issuer may not default for several years (if ever), a recovery rating necessarily assumes an eventual default. DBRS considers the types of likely issues that may cause the deterioration in the business and financial risk factors that might ultimately cause its default. T ...
NBER WORKING PAPER SERIES AND CAPITAL STRUCTURE
... characterization of firms’ default policies. Risk prices for small consumption shocks depend on the conditional volatility of consumption growth. Risk prices for large shocks depend on their frequency, size, and persistence. With recursive preferences, investors are concerned with news about future ...
... characterization of firms’ default policies. Risk prices for small consumption shocks depend on the conditional volatility of consumption growth. Risk prices for large shocks depend on their frequency, size, and persistence. With recursive preferences, investors are concerned with news about future ...
The Optimal Level of International Reserves For Emerging Market
... The recent buildup in international reserves in emerging market countries has revived old debates about the appropriate amount of reserves for an open economy. It has been argued that many emerging market countries accumulated reserves as a form of self-insurance against capital ‡ow volatility, the ...
... The recent buildup in international reserves in emerging market countries has revived old debates about the appropriate amount of reserves for an open economy. It has been argued that many emerging market countries accumulated reserves as a form of self-insurance against capital ‡ow volatility, the ...
Default Risk, the Real Exchange Rate and Income
... participation constraint models that have a complete set of assets, which have the feature that default incentives are higher in good times. The key intuition for why asset market incompleteness can reverse this outcome is that after a long series of low endowment shocks, an economy with incomplete ...
... participation constraint models that have a complete set of assets, which have the feature that default incentives are higher in good times. The key intuition for why asset market incompleteness can reverse this outcome is that after a long series of low endowment shocks, an economy with incomplete ...
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.