NBER WORKING PAPER SERIES RISKS OF AN ECONOMY
... balance sheet, paying a “dividend” equal to the promised interest payment. A risk associated with holding sovereign local currency debt is that the government may dilute (or inflate away) part of the value or the debt, or may forcibly restructure some of the debt. The “dilution/inflation risk premiu ...
... balance sheet, paying a “dividend” equal to the promised interest payment. A risk associated with holding sovereign local currency debt is that the government may dilute (or inflate away) part of the value or the debt, or may forcibly restructure some of the debt. The “dilution/inflation risk premiu ...
par value - McGraw Hill Higher Education
... • The articles of incorporation must state the number of shares of common stock the corporation is authorized to issue. • The board of directors, after a vote of the shareholders, may amend the articles of incorporation to increase the number of shares. – Authorizing a large number of shares may wor ...
... • The articles of incorporation must state the number of shares of common stock the corporation is authorized to issue. • The board of directors, after a vote of the shareholders, may amend the articles of incorporation to increase the number of shares. – Authorizing a large number of shares may wor ...
commercial / multifamily mortgage debt outstanding | q1 2016
... This data is provided by MBA solely for use as a reference. No part of the survey or data may be reproduced, stored in a retrieval system, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without MBA’s prior written consent. Disc ...
... This data is provided by MBA solely for use as a reference. No part of the survey or data may be reproduced, stored in a retrieval system, transmitted or redistributed in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without MBA’s prior written consent. Disc ...
The Economics of Austerity and the Vicious Spirals of Greece
... order to get the debt level and primary deficits under control as fast as possible. Strict fiscal discipline might not only mean minimized costs for the creditors, but it could also create expansionary effects in the Greek real economy. This policy proved to be costly for all parts as the austerity ...
... order to get the debt level and primary deficits under control as fast as possible. Strict fiscal discipline might not only mean minimized costs for the creditors, but it could also create expansionary effects in the Greek real economy. This policy proved to be costly for all parts as the austerity ...
Spending DA Core Updates
... no tangible product. We have showered other countries with foreign aid money. We have spent huge sums on armed conflicts, more inflationary spending. In answer to the present long-lived recession we've printed money at astronomical rates and spread it around with no thought of any products produced ...
... no tangible product. We have showered other countries with foreign aid money. We have spent huge sums on armed conflicts, more inflationary spending. In answer to the present long-lived recession we've printed money at astronomical rates and spread it around with no thought of any products produced ...
docx - ICEBUSS
... judging keefektivan of the operation of a company, raising the profitability going to show you a combination of effect liquidity, management assets, and debts on result operation. One of monetary policy affect the ability corporation gaining problems efficiency of profits is working capital. Efficie ...
... judging keefektivan of the operation of a company, raising the profitability going to show you a combination of effect liquidity, management assets, and debts on result operation. One of monetary policy affect the ability corporation gaining problems efficiency of profits is working capital. Efficie ...
The Puzzle of Persistently Negative Interest Rate
... is often thought that for most EMEs and LICs, positive IRGDs and their attendant adverse effects on debt dynamics would only be a problem, if at all, in a relatively distant future. But is this benign outlook justified? We discuss below the causes of the correlation between GDP per capita and IRGDs. ...
... is often thought that for most EMEs and LICs, positive IRGDs and their attendant adverse effects on debt dynamics would only be a problem, if at all, in a relatively distant future. But is this benign outlook justified? We discuss below the causes of the correlation between GDP per capita and IRGDs. ...
Inflation, default and sovereign debt
... debt, and so the government needs to in ate more to generate the same amount of revenue. Higher shares of real debt held by external investors, on the other hand, lower equilibrium in ation. The interaction of reduced in ation premia with own residents' consumption risk is thus crucial to encourage ...
... debt, and so the government needs to in ate more to generate the same amount of revenue. Higher shares of real debt held by external investors, on the other hand, lower equilibrium in ation. The interaction of reduced in ation premia with own residents' consumption risk is thus crucial to encourage ...
Banking Relationships and REIT Capital Structure - DataPro
... dramatic wave of industry growth requiring active property acquisitions, development and disposition strategies. Thus, from a lender perspective, less secured debt implies more potential risk. From a REIT perspective, higher leverage may not always be the optimal financing strategy given that there ...
... dramatic wave of industry growth requiring active property acquisitions, development and disposition strategies. Thus, from a lender perspective, less secured debt implies more potential risk. From a REIT perspective, higher leverage may not always be the optimal financing strategy given that there ...
Testing the Trade Off and Pecking Order Models of Capital Structure
... Jensen (1986) examines the agency cost associated with the free cash flow and the impact of agency cost in firm capital structure. When a firm accumulates a huge amount of cash without paying out to shareholders, it can create an agency conflict between managers and shareholders. To reduce the agenc ...
... Jensen (1986) examines the agency cost associated with the free cash flow and the impact of agency cost in firm capital structure. When a firm accumulates a huge amount of cash without paying out to shareholders, it can create an agency conflict between managers and shareholders. To reduce the agenc ...
The cost of capital of levered equity is equal to the cost of capital of
... markets, the total value of a firm should not depend on its capital structure. They reasoned that the firm’s total cash flows still equal the cash ...
... markets, the total value of a firm should not depend on its capital structure. They reasoned that the firm’s total cash flows still equal the cash ...
NBER WORKING PAPER SERIES PUBLIC DEBT MANAGEMENT IN BRAZIL Francesco Giavazzi Alessandro Missale
... to revitalize the market for price-indexed bonds with the new NTN-B program of IPCA indexation. Although the exposure to exchange rate risk has been reduced in 2003, it is still large suggesting that more efforts should be made to reduce issuance of bonds denominated in foreign currencies. ...
... to revitalize the market for price-indexed bonds with the new NTN-B program of IPCA indexation. Although the exposure to exchange rate risk has been reduced in 2003, it is still large suggesting that more efforts should be made to reduce issuance of bonds denominated in foreign currencies. ...
Summary of Appraisals Proposal - the Virginia Bankers Association
... Permit applicants to waive the timing requirement to receive copies three days prior to consummation. However, applicants who waive the timing requirement must still be given a copy of all written appraisals and valuations at or prior to closing. o An applicant’s waiver is effective under § 1002.14( ...
... Permit applicants to waive the timing requirement to receive copies three days prior to consummation. However, applicants who waive the timing requirement must still be given a copy of all written appraisals and valuations at or prior to closing. o An applicant’s waiver is effective under § 1002.14( ...
Debt Maturity and the Dynamics of Leverage
... refinance expiring debt? What is the optimal debt maturity structure given its implications for dynamic capital structure adjustments and which firms are most likely to issue shortterm debt? We address these questions in a framework that does not rely on information asymmetries or agency conflicts. ...
... refinance expiring debt? What is the optimal debt maturity structure given its implications for dynamic capital structure adjustments and which firms are most likely to issue shortterm debt? We address these questions in a framework that does not rely on information asymmetries or agency conflicts. ...
"Growth in the Shadow of Expropriation"
... have governments that accumulate large net foreign asset positions. The model builds on the insight of Alesina and Tabellini (1990) and Persson and Svensson (1989) that political disagreement between potential incumbents makes parties prefer spending to occur while in office. As in Amador (2004), we ...
... have governments that accumulate large net foreign asset positions. The model builds on the insight of Alesina and Tabellini (1990) and Persson and Svensson (1989) that political disagreement between potential incumbents makes parties prefer spending to occur while in office. As in Amador (2004), we ...
Fundamentals of Corporate Finance, 2/e
... The Cost of Debt o KEY CONCEPTS FOR ESTIMATING THE COST OF DEBT • Interest rate (or historical interest rate determined when the debt was issued) that the firm is paying on its outstanding debt does not necessarily reflect its current cost of debt. • Current cost of long-term debt is the appropriat ...
... The Cost of Debt o KEY CONCEPTS FOR ESTIMATING THE COST OF DEBT • Interest rate (or historical interest rate determined when the debt was issued) that the firm is paying on its outstanding debt does not necessarily reflect its current cost of debt. • Current cost of long-term debt is the appropriat ...
A New Structure for US Federal Debt
... A third goal is to manage the risks of interest rate increases and other adverse events to the U. S. budget and to the economy. For example, if interest rates rise )ive percentage points back ...
... A third goal is to manage the risks of interest rate increases and other adverse events to the U. S. budget and to the economy. For example, if interest rates rise )ive percentage points back ...
"International Reserves and Rollover Risk"
... unit of resources available in the next period, regardless of the cost of borrowing and the repayment decision. Thus, by issuing one-period debt and accumulating reserves, the government can only transfer resources from repayment to default states. We show this channel is not quantitatively importan ...
... unit of resources available in the next period, regardless of the cost of borrowing and the repayment decision. Thus, by issuing one-period debt and accumulating reserves, the government can only transfer resources from repayment to default states. We show this channel is not quantitatively importan ...
The fiscal space in emerging market economies
... determinant factor of financing costs; iv) the uncertainty and sensitivity of the estimates of the debt limit. In particular, we propose the estimation of a stochastic debt limit that captures the uncertainty and sensitivity to macroeconomic and financial conditions, taking into account the main cri ...
... determinant factor of financing costs; iv) the uncertainty and sensitivity of the estimates of the debt limit. In particular, we propose the estimation of a stochastic debt limit that captures the uncertainty and sensitivity to macroeconomic and financial conditions, taking into account the main cri ...
Long-duration Bonds and Sovereign Defaults
... This assumption allows us to introduce debt instruments with a long duration in a simple and tractable way: the number of state variables is independent of the duration of debt. We show that the predictions of the model change significantly once we assume that the government issues bonds with a dura ...
... This assumption allows us to introduce debt instruments with a long duration in a simple and tractable way: the number of state variables is independent of the duration of debt. We show that the predictions of the model change significantly once we assume that the government issues bonds with a dura ...
Determinants of Firm`s Financial Leverage: A Critical
... and in which capital can be obtained by many different media ranging from pure de bt i nstrumen ts to pure equi ty instruments is an unsettled issue. A number of researchers have attempted to understand financing choices of the firm and to identify the effect of changes in financial structure on the ...
... and in which capital can be obtained by many different media ranging from pure de bt i nstrumen ts to pure equi ty instruments is an unsettled issue. A number of researchers have attempted to understand financing choices of the firm and to identify the effect of changes in financial structure on the ...
Cash Available Segment
... Income tax payments Intermediate term loan payments: Interest payments Principal payments Long term loan payments: Interest payments Principal payments Capital expenditures: Machinery and motor vehicles Breeding livestock Buildings and improvements Land Family living expenses Other cash required Tot ...
... Income tax payments Intermediate term loan payments: Interest payments Principal payments Long term loan payments: Interest payments Principal payments Capital expenditures: Machinery and motor vehicles Breeding livestock Buildings and improvements Land Family living expenses Other cash required Tot ...
The size and composition of government debt in - ECB
... relatively minor increases in their government debt-to-GDP ratios, but increases over the period 2007-12 are expected to be huge in Ireland (roughly 93 p.p. of GDP), Greece (about 61 p.p. of GDP), Portugal (around 39 p.p. of GDP), and Spain (around 35 p.p. of GDP). Fourth, there is a precedent in te ...
... relatively minor increases in their government debt-to-GDP ratios, but increases over the period 2007-12 are expected to be huge in Ireland (roughly 93 p.p. of GDP), Greece (about 61 p.p. of GDP), Portugal (around 39 p.p. of GDP), and Spain (around 35 p.p. of GDP). Fourth, there is a precedent in te ...
The pari passu clause in sovereign debt instruments
... ("Pari passu clauses are usually not included in domestic U.S. debt instruments because the general parity of unsecured debt obligations, absent statutory priorities or the exercise of a court's equitable powers of subordination, is well established by law. Indeed, it is so established that the pros ...
... ("Pari passu clauses are usually not included in domestic U.S. debt instruments because the general parity of unsecured debt obligations, absent statutory priorities or the exercise of a court's equitable powers of subordination, is well established by law. Indeed, it is so established that the pros ...