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Collateral-Based Lending in Emerging Markets: Evidence from Thailand

Menkhoff, Lukas; Neuberger, Doris; Suwanaporn, Chodechai - EconWPA - 2005

data set of 560 credit files of Thai commercial banks, we find that both the incidence and degree of collateralization are … higher there than in developed markets. Thai banks use collateral primarily to reduce the higher credit risks of small and … relatively young firms. Long credit relationships do not reduce collateral requirements by lowering information asymmetry. Market …

Persistent link: https://www.econbiz.de/10005134744

Adjustment of the WACC with Subsidized Debt in the Presence of Corporate Taxes: the N-Period Case

Velez-Pareja, Ignacio; Tham, Joseph; Fernandez, Viviana - EconWPA - 2005

In the Weighted Average Cost of Capital (WACC) applied to the free cash flow (FCF), we assume that the cost of debt is the market, unsubsidized rate. With debt at the market rate and perfect capital markets, debt only creates value in the presence of taxes through the tax shield. In some cases,...

Persistent link: https://www.econbiz.de/10005134868

Economic Impact of 'Regulation on Corporate Governance': Evidence from India

Bhattacharyya, Asish K.; Rao, Sadhalaxmi Vivek - EconWPA - 2005

India, with its 20 million shareholders, is one of the largest emerging markets in terms of the market capitalization. In order to protect the large investor base, the Securities and Exchange Board of India (SEBI) has enforced a regulation effective from April 2001, requiring mandatory...

Persistent link: https://www.econbiz.de/10005413156

A Determinação do Preço dos Bens Duráveis em Duopólio

Osório, Carlos; Maçãs, Paulo; Leitão, João - EconWPA - 2002

, based on higher Cournot's profits than Stackelberg's profits. Keywords: Duopoly, Durable, Price, Profit. …

Persistent link: https://www.econbiz.de/10005135030

Advantageous or Disadvantageous Semi-collusion Licensing in a Vertically Separated Industry

Mukherjee, Arijit - EconWPA - 2002

This paper compares profits and consumer surplus under non-cooperation and collusion in the product market when the firms have the option for R&D before production. We show that whether R&D investment would be higher under non-cooperation or product market collusion depends on the R\&D...

Persistent link: https://www.econbiz.de/10005412980

A PUSH TO GEORGE ( IN ) BUSH

DR.VSR.SUBRAMANIAM - EconWPA - 2005

off-setting entry is a miscellaneous loss expense entry,in the Profit making US Income Statement. As a Prime Developed …

Persistent link: https://www.econbiz.de/10005556940

Production Factors - Productive Factors & Income Distribution DRAFT PAPER for discussion and further development

Gürak, H. - EconWPA - 2004

Unfortunately, there are no globally agreed definitions on the key terms mentioned above. Nor are there any globally accepted approaches and/or remedies to the economic relations of mankind. The major aims of this work are partly to reconsider and when necessary to redefine, the...

Persistent link: https://www.econbiz.de/10005119387

PRIVATE MONEY AND RESERVE MANAGEMENT IN A RANDOM MATCHING MODEL

Cavalcanti, Ricardo de O.; Erosa, Andres - EconWPA - 1998

We introduce an element of centralization in a random matching model of money that allows for private liabilities to circulate as media of exchange. Some agents, which we identify as banks, are endowed with the technology to issue notes and to record-keep reserves with a central clearinghouse,...

Persistent link: https://www.econbiz.de/10005076838

Social Capital and Incentive Compatibility: Modelling the Accumulation and Use of Social Collateral

Mogues, Tewodaj; Carter, Michael R. - EconWPA - 2005

In economics, where the long resistance to reflecting on the effects of social interaction on economic behaviour is slowly waning, the concept of social capital may turn out to be a useful analytical tool. However, initial interest in social capital has produced a large variety of definitions,...

Persistent link: https://www.econbiz.de/10005124878

Debt-Deflation: Concepts, and a Stylised Model

Peter, Goetz von - EconWPA - 2005

credit crunch interferes with the accommodation necessary for stability. …

Persistent link: https://www.econbiz.de/10005126279