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Liquidation Triggers and the Valuation of Equity and Debt

Galai, Dan; Raviv, Alon; Wiener, Zvi - EconWPA - 2003

Net-worth covenants, as introduced by Black and Cox (1976), provide the firm’s bondholders with the right to force reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many bankruptcy codes stipulate an automatic stay of...

Persistent link: https://www.econbiz.de/10005561605

The Cause of the Great Inflation: Interactions between the Government and the Monetary Policymakers

Harashima, Taiji - EconWPA - 2005

The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation target is low is uncovered. The model solves the puzzle of...

Persistent link: https://www.econbiz.de/10005124998

How Independent are Independent Directors? The Case of Italy

Santella, Paolo; Paone, Giulia; Drago, Carlo - EconWPA - 2005

In this article, we provide an interpretation for the voluntary independence requirements contained in the Italian Corporate Governance Code (Preda Code) checking them against a proxy for international best practice, the independence criteria provided in the EC Recommendation on non-executive...

Persistent link: https://www.econbiz.de/10005077023

Jeopardy, non-public information, and insider trading around SEC 10-K and 10-Q filings

Huddart, Steven; Ke, Bin; Shi, Charles - EconWPA - 2005

Evidence contrasting insider trades in the U.S. between high- and low- jeopardy periods and across firms at high and low risk for 10b-5 litigation indicates insiders condition their trades on foreknowledge of price-relevant public disclosures, but avoid profitable trades when jeopardy due to...

Persistent link: https://www.econbiz.de/10005561011

SOCIO-ECONOMIC IMPLICATIONS OF COMBRAINS

DR.VSR.SUBRAMANIAM - EconWPA - 2005

Human brain has invented the Computer&upgraded it to a level of Combrains. With Artificial Chemical Memory, these may grow to function as independent Iintellects, Master/Sponsor representatives and self- decision workers with autonomy&supreme capability. Like any human society learn and function...

Persistent link: https://www.econbiz.de/10005118844

SIZE AND HETEROGENEITY MATTER. A MICROSTRUCTURE-BASED ANALYSIS OF REGULATION OF SECONDARY MARKETS FOR GOVERNMENT BONDS.

Martinez-Resano, J. Ramon - EconWPA - 2005

This paper deals with the economics of secondary markets for government bonds. Ultimately, the analysis is shaped by a public policy goal: assessing the elements of a regulatory framework for these markets. In that regard, the decisive role of market structure leads to a critical review of...

Persistent link: https://www.econbiz.de/10005134902

Insolvency and Economic Development:Regional Variation and Adjustment

Fabling, Richard; Grimes, Arthur - EconWPA - 2004

economic activity and regional property values (the latter representing collateral effects) reduce regional insolvencies. An …

Persistent link: https://www.econbiz.de/10005407642

Collateral, Access to Credit, and Investment in Bulgaria, chap. 8 in D. Jones and J. Miller (eds) THE BULGARIAN ECONOMY: LESSONS FROM REFORM DURING EARLY TRANSITION, Ashgate 97.

Bogetic, Zeljko - EconWPA - 2005

The paper measures economic loss from the problem of inadequate collateral in Bulgaria and proposes solutions …

Persistent link: https://www.econbiz.de/10005561596

Report on a Right of Use for Collateral Takers and Custodians

Keijser, Thomas; ed. - EconWPA - 2003

The Report on a Right of Use for Collateral Takers and Custodians examines on what basis collateral takers can dispose … of the assets of collateral providers, and custodians of those of their clients. The report describes the current legal … (Collateral Directive, Investment Services Directive). The report contains a Tax Appendix. …

Persistent link: https://www.econbiz.de/10005126022

Collateral-Based Lending in Emerging Markets: Evidence from Thailand

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

This paper examines the role and determinants of collateral in emerging markets compared to mature ones. Analyzing a … 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

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