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Lessons Unlearned? Corporate Debt in Emerging Markets
Alfaro, Laura - 2017
following the Global Financial Crisis (GFC). Corporate debt vulnerability indicators during the Asian Financial Crisis (AFC …) attributed to corporate financial roots provide a benchmark for comparison. Firm-level data show that post-GFC, emerging market … corporate balance sheet indicators have not deteriorated to AFC crisis-country levels. However, more countries are close to or …
Persistent link: https://www.econbiz.de/10012455274
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A Comparison of Tournaments and Contracts
Green, Jerry R. - 1982
Tournaments, reward structures based on rank order, are compared with individual contracts in a model with one risk-neutral principal and many risk-averse agents. Each agents' output is a stochastic function of his effort level plus an additive shock term that is common to all the agents. The...
Persistent link: https://www.econbiz.de/10012478271
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Contractual Rigidity and Political Contestability : Revisiting Public Contract Renegotiations
Beuve, Jean; Moszoro, Marian W.; Spiller, Pablo T. - National Bureau of Economic Research - 2021
We present a model of public procurement in which both contractual flexibility and political tolerance for contractual deviations determine renegotiations. In the model, contractual flexibility allows for adaptation without formal renegotiation while political tolerance for deviations decreases...
Persistent link: https://www.econbiz.de/10012482706
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Material Incentives and Effort Choice : Evidence from an Online Experiment Across Countries
Davies, Elwyn; Fafchamps, Marcel - National Bureau of Economic Research - 2022
We conduct an interactive online experiment framed as an employment contract between employer and worker. Subjects from the US, India, and Africa are matched in pairs within and, in some cases, across countries. Employers make a one-period offer to a worker who can either decline or choose a...
Persistent link: https://www.econbiz.de/10013362026
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Debt Restructuring
Friedman, Benjamin M. - 2000
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...
Persistent link: https://www.econbiz.de/10012471039
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Financial Sector Inefficiencies and Coordinate Failures : Implications for Crisis Management
Agenor, Pierre-Richard - 1999
This paper analyzes the implication of inefficient financial intermediation for crisis management in a country where firms are highly-indebted. The analysis is based on a model in which firms rely on bank credit to finance their working capital needs and lenders face high state verification and...
Persistent link: https://www.econbiz.de/10012471337
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Do Taxes Affect Corporate Debt Policy? Evidence from US Corporate Tax Return Data
Gordon, Roger H. - 1999
Past attempts to measure the impact of taxes on corporate debt policy have focused on larger firms. Given that the top … statutory corporate tax rate has varied little in recent years, tax incentives vary among these firms, almost entirely due to … corporations, to compare the debt policies of firms of different sizes. Given the progressivity in the corporate tax schedule …
Persistent link: https://www.econbiz.de/10012471349
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Credit Horizons
Kiyotaki, Nobuhiro; Moore, John; Zhang, Shengxing - National Bureau of Economic Research - 2021
Entrepreneurs appear to borrow largely against their near-term revenues, even when their investment has a longer horizon. In this paper, we develop a model of credit horizons. A question of particular concern to us is whether persistently low interest rates can stifle economic activity. With...
Persistent link: https://www.econbiz.de/10012510621
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Savings and Loan Usage of the Authority to Invest in Corporate Debt
Hendershott, Patric H. - 1981
preference by bidding down mortgage rates; in this case less profitable SLAs would find corporate debt attractive. In an … uncertainty, will require an options premium greater than that determined in the market. Thus they will find corporate debt to be …
Persistent link: https://www.econbiz.de/10012478390
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Private Pensions as Corporate Debt
Feldstein, Martin - 1981
This paper begins by examining the ways in which pension liabilities are and are not like corporate bonds. Some …
Persistent link: https://www.econbiz.de/10012478415