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This paper tests a new hypothesis that bank managers issue public debt, at least in part, to convey positive, private information and refrain from issuance to hide negative, private information. This positive selection hypothesis is tested against the traditional adverse selection hypothesis. We...
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, bond issuance, maturity structure, cash holdings, and bank borrowing policies. The focus here is on providing the required …
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rating methodology and assess the ratings of these agencies in regards to Greece, France, and the USA. …
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