Loan and bond finance during 1985-2005 can be divided into three sub-periods. After the 1982 debt crisis, which mainly involved domestic and foreign bank loans to both the corporate and government sectors, there was practically no credit. This situation of lack of credit persisted until the...

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. We find both in our econometric evidence for firms quoted on Latin American stock exchanges, and in our survey results for Argentina, that size of assets is a...

We describe the evolution of three types of corporate securities in Argentina, namely, corporate bonds, asset-backed securities and deferred checks. Corporate bonds (obligaciones negociables) were legally authorized in 1988, and after a tax reform in 1991 they became an important financing...

The aim of this paper is to conciliate some conclusions of the economic theories of breach of contract and tort law. The main result is that the two efficient alternatives that tort law identifies (negligence rule and strict liability with a defense of contributory negligence) are mirrored by...

This paper attempts to understand the factors that explain the degree of support or criticism that a reform process may be subject to. Understanding these determinants is critical, in turn, to assess the feasibility and sustainability of those reforms. In particular, we want to assess what are...

This paper is the first of a series of works whose aim is trying to provide a framework for the understanding and valuation of debt indexed to real (gener- ally non-tradable) variables. In particular, in the present paper we develop a methodology to analytically value the new GDP-linked...

Conventional theory leads to expect bonds to be a financing vehicle for large firms because of economies of scale and contracting costs. In this paper we present the results for Argentina of a survey of firms and of investors on the use of corporate bonds. The result of these surveys supports...

This document describes the construction of a database of corporate bonds issued by firms in Argentina between 1989 and 2005. The database draws on two main sources, the Bolsa de Comercio de Buenos Aires and the Comisión Nacional de Valores, while some additional information comes from the...

This is the last of a series of three working papers analyzing the basic characteristics of the economic environment in which Latin American firms operate and the optimal design of incentive programs compatible with such environment. Executive pay-for-performance compensation schemes are usually...