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Dealing with risk : underwriting sovereign bond issues in London 1870 - 1914
Mikkelsen, Anders L. - 2014
underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from … position of issuing houses and forced them to shoulder an increasing share of the underwriting risk. Issuing houses had to find … methods to deal with this risk, but they were initially hamstrung by public perception of underwriting as detrimental to the …
Persistent link: https://www.econbiz.de/10010358271
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Dealing with risk: Underwriting sovereign bond issues in London 1870-1914
Mikkelsen, Anders L. - European Association for Banking and Financial History … - 2014
underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from … position of issuing houses and forced them to shoulder an increasing share of the underwriting risk. Issuing houses had to find … methods to deal with this risk, but they were initially hamstrung by public perception of underwriting as detrimental to the …
Persistent link: https://www.econbiz.de/10010957003
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Risk Sharing with the Monarch : Contingent Debt and Excusable Defaults in the Age of Philip II, 1556-1598
Drelichman, Mauricio; Voth, Hans-Joachim - 2011
the arrival of silver fleets. This allowed for effective risk-sharing between the king and his bankers. The defaults that …
Persistent link: https://www.econbiz.de/10014180396
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Waterloo: a Godsend for French Public Finances?
Oosterlinck, Kim; Ureche-Rangau, Loredana; Vaslin, … - 2013
Following Waterloo, managing French public finances represented a daunting task. Defeated France had lost a substantial part of its population and territory. The country was partially occupied and France was to pay huge amounts as reparations to the victors. Furthermore, France's reputation had...
Persistent link: https://www.econbiz.de/10012669391
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Serial Defaults, Serial Profits : Returns to Sovereign Lending in Habsburg Spain, 1566-1600
Drelichman, Mauricio - 2010
Philip II of Spain accumulated debts equivalent to 60% of GDP. He also defaulted four times on his short-term loans, thus becoming the first serial defaulter in history. Contrary to a common view in the literature, we show that lending to the king was profitable even under worst-case scenario...
Persistent link: https://www.econbiz.de/10013137652
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Lending to the Borrower from Hell : Debt and Default in the Age of Philip II
Drelichman, Mauricio - 2012
What sustained borrowing without third-party enforcement, in the early days of sovereign lending? Philip II of Spain accumulated towering debts while stopping all payments to his lenders four times. How could the sovereign borrow much and default often? We argue that bankers' ability to cut off...
Persistent link: https://www.econbiz.de/10013116884
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A Unified Italy? - Sovereign Debt and Investor Scepticism
Collet, Stéphanie - 2017
sovereign debt integration, the paper highlights a substantial increase in the risk premium for low-yield bonds. Using break …
Persistent link: https://www.econbiz.de/10012975355
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Risk Sharing with the Monarch: Excusable Defaults and Contingent Debt in the Age of Philip II, 1556-1598
Drelichman, Mauricio; Voth, Hans-Joachim - Barcelona Graduate School of Economics (Barcelona GSE) - 2012
events such as the arrival of silver fleets. We show that this allowed for effective risk-sharing between the king and his …
Persistent link: https://www.econbiz.de/10010851380
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Waterloo: a Godsend for French Public Finances?
Oosterlinck, Kim; Ureche-Rangau, Loredana; Vaslin, … - European Historical Economics Society - EHES - 2013
Following Waterloo, managing French public finances represented a daunting task. Defeated France had lost a substantial part of its population and territory. The country was partially occupied and France was to pay huge amounts as reparations to the victors. Furthermore, France’s reputation...
Persistent link: https://www.econbiz.de/10010857356
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Risk sharing with the monarch: Excusable defaults and contingent debt in the age of Philip II, 1556-1598
Drelichman, Maurizio; Voth, Joachim - Department of Economics and Business, Universitat … - 2011
events such as the arrival of silver fleets. We show that this allowed for effective risk-sharing between the king and his …
Persistent link: https://www.econbiz.de/10009321254