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Corporate Borrowing

Corporate Borrowing PDF

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Author: Geoffrey Fuller
Publisher: Jordan Publishing (GB)
ISBN: 9781784731168
Size: 37.20 MB
Format: PDF, ePub
Category : Bank loans
Languages : en
Pages : 450
View: 1409


The law of borrowings embraces many different areas of law: contract, company law, trusts, security, insolvency, tax, financial services and regulation. Corporate Borrowing: Law and Practice brings together all of these elements in a practical and concise single volume. It defines the most effective ways of raising debt finance- from bank loan agreements to MTN programmes- and examines the specific legal problems of security and prospectus requirements under the Prospectus Directive. It examines the issues relating to the various types of trustees, attracting lenders and the statutory provisions regarding invitational material, and the tax implications of borrowings by companies.

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets  PDF

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Author: Oya Celasun
Publisher: International Monetary Fund
ISBN: 1451874111
Size: 74.25 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 36
View: 1164


Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sector. This finding suggests that a higher level of public external debt "crowds out" foreign credit to the private sector by increasing the risk of a sovereign debt crisis and thereby making exposure to corporate sector debt less desirable. The effect is stronger in countries with weak creditor rights. The results highlight the potential costs of fiscal expansions for the domestic corporate sector even when debt is issued in foreign markets.

Leveraged Buyouts And Corporate Debt

Leveraged Buyouts and Corporate Debt PDF

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Author: United States. Congress. Senate. Committee on Finance
Publisher:
ISBN:
Size: 61.52 MB
Format: PDF, ePub, Docs
Category : Banks and banking
Languages : en
Pages :
View: 252



On Corporate Borrowing Credit Spreads And Economic Activity In Emerging Economies

On Corporate Borrowing  Credit Spreads and Economic Activity in Emerging Economies PDF

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Author: Julián Caballero
Publisher:
ISBN:
Size: 72.24 MB
Format: PDF, Docs
Category :
Languages : en
Pages :
View: 4698



Corporate Borrowing And Financing Constraints

Corporate Borrowing and Financing Constraints PDF

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Author: Roman Inderst
Publisher:
ISBN:
Size: 51.50 MB
Format: PDF, ePub, Docs
Category : Banca de inversión - Modelos matemáticos
Languages : en
Pages : 30
View: 5896



Determinants Of Corporate Borrowing

Determinants of corporate borrowing PDF

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Author: Stewart C. Myers
Publisher:
ISBN:
Size: 68.45 MB
Format: PDF, Docs
Category :
Languages : en
Pages : 66
View: 6324



Survey Of Current Business

Survey of Current Business PDF

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Author:
Publisher:
ISBN:
Size: 31.26 MB
Format: PDF, Kindle
Category : Commercial statistics
Languages : en
Pages :
View: 1078



Determinants Of Corporate Borrowing

Determinants of Corporate Borrowing PDF

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Author: Marius Jacques Leonard Jonkhart
Publisher:
ISBN:
Size: 21.37 MB
Format: PDF, ePub, Docs
Category :
Languages : en
Pages : 12
View: 1990



Financial Reforms Financial Openness And Corporate Borrowing International Evidence

Financial Reforms  Financial Openness  and Corporate Borrowing  International Evidence PDF

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Author: Senay Agca
Publisher: International Monetary Fund
ISBN:
Size: 44.83 MB
Format: PDF, Docs
Category : Banks and banking
Languages : en
Pages : 47
View: 3332


We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms.

Financial Reforms Financial Openness And Corporate Borrowing International Evidence Epub

Financial Reforms  Financial Openness  and Corporate Borrowing  International Evidence  EPub  PDF

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Author: Ms. Enrica Detragiache
Publisher: International Monetary Fund
ISBN: 1451999410
Size: 43.65 MB
Format: PDF, Mobi
Category : Business & Economics
Languages : en
Pages : 28
View: 1010


We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms.

Financial Reforms Financial Openness And Corporate Borrowing

Financial Reforms  Financial Openness  and Corporate Borrowing PDF

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Author: Mr.Gianni De Nicolo
Publisher: International Monetary Fund
ISBN: 1451867506
Size: 72.98 MB
Format: PDF, Docs
Category : Business & Economics
Languages : en
Pages : 47
View: 6258


We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms.

The Dollar And Corporate Borrowing Costs

The Dollar and Corporate Borrowing Costs PDF

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Author: Ralf R. Meisenzahl
Publisher:
ISBN:
Size: 23.25 MB
Format: PDF, Mobi
Category :
Languages : en
Pages :
View: 3150


We show that U.S. dollar movements affect syndicated loan terms for U.S. borrowers, even for those without trade exposure. We identify the effect of dollar movements using spread and loan amount adjustments during the syndication process. Using this high-frequency, within loan variation, we find that a one standard deviation increase in the dollar index increases spreads by up to 15 basis points and reduces loan amounts and underpricing by up to 2 percent and 7 basis points, respectively. These effects are concentrated in dollar appreciations. Our results suggest that global factors reflected in the dollar determine U.S. borrowing costs.

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