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Sathe, Ommeed S. (Ommeed Sanjay). "Local debts, international authority : rating agencies' emergence in regulating subnational debt". Thesis, Massachusetts Institute of Technology, 2006. http://hdl.handle.net/1721.1/37469.
Pełny tekst źródłaIncludes bibliographical references (p. 95-99).
This thesis explores the growth of subnational debt ("SND") and the different regulatory responses to this debt. It focuses on the recent emergence of credit rating agencies (e.g. Standard & Poor's, Moody's and Fitch) as an alternative regulatory mechanism, which has the potential to stabilize these markets, improve risk pricing, and alter traditional conceptions of local governance. The first chapter traces SND's long legacy of debt defaults, federal bailouts, and improperly priced risk; as well as the profound benefits that SND can provide to local governments, particularly as a means of resisting the siren song of privatization. Unfortunately, it finds that conventional strategies for regulating SND - including federal oversight, financial rules and market discipline - have not properly balanced these trade offs and have left lingering moral hazards, overly restricted debt markets, and a legacy of mispricing. The second chapter examines the emergence of debt rating agencies in Mexico as a possible alternative. It traces their growth, particularly the role of domestic and international agreements, their methodology, and their historic accuracy. It finds that they should improve debt pricing and obviate moral hazards when compared to existing regulatory interventions.
(cont.) However, these significant benefits come with profound implications on local governance and decentralization. The third chapter investigates rating agencies infringement on traditional local autonomy as well as the more subtle ways in which these bodies can actually improve local deliberation by enhancing transparency and formality. The thesis argues further that any restrictions are outweighed by the benefits from stabilizing SND markets and replacing more onerous regimes. The thesis also suggests that the agencies' view of governance actually fits in with broader international approaches and is part of a broader movement towards international local government law. The paper concludes by considering potential regulation to improve agencies' performance further.
by Ommeed S. Sathe.
M.C.P.
Cavalcanti, Carlos Brandão. "Transferência de recursos ao exterior e substituição de dívida externa por dívida interna". Rio de Janeiro : [BNDES], Gabinete do Presidente, Departamento de Projetos de Comunicação, 1988. http://catalog.hathitrust.org/api/volumes/oclc/21118412.html.
Pełny tekst źródłaSivakumar, Sivalingam. "Dancing on the edge : the dynamics of external debt in the United States, South Korea and Argentina". Title page, table of contents and preface only, 1987. http://web4.library.adelaide.edu.au/theses/09ARM/09arms624.pdf.
Pełny tekst źródłaOosterlinck, Kim. "Sovereign debts in trouble times". Doctoral thesis, Universite Libre de Bruxelles, 2003. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/211300.
Pełny tekst źródłaCollette, Stephanie. "Sovereign bonds: odious debts and state succession". Doctoral thesis, Universite Libre de Bruxelles, 2012. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/209718.
Pełny tekst źródłaThe first part of the research estimates the risk premium required by investors to hold debts which could be denounced as odious. Bondholders could require a premium to compensate for the higher default risk due to the odious character of the debts. The paper quantifies the risk premium required by investors to hold debts which could be denounced as odious and it analyses the relation between the value of the government bond and extreme "odious debt" events. In order to identify if such a premium exists, I focus on a Cuban case study. Based on an original database of Cuban bonds, the paper reveals the existence of a risk premium of at least 200 basis points which penalises bonds issued by dictatorial regimes. The bond market "odious" shocks are provided by a Structural VAR analysis. In a second case study, my research analyses the Tsarist bonds of 1906 and the premium to hold despotic regime debt. The paper shows that the market required a premium despite the attempts made by the Russian government to present the loan as clean.
The second and third parts of my research look at the effects of state succession on the sovereign bonds market. They analyze respectively the two subsets of state succession: state unification and "country break-up". The second part of the dissertation provides an empirical study of sovereign debt integration and analyses the evolution of sovereign bond prices when several countries merge to become a "unified country" or when the probability of such an event exists. Based on an original database made of pre-unification and post-unification Italian bonds, the paper shows the impact of Italy's unification on the bonds. The analysis puts forward that prior to the unification in 1862, the bonds issued by the future parts of the kingdom reacted in an idiosyncratic way. Around the sovereign debt integration, the paper highlights a large risk increase for low-yield bonds. Using a break point analysis and a Dynamic Factor Model, the paper proves that until the late 1860's the financial market did not believe in Italy's Unification. The third part of my research analyzes the financial impact on state bonds of a country which faces a risk to break up. This paper provides an empirical analysis of the evolution of sovereign debt prices when a state breaks up, or when it faces such an event. Based on an original database of Dutch and Belgian bonds, this research shows the impact of Belgian independence in 1830 on the Belgium bonds. This article analyses two risk premiums which may affect the sovereign debt of a state: the first one is linked to the country break-up (or the probability that one may occur) and the second one is due to the instability experienced by the new country. This analysis puts forward a "country break-up" risk premium of 142 basis points. The role of the debt underwriter has also been highlighted in the case of Belgian independence. Financial markets required no "new country" risk premium for Belgian bonds which were underwritten by Rothschild, but the risk premium remained for the Belgian authorities. This was likely due to the role of Rothschild as underwriter whose reputation persuaded the market that the risk is low, but who charged a premium to the Belgian government for their services.
Doctorat en Sciences économiques et de gestion
info:eu-repo/semantics/nonPublished
De, Soyres Constance. "Three Essays on Sovereign Debts and Macroeconomics". Thesis, Toulouse 1, 2017. http://www.theses.fr/2017TOU10023.
Pełny tekst źródłaThis thesis focuses on sovereign debts with a particular emphasis on policy recommendations relative to debt crisis resolution. It is composed of three chapters.In the first chapter, I study the optimal maturity composition of a bailout within an original theoretical sovereign debt model. The framework I develop is composed of three main actors: a country that borrows from the market and cannot commit to repay its debt, a Bailout Authority who is negatively impacted when the country decides to default and can choose to bail it out in order to prevent negative spillovers, and the market which is assumed to be risk-neutral and competitive. Those actors are forward-looking and make policy decisions according to their expectations about future events and others’ reactions. It gives rise to novel insights, including the fact that an optimal bailout should reduce the country’s long-term debt as opposed to short maturities. Indeed, decreasing future debt payments encourages the country to honor its current debt obligations while preventing a costly situation of repeated bailouts in the future. In the second chapter, I investigate the optimal composition of a debt relief, and in particular the tradeoff between a haircut on private debt and a transfer from an Official Institution such as the International Monetary Fund or the European Stability Mechanism in the Eurozone. Building a novel database with the debt reliefs of the last twenty years, I find that haircuts tend to discipline the countries’ borrowing behavior as opposed to transfers. More precisely, sovereign bond spreads tend to significantly decrease following events of haircuts, suggesting that investors incorporate less default risk in sovereign bond prices. I then make sense of this observation in a structural quantitative sovereign debt model where I incorporate a Debt Relief Authority who organizes a debt relief whenever the sovereign is on the verge of a default. I show that the moral hazard problem created by such a mechanism can be mitigated by using haircuts, since they are incorporated into the debt price and hence deter the sovereign from overborrowing. It indicates that the inclusion of a dose of haircuts in debt relief packages is essential to discipline the country’s borrowing behavior. In the final chapter, I analyze the performance of debt projections realized in the IMF Debt Sustainability Analyses for Low-Income countries between 2006 and 2016. I find evidence of systematic optimism in debt projections and relate this bias to two dimensions of their internal logic: the government’s fiscal rule and the growth-investment relationship. In particular, projections tend to overestimate the reduction of the primary budget deficit following any increase in public debt, as well as to overestimate the increase in growth following any increase in investment
Mupunga, Nebson. "Assessing the optimal size and composition of public debt in Zimbabwe". Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/8977.
Pełny tekst źródłaSo, Wang-ming. "An analysis of mortgage prepayment in Hong Kong /". Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B2084234X.
Pełny tekst źródłaSaha, Parumita. "Developing a Framework to measure Enterprise Architecture Debts". Thesis, KTH, Skolan för elektroteknik och datavetenskap (EECS), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-289528.
Pełny tekst źródłaTeknisk skuld dvs dålig eller kortsiktig programutveckling som belastning på IT-system måste förr eller senare återbetalas. I industrin betraktas teknisk skuld som en kritisk fråga när det gäller de negativa konsekvenserna som ökad mjukvaruutvecklingskostnad, låg produktkvalitet, minska underhåll och långsammare framsteg till den långsiktiga framgången med att utveckla programvara. Dålig kodkvalitet “code smell” är vanligt förekommande teknisk skuld. Det uppkommer i vanliga dåliga metoder “anti-patterns” som försämrar programvarans framtida kvalitet. För att kunna identifiera bristande kodkvalitet är det möjligt att skapa en förbättrad lösning eller göra utvecklare medvetna om de möjliga bristerna. Jag undersöker förutsättningarna att en sådan teknisk skuld i företag bör undersökas med en programvara. Utbyggbara och ändamålsenliga programvaror kan analysera källkod och hitta var kvaliteten behöver förbättras. Företagens tekniska skuld kan definieras som ett mått som visar avvikelsen från ett hypotetiskt idealtillstånd genom att jämföra det aktuella tillståndet med praktiska rekommendationer “best practice”. I detta examensarbete introducerar jag SmellCull som ett utbyggbart verktyg för att hitta, spåra och hantera bristfällig kodkvalitet inom företagsarkitektur (EA). SmellCull tillåter mätning av olika typer av tekiska skulder för EA modellen. SmellCull är utbyggbart genom att olika typer av datamodeller kan integreras som indata i miljön, och det ger utveck-lare ett lätt verktyg för att hantera teknisk skuld i programmeringsprojekt och hjälpa projektdeltagarna i programmeringsprojekt att förstå vad orsakar brister i kodkvalitet. Eftersom verktyget är tillräckligt sofistikerat finns det automatiserad spårning, designprocess och kontinuerlig förbättring av EAS (Enterprise Architecture System). Detta inkluderar strategisk utveckling av EAS med motsvarande färdplan, samt konstruktionssäkerhet och prestandäovervakning för att bedöma kvaliteten på data i EA förvar och efterlevnaden av vissa standarder som definieras av EA code smell detection. På grund av den begränsade omfattningen av examensarbetet kommer verktyget att identifiera några få EA skuld. I slutet, några framtida arbetsförslag i samband med identifiering mer säljbara företagsarkitekturskulder med detta verktyg ges.
Seroka, Ngwanatau. "The Influence of Financing Structure on Performance of MSMEs in South African: "The Valley of Death"". Master's thesis, University of Cape Town, 2018. http://hdl.handle.net/11427/28374.
Pełny tekst źródłaNg, Siu-fai. "The early warning system of debt servicing difficulties of a country, by using statistical method to evaluate economic, social and political factors /". [Hong Kong : University of Hong Kong], 1985. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12317706.
Pełny tekst źródłaERCE, DOMINGUEZ Aitor. "Sovereign debt crises : on causes and remedies". Doctoral thesis, European University Institute, 2007. http://hdl.handle.net/1814/7006.
Pełny tekst źródłaExamining Board: Prof. Fernando Broner (Universitat Pompeu Fabra) ; Prof. Giancarlo Corsetti (EUI) ; Prof. Karl Schlag (EUI) ; Prof. Xavier Vives, (IESE Buciness School Barcelona)
PDF of thesis uploaded from the Library digital archive of EUI PhD theses
no abstract available
Tsang, Yuk-fong Elly. "The employment of debt securities in Hong Kong : a study of the market's past developments, recent growths and future prospects /". [Hong Kong : University of Hong Kong], 1986. http://sunzi.lib.hku.hk/hkuto/record.jsp?B12325922.
Pełny tekst źródłaOlivares, Marcos Gustavo Adolfo. "The legal practice of the recovery of state external debts /". Genève : Institut universitaire de hautes études internationales, 2005. http://www.unige.ch/cyberdocuments/theses2003/OlivaresG/these.pdf.
Pełny tekst źródła鄭會欣 i Hwei-shing Cheng. "Foreign debt policy of the Nationalist government, 1927-37". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1991. http://hub.hku.hk/bib/B31210193.
Pełny tekst źródłaYoon, Yeo Hun. "Stabilization program in a small semi-open economy with foreign debts and controlled interest rates". Connect to resource, 1987. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262692922.
Pełny tekst źródłaClaydon, Jane Elizabeth. "What's the charge? : perceptions of blame and responsibility for credit card debt". Thesis, University of Sussex, 2014. http://sro.sussex.ac.uk/id/eprint/48302/.
Pełny tekst źródłaZítková, Jindra. "Problematika vymáhání pohledávek podle právního řádu České republiky". Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-77757.
Pełny tekst źródła吳少輝 i Siu-fai Ng. "The early warning system of debt servicing difficulties of a country, by using statistical method to evaluate economic, social and politicalfactors". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1985. http://hub.hku.hk/bib/B31263343.
Pełny tekst źródłaMcDermott, Dean Patrick. "A description of public debt types and the issuance of municipal bonds". Instructions for remote access. Click here to access this electronic resource. Access available to Kutztown University faculty, staff, and students only, 1991. http://www.kutztown.edu/library/services/remote_access.asp.
Pełny tekst źródłaShih, Yen. "A model of public debt determination : dynamic implications and empirical evidence /". Connect to resource, 1987. http://rave.ohiolink.edu/etdc/view.cgi?acc%5Fnum=osu1262882486.
Pełny tekst źródłaHaug, Alfred A. ""Ricardian equivalence or debt illusion : empirical studies"". The Ohio State University, 1987. http://rave.ohiolink.edu/etdc/view?acc_num=osu1267621324.
Pełny tekst źródłaEyigungor, Burcu. "Essays in dynamic economics". Diss., Restricted to subscribing institutions, 2007. http://proquest.umi.com/pqdweb?did=1432786291&sid=1&Fmt=2&clientId=1564&RQT=309&VName=PQD.
Pełny tekst źródłaNaidu, Aveshni. "A critical analysis of the deductibility of bad debts for income tax purposes". Thesis, Rhodes University, 2018. http://hdl.handle.net/10962/61712.
Pełny tekst źródłaPAES, CRISTIANA VELASCO. "THE DETERMINANTS OF BRAZILIAN PUBLIC DEBTS DURATION IN THE POST-REAL PLAN PERIOD". PONTIFÍCIA UNIVERSIDADE CATÓLICA DO RIO DE JANEIRO, 2003. http://www.maxwell.vrac.puc-rio.br/Busca_etds.php?strSecao=resultado&nrSeq=5097@1.
Pełny tekst źródłaThis dissertation aims to find out the determinants of Brazilian public debt duration after the Real Plan. First, one discusses the models of public debt management and to what extent they can be applied to the evolution of Brazilian duration in the period studied. Then, an analysis of Brazilian public debt management is made, concerning debt´s size, composition, denomination and maturity. In a decomposition exercise, it can be verified that the main factor responsible for the enormous growth of the Federal Bonded Debt are interest payments, which are consequence of structural questions. The reason to study debt´s size and composition is due to their influence in terms of maturity. Finally, an empirical study is conducted evaluating the determinants of Brazilian public debt duration from August 1996 to December 2002. The results show that the higher is debt´s size (measured by the ratio debt/GDP) and the PSBR (Public Sector Borrowing Requirements), the lower is the duration.
Dimitrov, Dragomir. "Creating Social Good through Debts: Critical Discourse Analysis of Borrower Representations at Kiva". Thesis, Malmö universitet, Fakulteten för kultur och samhälle (KS), 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:mau:diva-23782.
Pełny tekst źródłaChambers, James. "Neither a Borrower nor a Lender Be: America Attempts to Collect its War Debts 1922-1934". Digital Commons @ East Tennessee State University, 2011. https://dc.etsu.edu/etd/1363.
Pełny tekst źródłaAndrus, Michael P. "Biblical and practical guidelines for church indebtedness". Theological Research Exchange Network (TREN), 1994. http://www.tren.com.
Pełny tekst źródłaMzekwa-Khiva, Nomonde Lindelani. "Evaluation of debt management policy implementation towards revenue management in government leased properties". Thesis, Nelson Mandela Metropolitan University, 2013. http://hdl.handle.net/10948/d1020633.
Pełny tekst źródłaSo, Wang-ming, i 蘇宏明. "An analysis of mortgage prepayment in Hong Kong". Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B31239274.
Pełny tekst źródłaSchneider, Friedrich Benjamin [Verfasser]. "Odious Debts. : Status quo und Regelungsmodell unter besonderer Berücksichtigung internationaler Menschenrechte. / Friedrich Benjamin Schneider". Berlin : Duncker & Humblot, 2015. http://d-nb.info/1238435734/34.
Pełny tekst źródłaWerner, Martin Maximo. "Dealing with a high public debt the Mexican experience /". 1991. http://catalog.hathitrust.org/api/volumes/oclc/28085777.html.
Pełny tekst źródłaGreen, Emily M. "All debts recalled". 2005. http://catalog.hathitrust.org/api/volumes/oclc/61145537.html.
Pełny tekst źródłaLee, Shi Young. "Essays on the Latin American debt crisis". 1994. http://catalog.hathitrust.org/api/volumes/oclc/32036102.html.
Pełny tekst źródłaWeeks, Thomas Todd. "Negotiating international debt from a debtors' alliance to a global bargain /". 1988. http://catalog.hathitrust.org/api/volumes/oclc/18760629.html.
Pełny tekst źródłaDimitriu, Cristian. "Odious Debts and Global Justice". Thesis, 2011. http://hdl.handle.net/1807/29699.
Pełny tekst źródłaBloodgood, Laura Susan. "The politics of sovereign debt rescheduling government versus commercial bank lending to developing countries /". 1993. http://catalog.hathitrust.org/api/volumes/oclc/32357934.html.
Pełny tekst źródłaJorgensen, Erika Ann. "Essays on debt in Latin America". 1992. http://catalog.hathitrust.org/api/volumes/oclc/28165612.html.
Pełny tekst źródła張莉玲. "Precautionary Savings, Credit Constraints, and Debts". Thesis, 2002. http://ndltd.ncl.edu.tw/handle/05971606642867214997.
Pełny tekst źródła國立彰化師範大學
商業教育學系
90
Among the possible reasons, precautionary savings and credit constraints have been pointed out as two critical determinants for doubting the general applicability of the life cycle/permanent income hypothesis (LC-PIH). Further, LC-PIH assumes consumers are able to obtain the credit they want in the perfect capital market. In fact, however, consumers’ actual debts are lower than desired. Consequently, debt is one of paradoxes between empirical evidences and theory. Researchers founded that credit constraints provide a motive for holding precautionary assets. Studies concluded that debts interact with borrowing constraints. Although researchers have put lots of effort to study the issue of precautionary savings, credit constraints and debt respectively, not much research has been done to examine the causal relationship among these factors. The purpose of this study is to empirically investigate the relationship among precautionary savings, credit constraints and debt by developing a structural equation model. The sample of this study is from the 1998 Survey of Consumer Finances (SCF). Results show that interaction exists between precautionary savings, credit constraints and debts. Accumulating more assets for precaution will reduce the probability of being credit constrained. Credit constraints affect precautionary savings indirectly through debt. Credit constraints have a direct negative impact on debt. The more precautionary savings, the lower level of debts. Debts have a positive impact on precautionary savings and credit constraints.
游志勤. "Dynamic Correlation Analysis of Sovereign Debts". Thesis, 2008. http://ndltd.ncl.edu.tw/handle/95769962952288109231.
Pełny tekst źródłaLai, Yi-Ju, i 賴逸如. "An Empirical Study of Sovereign Debts". Thesis, 2012. http://ndltd.ncl.edu.tw/handle/33256775589590002599.
Pełny tekst źródła國立臺北大學
經濟學系
100
Many people believe sovereign default is something that happens to others in other countries and in the past; Serial default does not happen here and now. We can do much better, we have much more knowledge, and we can solve the financial crisis in 2008 easily. However, in fact, the situation nowadays seems not different from the past. In this paper I take Japan, Greece, Ireland, Spain and Italy as examples to study the effects of sovereign debts on these economies. A theoretical model is built and the tool of vector autoregression (VAR) is used to analyze the effects of sovereign debts and exchange rates on the consumption of these countries. The results are as follows. First, the more public debt is, the lower consumption would be, whereas the depreciated currency can stimulate the consumption. Second, the outcome about the effect of public debt on consumption is almost the same as that from the theoretical model, whereas the effect of exchange rate on consumption is quite different. Third, the effect of exchange rate on consumption in different countries is dissimilar.
Hsieh, Yu-Sheng, i 謝佑聲. "China Debts Structure and Risk Analysis". Thesis, 2017. http://ndltd.ncl.edu.tw/handle/ap26xv.
Pełny tekst źródła國立交通大學
管理學院財務金融學程
105
The main purpose of this essay is to discuss the debt problem in China. We all know GDP growth in China has decelerated in recent years from a peak of 10.6% in 2010 to 6.7% in 2016,and the economy-wide debt is continuing to rise as potential growth slows. While ongoing progress on reforms is likely to transform the economy and financial system over time, it’s not likely to prevent a further material rise in economy-debt. We expect that economy-wide leverage will increase further over the coming years. The planned reform program is likely to slow, but not prevent the rise in leverage. The importance the authorities attach to maintaining robust growth will result in sustained policy stimulus, given the growing structural impediments to achieving current growth targets. Such stimulus s will contribute to rising debt across the economy as a whole. Due to the deceleration of China GDP Growth in recent years, official GDP growth also adjusted downward gradually and the authorities’ emphasis is progressively shifting towards the quality rather than quality of growth. However, the adjustment is essential to the current Five Year Plan and appeared to be considered by the authorities as important for the maintenance of economic and social stability, especially on the eve of 19th National Congress of the Communist Party of China in fall this year. According to BIS’ data, the economy-wide debt of the government, household, and non-financial corporation rose to 256% of GDP at the end of 2016. While such debt levels are not common in advanced countries, they tend to be seen in countries which have much higher per capita incomes, deeper financial markets and stronger institution than China’s. But when you compare some debt indicators in China right now with those indicators in the period of Subprime mortgage crisis and European debt crisis, and you will find there’re definitely some problems in China now for us to discuss. Based on economic theories, this essay establishes a reliable system to exam the debt level in China which makes the reader can easily excess the valuation about the debt situation in China. In the meantime, we also point out a lot of comparable risk indicators for the purpose of be the benchmark for reference here. Finally, we notice the China authorities have taken steps to reduce the rising economy-wide leverage, and we expect the reforms about to offset the rise in debt and financial risk is somehow up to the self-determination of China.
Honold, Eduardo A. "Explaining regime responses to international financial crises in Latin America an analysis of austerity policies in Argentina, Chile, and Peru, 1968-1986 /". 1990. http://catalog.hathitrust.org/api/volumes/oclc/33071714.html.
Pełny tekst źródłaOliveri, Ernest J. "The Latin American debt crisis the politics of stress and adjustment in the inter-American finance regime /". 1987. http://catalog.hathitrust.org/api/volumes/oclc/19341786.html.
Pełny tekst źródłaChow, Edward Hsing-Yi. "The choice between bonds and loans for LDCs' foreign debt". 1990. http://catalog.hathitrust.org/api/volumes/oclc/26240103.html.
Pełny tekst źródłaYung-Ling, Chen. "The Long-Run Performance of Secured Debts". 2004. http://www.cetd.com.tw/ec/thesisdetail.aspx?etdun=U0009-0112200611361045.
Pełny tekst źródłaWang, Chih-Yung, i 汪志勇. "Issuing of subordinated debts and market discipline". Thesis, 2006. http://ndltd.ncl.edu.tw/handle/qdc24u.
Pełny tekst źródła國立中山大學
企業管理學系研究所
95
Three independent models are built based on information asymmetric to analysis discipline effects brought by banks` issuance of subordinated debts. The research results offer the theory of subordinated debts discipline effects. First, an adverse selection model is built to examine banks’ policies when issuing subordinated debts based on the banks’ credit risks. The result shows that banks with lower credit risks are more likely to issue subordinated debts, since after the issuance, the yields of these debts are lower. When depositors observe the lower yields of the subordinated debts, they would presume that these banks have lower credit risks. As a result, banks with lower credit risks can decrease their operational costs by issuing subordinated debts. This model has demonstrated that the market can discipline banks indirectly through the issuance of subordinated debts. Second, a moral hazard model to show that issuing of subordinated debts by banks can bring direct market discipline and indirect market discipline to make their loans less risky. The direct market discipline means that the risk level of bank will be evaluated by professional investors. The investors will require that the yields accord to the banks risk. For lowering the cost of issuing subordinated debts, banks will make their loans less risky. The indirect market discipline means that the depositors would take the yields of these debts as a significant signal indicating banks risk levels. The depositors will decide to withdraw their savings when the bank signals a higher risk, and keep their saving when the bank signals a lower risk. I prove that issuing of subordinated debts by banks can bring about these two kinds of market discipline. The model has also demonstrated that if the bank supervisor can utilize the information of issuing subordinated debts effectively, they will achieve higher supervisory goal. Third, a reputation model is built to show that for reputation concerns, a bank would change its monitoring decisions if it issues subordinated debts. Reputation effect in banks is different in different scenarios. When the good banks probability of success is very high, reputation effect would induce the bad bank to start monitor it`s borrowers, and the efforts of bad banks monitoring would be increased by time. When the bad banks probability of success is very low, reputation effect would induce the good bank start monitoring its borrowers. and the efforts of bad banks monitoring would be decreases by time.
Chen, Yung-Ling, i 陳玉綾. "The Long-Run Performance of Secured Debts". Thesis, 2004. http://ndltd.ncl.edu.tw/handle/29661707881515995558.
Pełny tekst źródła元智大學
財務金融研究所
92
This study analyzes the long-run stock return and operating performance following secured debts from 1989 to 1999. We choose buy-and-hold abnormal return, Fama and French (1993) three-factor model, and Carhart (1997) four-factor model to examine the long-run performance. Our primary findings are that (1) issuing firms have underperformance on stock return and operating performance after offering secured debts; (2) the underperformance is restricted to the period with low volume issues; (3) larger firms with smaller secured debt offering, and firms which issue A-rated secured debt or longer maturity of secured debt will suffer significantly harsh underperformance; (4) the cross sectional results provide financial institutions and utilities, and A-rated secured debt are significantly related to 3-year buy-and-hold return on issuing firms, while market return and A-rated secured debt are significantly related to 5-year buy-and-hold return on issuing firms.
Liu, Ching Hong, i 柳智鴻. "A study on debts-collecting behavior improvement". Thesis, 2014. http://ndltd.ncl.edu.tw/handle/45575281776316134643.
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管理學院碩士學位學程在職專班財務金融組
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This study aims to explore the problem of non-performing loans in domestic banks, and the paper is organized as follows: The first section introduces the idea of “non-performing loans” and “the minimum standards of write-off”. The second section introduces the method, dealing with bad debts through asset management companies, which is used in the United States, Japan, and South Korea, and then explores the problems of its application in Taiwan. The third section describes how domestic banks deal with bad debts. In recent years, many banks have been written off bad debts in a large scale. They have been selling their bad debts to asset management companies since 2002. However, since there have been public doubts about selling bad debts, the market shrank rapidly and buyers gradually retreated. In addition, the small spreads between bank’s deposit and loan ratio has made the business expansion become difficult, and besides financial supervisors requested that banks were not allowed to collect non-performing loans on their own and they are only sold for the exception. As was stated above, the big banks started to change the attitude towards doubtful debt collection, and consequently it has made other banks reflect and change their patterns of collection and thus made an impact on the efficiency of bad debt collection. Finally, this paper summarizes the procedures and methods of collecting bad debts executed by domestic banks. To illustrate, the paper ends by presenting the changing of main direction and implementation adopted by the case in point, “Bank A”, employing strategic and organized collection and therefore greatly improving the retrieval of doubtful debts.
Tsai, Zih-Wei, i 蔡子瑋. "The Sustainability of Local Debts in Taiwan". Thesis, 2016. http://ndltd.ncl.edu.tw/handle/77299859223336580815.
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