A Structural Model Of Corporate Bond Pricing With Co Ordination Failure

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The Theory of Corporate Finance

Author : Jean Tirole
Publisher : Princeton University Press
ISBN 13 : 1400830222
Total Pages : 657 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis The Theory of Corporate Finance by : Jean Tirole

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Coordination and Information

Author : Naomi R. Lamoreaux
Publisher : University of Chicago Press
ISBN 13 : 0226468585
Total Pages : 348 pages
Book Rating : 4.2/5 (264 download)

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Book Synopsis Coordination and Information by : Naomi R. Lamoreaux

Download or read book Coordination and Information written by Naomi R. Lamoreaux and published by University of Chicago Press. This book was released on 2007-12-01 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: Case studies that examine how firms coordinate economic activity in the face of asymmetric information—information not equally available to all parties—are the focus of this volume. In an ideal world, the market would be the optimal provider of coordination, but in the real world of incomplete information, some activities are better coordinated in other ways. Divided into three parts, this book addresses coordination within firms, at the borders of firms, and outside firms, providing a picture of the overall incidence and logic of economic coordination. The case studies—drawn from the late nineteenth and early twentieth century, when the modern business enterprise was evolving, address such issues as the relationship between coordination mechanisms and production techniques, the logic of coordination in industrial districts, and the consequences of regulation for coordination. Continuing the work on information and organization presented in the influential Inside the Business Enterprise, this book provides material for business historians and economists who want to study the development of the dissemination of information and the coordination of economic activity within and between firms.

Varieties of Capitalism

Author : Peter A. Hall
Publisher : Oxford University Press
ISBN 13 : 0199247749
Total Pages : 557 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Varieties of Capitalism by : Peter A. Hall

Download or read book Varieties of Capitalism written by Peter A. Hall and published by Oxford University Press. This book was released on 2001 with total page 557 pages. Available in PDF, EPUB and Kindle. Book excerpt: Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.

Managing a Corporate Bond Portfolio

Author : Frank J. Fabozzi
Publisher : John Wiley & Sons
ISBN 13 : 0471446394
Total Pages : 336 pages
Book Rating : 4.4/5 (714 download)

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Book Synopsis Managing a Corporate Bond Portfolio by : Frank J. Fabozzi

Download or read book Managing a Corporate Bond Portfolio written by Frank J. Fabozzi and published by John Wiley & Sons. This book was released on 2003-04-21 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Managing a Corporate Bond Portfolio "Crabbe and Fabozzi's Managing a Corporate Bond Portfolio is a refreshingly good book on the neglected topic in fixed income portfolio management. If you want to understand the latest thinking in corporate bonds, what drives prices and why, read this book. You will emerge with knowledge that will help you get an edge in the competitive investing arena." -Tim Opler Director, Financial Strategy Group, CSFB "A practitioner's guide . . . a creative, comprehensive, and practical book that addresses the myriad of challenges facing managers of corporate bond portfolios. The chapter on liquidity, trading, and trading costs is a must read." -Mary Rooney Head of Credit Strategy, Merrill Lynch "As a Senior Portfolio Manager responsible for managing billions of dollars invested in fixed income product during the mid-1990s, Lee Crabbe was the one Wall Street strategist that I would read every week to help me figure out where value was in the corporate bond market, and for insightful and easy-to-understand special reports that educated me and most investors on the risks and opportunities inherent in new structures and subordinated products. Fortunately for me and investors, Lee Crabbe and Frank Fabozzi have written this book, which compiles much of their previous work on corporate bond valuation, along with new features that are a must read, especially in light of the volatile times in the corporate bond market over the past few years. For portfolio managers, analysts, traders, and even strategists, if there is one book in your bookshelf that you should have on corporate bond portfolio management, it is this one." -William H. Cunningham Managing Director, Director of Credit Strategy, J.P. Morgan Securities Inc. www.wileyfinance.com

The Chemical Bond in Inorganic Chemistry

Author : Ian David Brown
Publisher :
ISBN 13 : 0198508700
Total Pages : 289 pages
Book Rating : 4.1/5 (985 download)

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Book Synopsis The Chemical Bond in Inorganic Chemistry by : Ian David Brown

Download or read book The Chemical Bond in Inorganic Chemistry written by Ian David Brown and published by . This book was released on 2002 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the bond valence model, a description of acid-base bonding which is becoming increasingly popular particularly in fields such as materials science and mineralogy where solid state inorganic chemistry is important. Recent improvements in crystal structure determination have allowed the model to become more quantitative. Unlike other models of inorganic chemical bonding, the bond valence model is simple, intuitive, and predictive, and can be used for analysing crystal structures and the conceptual modelling of local as well as extended structures. This is the first book to explore in depth the theoretical basis of the model and to show how it can be applied to synthetic and solution chemistry. It emphasizes the separate roles of the constraints of chemistry and of three-dimensional space by analysing the chemistry of solids. Many applications of the model in physics, materials science, chemistry, mineralogy, soil science, surface science, and molecular biology are reviewed. The final chapter describes how the bond valence model relates to and represents a simplification of other models of inorganic chemical bonding.

Monetary Theory and Policy, fourth edition

Author : Carl E. Walsh
Publisher : MIT Press
ISBN 13 : 0262338505
Total Pages : 687 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Monetary Theory and Policy, fourth edition by : Carl E. Walsh

Download or read book Monetary Theory and Policy, fourth edition written by Carl E. Walsh and published by MIT Press. This book was released on 2017-05-12 with total page 687 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new edition of a comprehensive treatment of monetary economics, including the first extensive coverage of the effective lower bound on nominal interest rates. This textbook presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. Striking a balance of insight, accessibility, and rigor, the book covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. For the fourth edition, every chapter has been revised to improve the exposition and to reflect recent research. The new edition offers an entirely new chapter on the effective lower bound on nominal interest rates, forward guidance policies, and quantitative and credit easing policies. Material on the basic new Keynesian model has been reorganized into a single chapter to provide a comprehensive analysis of the model and its policy implications. In addition, the chapter on the open economy now reflects the dominance of the new Keynesian approach. Other new material includes discussions of price adjustment, labor market frictions and unemployment, and moral hazard frictions among financial intermediaries. References and end-of-chapter problems allow readers to extend their knowledge of the topics covered. Monetary Theory and Policy continues to be the most comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.

Monetary Theory and Policy, third edition

Author : Carl E. Walsh
Publisher : MIT Press
ISBN 13 : 0262303736
Total Pages : 639 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis Monetary Theory and Policy, third edition by : Carl E. Walsh

Download or read book Monetary Theory and Policy, third edition written by Carl E. Walsh and published by MIT Press. This book was released on 2010-02-12 with total page 639 pages. Available in PDF, EPUB and Kindle. Book excerpt: A new edition of the leading text in monetary economics, a comprehensive treatment revised and enhanced with new material reflecting recent advances in the field. This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy. It covers the basic theoretical approaches, shows how to do simulation work with the models, and discusses the full range of frictions that economists have studied to understand the impacts of monetary policy. Among the topics presented are money-in-the-utility function, cash-in-advance, and search models of money; informational, portfolio, and nominal rigidities; credit frictions; the open economy; and issues of monetary policy, including discretion and commitment, policy analysis in new Keynesian models, and monetary operating procedures. The use of models based on dynamic optimization and nominal rigidities in consistent general equilibrium frameworks, relatively new when introduced to students in the first edition of this popular text, has since become the method of choice of monetary policy analysis. This third edition reflects the latest advances in the field, incorporating new or expanded material on such topics as monetary search equilibria, sticky information, adaptive learning, state-contingent pricing models, and channel systems for implementing monetary policy. Much of the material on policy analysis has been reorganized to reflect the dominance of the new Keynesian approach. Monetary Theory and Policy continues to be the only comprehensive and up-to-date treatment of monetary economics, not only the leading text in the field but also the standard reference for academics and central bank researchers.

Frontiers of Game Theory

Author : K. G. Binmore
Publisher : MIT Press
ISBN 13 : 9780262023566
Total Pages : 372 pages
Book Rating : 4.0/5 (235 download)

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Book Synopsis Frontiers of Game Theory by : K. G. Binmore

Download or read book Frontiers of Game Theory written by K. G. Binmore and published by MIT Press. This book was released on 1993 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: seventeen contributions reflecting the many diverse approaches in the field todayThese seventeen contributions take up the most recent research in game theory, reflecting the many diverse approaches in the field today. They are classified in five general tactical categories - prediction, explanation, investigation, description, and prescription - and wit in these along applied and theoretical divisions. The introduction clearly lays out this framework.

Optimal Maturity Structure of Sovereign Debt in Situation of Near Default

Author : Gabriel Desgranges
Publisher : International Monetary Fund
ISBN 13 : 149837977X
Total Pages : 43 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Optimal Maturity Structure of Sovereign Debt in Situation of Near Default by : Gabriel Desgranges

Download or read book Optimal Maturity Structure of Sovereign Debt in Situation of Near Default written by Gabriel Desgranges and published by International Monetary Fund. This book was released on 2014-09-12 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long term debt is followed by a sequence of negative macro shocks. Prior uncertainty about future fundamentals is then a source of default through its effect on long term interest rates and the optimal debt issuance. Intuitively, the Sovereign chooses a portfolio implying a risk of default because this risk generates a correlation between the future value of long term debt and future fundamentals. Long term debt serves as a hedging instrument against the risk on fundamentals. When expected fundamentals are high, the Sovereign issues a large amount of long term debt, the expected default probability increases, and so does the long term interest rate.

British National Bibliography for Report Literature

Author :
Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.3/5 (91 download)

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Book Synopsis British National Bibliography for Report Literature by :

Download or read book British National Bibliography for Report Literature written by and published by . This book was released on 2003-04 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Institutional Credit Markets

Author : José Gabilondo
Publisher : Edward Elgar Publishing
ISBN 13 : 1788118375
Total Pages : 179 pages
Book Rating : 4.7/5 (881 download)

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Book Synopsis Institutional Credit Markets by : José Gabilondo

Download or read book Institutional Credit Markets written by José Gabilondo and published by Edward Elgar Publishing. This book was released on 2023-01-20 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Institutional Credit Markets provides a framework for understanding the institutional funding markets that undergird the U.S. credit system. It traces the evolution of the depository bank model, its non-bank competitors, and the financial conglomerates that span credit and capital markets.

Halide Glasses for Infrared Fiberoptics

Author : R.M. Almeida
Publisher : Springer Science & Business Media
ISBN 13 : 9400935617
Total Pages : 408 pages
Book Rating : 4.4/5 (9 download)

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Book Synopsis Halide Glasses for Infrared Fiberoptics by : R.M. Almeida

Download or read book Halide Glasses for Infrared Fiberoptics written by R.M. Almeida and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 408 pages. Available in PDF, EPUB and Kindle. Book excerpt: The field of heavy metal halide glasses (namely fluorides) is only ten years old now, but it has developed rapidly since the discovery of fluorozirconate glasses by the group at the University of Rennes (France). The main reason for this was the early demonstration of the enormous potential of such glasses for use as long-haul ultra-low loss middle infrared waveguide materials, aided in part by the scientific interest held by their unusual short range structures. As a result, significant research efforts were initiated in the academic, government and industrial sectors in Europe, the United States and Japan. However, the search for a finished product has per haps led to a partial overlooking of some of the more funda mental aspects by the scientific community. After the initial excitement, the workers in this field are perhaps at a crossroads where attenuations lower than 1 dB/Km need to be obtained for long lengths of fiber of good chemical and thermal stability, in order to guarantee continual R&D sUE ports. Therefore, there is a strong need for a critical asses sment of the potential of halide glasses for infrared fiber optics and the formulation of recommendations for future re search in this area and other related fields.

Sovereign Debt Restructurings 1950-2010

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1475505531
Total Pages : 128 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Sovereign Debt Restructurings 1950-2010 by : Mr.Udaibir S. Das

Download or read book Sovereign Debt Restructurings 1950-2010 written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2012-08-01 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.

Modern Physical Metallurgy and Materials Engineering

Author : R. E. Smallman
Publisher : Butterworth-Heinemann
ISBN 13 : 9780750645645
Total Pages : 456 pages
Book Rating : 4.6/5 (456 download)

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Book Synopsis Modern Physical Metallurgy and Materials Engineering by : R. E. Smallman

Download or read book Modern Physical Metallurgy and Materials Engineering written by R. E. Smallman and published by Butterworth-Heinemann. This book was released on 1999-12-08 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The sixth edition of Modern Physical Metallurgy provides a comprehensive overview of the structure of matter, the physical properties of materials and their mechanical behaviour and some of the most recent advances in physical metallurgy.

The Economics of Business Enterprise

Author : Martin Ricketts
Publisher : Edward Elgar Publishing
ISBN 13 : 1785360930
Total Pages : 647 pages
Book Rating : 4.7/5 (853 download)

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Book Synopsis The Economics of Business Enterprise by : Martin Ricketts

Download or read book The Economics of Business Enterprise written by Martin Ricketts and published by Edward Elgar Publishing. This book was released on 2019 with total page 647 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of The Economics of Business Enterprise provides a comprehensive survey of the theory of the firm from the perspective of New Institutional Economics. It continues to emphasise the role of the entrepreneur within the firm and the emergence of institutional responses to rent seeking. Neoclassical, Transactions Cost, Austrian, Public Choice and Property Rights perspectives are contrasted and used to analyse private governance arrangements, contemporary developments in organisational form such as ‘the sharing economy’ and the regulatory framework.

Transfer Pricing Aspects of Intra-Group Financing

Author : Raffaele Petruzzi
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041167331
Total Pages : 286 pages
Book Rating : 4.0/5 (411 download)

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Book Synopsis Transfer Pricing Aspects of Intra-Group Financing by : Raffaele Petruzzi

Download or read book Transfer Pricing Aspects of Intra-Group Financing written by Raffaele Petruzzi and published by Kluwer Law International B.V.. This book was released on 2013-10-20 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: For corporate managers, maximization of the profits and the market value of the firm is a prime objective. The logical working out of this principle in multinational enterprises has led to an intense focus on transfer pricing between related companies, principally on account of the very attractive tax advantages made possible. Inevitably, numerous countries have established transfer pricing legislation designed to combat the distortions and manipulations that are inherent in such transactions. This important book, one of the first in-depth analysis of the current worldwide working of transfer pricing in intra-group financing and its resonance in law, presents the relevant issues related to loans, financial guarantees, and cash pooling; analyses an innovative possible approach to these issues; and describes new methodologies that can be implemented in practice in order to make intra-group financing more compliant with efficient corporate financing decisions and the generally accepted OECD arm’s length principle. Comparing the tax measures implemented in the corporate tax law systems of forty countries, this study investigates such aspects of intra-group financing as the following: – corporate finance theories, studies, and surveys regarding financing decisions; – application of the arm’s length principle to limit the deductibility of interest expenses; – impact of the OECD’s Base Erosion and Profit Shifting (BEPS) project; – transfer pricing issues related to intra-group financing; – credit risk in corporate finance; – rationales utilized by credit rating agencies; and – the assessment of arm’s length nature of intra-group financing. The author describes ways in which the application of the arm’s length principle can be strengthened and how the related risk of distortion and manipulation can be minimized. The solutions and methodologies proposed are applicable to any business sector. Given that determination of the arm’s length nature of transactions between related companies is one of the most difficult tasks currently faced by taxpayers and tax administrations around the world, this thorough assessment and analysis will prove extraordinarily useful for in-house and advisory practitioners, corporate officers, academics, international organizations, and government officials charged with finding effective responses to the serious issues raised. In addition to its well-researched analysis, the book’s comparative overview of how loans, financial guarantees, and cash pooling are currently addressed by OECD Member States and by their national courts is of great practical value in business decision making.

The Theory of the Firm and Chinese Enterprise Reform

Author : Xiao Qin
Publisher : Routledge
ISBN 13 : 1136923829
Total Pages : 232 pages
Book Rating : 4.1/5 (369 download)

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Book Synopsis The Theory of the Firm and Chinese Enterprise Reform by : Xiao Qin

Download or read book The Theory of the Firm and Chinese Enterprise Reform written by Xiao Qin and published by Routledge. This book was released on 2019-01-22 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Changes to corporate structure, including the role of the corporate headquarters, have been key factors in bringing about economic reform in China. In this penetrating and insightful book, Xiao questions the conventional theory of the firm, arguing that the ultimate goal of the headquarters of modern large corporations is to function as a substitute for the market, and introducing a new explanation for the nature of the firm - the 'substitution function model'. He provides an insider's account of the reforms in CITIC, a rare narrative that should be essential reading for scholars and practitioners who care about the theory and practice of the firm, in particular in the context of Chinese enterprise reform.