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Pricing An Interest Payment Guarantee
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Book Synopsis Valuing Interest Payment Guarantees on Developing Country Debt by : International Monetary Fund
Download or read book Valuing Interest Payment Guarantees on Developing Country Debt written by International Monetary Fund and published by International Monetary Fund. This book was released on 1990-01-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a technique to value guarantees on interest payments on developing-country debt, and provides some preliminary estimates of the cost of such guarantees. The cost of interest payment guarantees is not directly observable because a guarantee is a contingent obligation that becomes effective only if the debtor fails to make a certain payment. The strategy adopted in this paper is to estimate the market price that an interest payment guarantee would have if such a contract existed and were traded in financial markets. Using results from option pricing theory it is possible to calculate the price that an “interest guarantee contract” would carry in financial markets on the basis of the price of developing-country debt in secondary markets.
Book Synopsis Credit Guarantees by : Michael Gudger
Download or read book Credit Guarantees written by Michael Gudger and published by Food & Agriculture Org.. This book was released on 1998 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: The problem of collateral is a daily issue for lenders and causes much debate in the development finance community. Given the difficulties experienced in arranging traditional forms of loan security, such as land or chattel mortgages, various collateral substitutes have been proposed. Among the substitutes for traditional collateral is the loan guarantee. Guarantee systems for loans have been proposed, planned and implemented in various countries. The assumption made by proponents of such a service is that the guarantee organization is either better informed about the risk of the loan than the lender or it is better structured financially to be able to manage the risk. Despite the apparent attractiveness of a loan guarantee, the empirical evidence available gives little encouragement. Nevertheless, interest in guarantees continues.
Book Synopsis Contingency Approaches to Corporate Finance by : Dan Galai
Download or read book Contingency Approaches to Corporate Finance written by Dan Galai and published by World Scientific Publishing Company. This book was released on 2019-01-30 with total page 2036 pages. Available in PDF, EPUB and Kindle. Book excerpt: Black and Scholes (1973) and Merton (1974) (hereafter referred to as BSM) introduced the contingent claim approach (CCA) to the valuation of corporate debt and equity. The BSM modeling framework is also named the 'structural' approach to risky debt valuation. The CCA approach considers all stakeholders of the corporation as holding contingent claims on the assets of the corporation. Each claim holder has different priorities, maturities and conditions for payouts. It is based on the principle that all the assets belong to all the liability holders.In the structural approach the arrival of the default event relies on economic arguments for why firms default as it is explicitly related to the dynamics of the economic value of the firm. A standard structural model of default timing assumes that a corporation defaults when its assets drop to a sufficiently low level relative to its liabilities.The BSM modeling framework gives the basic fundamental version of the structural model where default is assumed to occur when the net asset value of the firm at the maturity of the pure-discount debt becomes negative, i.e., market value of the assets of the firm falls below the market value of the firm's liabilities. In a regime of limited liability, the shareholders of the firm have the option to default on the firm's debt. Equity can be viewed as a European call option on the firm's assets with a strike price equal to the face value of the firm's debt. Actually, CCA can be used to value all the components of the firm's liabilities. Option pricing models are used to value stocks, bonds, and many other types of corporate claims.Different versions of the model correspond to different assumptions about the conditions when a firm defaults. Merton (1974) assumes that the firm only defaults at the maturity date of the firm's outstanding debt when the net asset value of the firm, in market value terms, is negative. Others introduce other conditions for default. Also, different authors introduce more complicated capital structure with different kinds of bonds (e.g. senior and junior), warrants, corporate taxes, ESOP, and more. Volume 1: Foundations of CCA and Equity ValuationVolume 1 presents the seminal papers of Black and Scholes (1973) and Merton (1973, 1974). This volume also includes papers that specifically price equity as a call option on the corporation. It introduces warrants, convertible bonds and taxation as contingent claims on the corporation. It highlights the strong relationship between the CCA and the Modigliani-Miller (M&M) Theorems, and the relation to the Capital Assets Pricing Model (CAPM). Volume 2: CCA Approach to Corporate Debt ValuationVolume 2 concentrates on corporate bond valuation by introducing various types of bonds with different covenants as well as introducing various conditions that trigger default. While empirical evidence indicates that the simple Merton's model underestimates the credit spreads, additional risk factors like jumps can be used to resolve it. Volume 3: Issues in Corporate Finance with CCA ApproachVolume 3 includes papers that look at issues in corporate finance that can be explained with the CCA approach. These issues include the effect of dividend policy on the valuation of debt and equity, the pricing of employee stock options and many other issues of corporate governance. Volume 4: CCA Approach to Banking and Financial IntermediationVolume 4 focuses on the application of the contingent claim approach to banks and other financial intermediaries. Regulation of the banking industry led to the creation of new financial securities (e.g., CoCos) and new types of stakeholders (e.g., deposit insurers).
Download or read book Circular No. A-11 written by Omb and published by . This book was released on 2019-06-29 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: The June 2019 OMB Circular No. A-11 provides guidance on preparing the FY 2021 Budget and instructions on budget execution. Released in June 2019, it's printed in two volumes. This is Volume I. Your budget submission to OMB should build on the President's commitment to advance the vision of a Federal Government that spends taxpayer dollars more efficiently and effectively and to provide necessary services in support of key National priorities while reducing deficits. OMB looks forward to working closely with you in the coming months to develop a budget request that supports the President's vision. Most of the changes in this update are technical revisions and clarifications, and the policy requirements are largely unchanged. The summary of changes to the Circular highlights the changes made since last year. This Circular supersedes all previous versions. VOLUME I Part 1-General Information Part 2-Preparation and Submission of Budget Estimates Part 3-Selected Actions Following Transmittal of The Budget Part 4-Instructions on Budget Execution VOLUME II Part 5-Federal Credit Part 6-The Federal Performance Framework for Improving Program and Service Delivery Part7-Appendices Why buy a book you can download for free? We print the paperback book so you don't have to. First you gotta find a good clean (legible) copy and make sure it's the latest version (not always easy). Some documents found on the web are missing some pages or the image quality is so poor, they are difficult to read. If you find a good copy, you could print it using a network printer you share with 100 other people (typically its either out of paper or toner). If it's just a 10-page document, no problem, but if it's 250-pages, you will need to punch 3 holes in all those pages and put it in a 3-ring binder. Takes at least an hour. It's much more cost-effective to just order the bound paperback from Amazon.com This book includes original commentary which is copyright material. Note that government documents are in the public domain. We print these paperbacks as a service so you don't have to. The books are compact, tightly-bound paperback, full-size (8 1/2 by 11 inches), with large text and glossy covers. 4th Watch Publishing Co. is a HUBZONE SDVOSB. https: //usgovpub.com
Book Synopsis An Option-pricing Approach to Secondary Market Debt by : Stijn Claessens
Download or read book An Option-pricing Approach to Secondary Market Debt written by Stijn Claessens and published by World Bank Publications. This book was released on 1990 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This pricing model for secondary market debt is designed to assess the impact of debt reduction on the value of remaining claims and the market value of different types of guarantees.
Download or read book Code of Federal Regulations written by and published by . This book was released on 1997 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Infrastructure Delivery by : Ashoka Mody
Download or read book Infrastructure Delivery written by Ashoka Mody and published by World Bank Publications. This book was released on 1996-01-01 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Lessons of Experience Paper No. 3. Describes the International Finance Corporation's (IFC's) 20 years of leasing experience in developing countries and assesses the developmental impact of leasing. The IFC has invested in leasing companies in more than half of the developing countries that have a leasing industry today.
Book Synopsis The Code of Federal Regulations of the United States of America by :
Download or read book The Code of Federal Regulations of the United States of America written by and published by . This book was released on 1992 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Code of Federal Regulations is the codification of the general and permanent rules published in the Federal Register by the executive departments and agencies of the Federal Government.
Book Synopsis Interest Rate and Down Payment on Loans Guaranteed by the Veterans' Administration by : United States. Congress. House. Committee on Veterans' Affairs
Download or read book Interest Rate and Down Payment on Loans Guaranteed by the Veterans' Administration written by United States. Congress. House. Committee on Veterans' Affairs and published by . This book was released on 1953 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government at Risk by : Hana Polackova Brixi
Download or read book Government at Risk written by Hana Polackova Brixi and published by World Bank Publications. This book was released on 2002 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many governments have faced serious instability as a result of their contingent liabilities. But conventional public finance analysis and institutions fail to address such fiscal risks. This book aims to provide motivation and practical guidance to governments seeking to improve their management of fiscal risks. The book addresses some of the difficult analytical and institutional challenges that face reformers tooling up to manage government fiscal risks. It discusses the inadequacies of conventional practices as well as recent advances in dealing with fiscal risk.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :145193078X Total Pages :180 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1990-01-01 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition strategy from administratively set interest rates to market rates is discussed. Despite worldwide trends toward financial liberalization, few monetary authorities are prepared to accept as reasonable any interest rate level that is market determined. The paper suggests some helpful indicators to assess the adequacy of interest rates and discusses factors that contribute to a smooth liberalization process. The main conclusion is that interest rate liberalization is not synonymous with laissez-faire policies, but requires the replacement of the administratively set interest rates by indirect monetary management techniques that operate through the market.
Book Synopsis Interest Rate and Down Payment of Loans Guaranteed by the Veterans' Administration ... by : United States. Congress. House. Veterans' Affairs Committee
Download or read book Interest Rate and Down Payment of Loans Guaranteed by the Veterans' Administration ... written by United States. Congress. House. Veterans' Affairs Committee and published by . This book was released on 1953 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Wheat Price Guaranteed by Congress by : United States. Congress. House. Committee on Agriculture
Download or read book Wheat Price Guaranteed by Congress written by United States. Congress. House. Committee on Agriculture and published by . This book was released on 1919 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Deriving Developing Country Repayment Capacity from the Market Prices of Sovereign Debt by : Stijn Claessens
Download or read book Deriving Developing Country Repayment Capacity from the Market Prices of Sovereign Debt written by Stijn Claessens and published by World Bank Publications. This book was released on with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Internal Revenue Bulletin by : United States. Internal Revenue Service
Download or read book Internal Revenue Bulletin written by United States. Internal Revenue Service and published by . This book was released on 1993 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Cambridge Business English Dictionary by : Roz Combley
Download or read book Cambridge Business English Dictionary written by Roz Combley and published by Cambridge University Press. This book was released on 2011-11-10 with total page 993 pages. Available in PDF, EPUB and Kindle. Book excerpt: The most up-to-date business English dictionary created specially for learners of English.
Book Synopsis Internal Revenue Cumulative Bulletin by : United States. Internal Revenue Service
Download or read book Internal Revenue Cumulative Bulletin written by United States. Internal Revenue Service and published by . This book was released on 1993 with total page 656 pages. Available in PDF, EPUB and Kindle. Book excerpt:
