منابع مشابه
Credit Risk and Local Government Bonds: A Case from China
Issuing local government bonds will become a main financing manner and channel of municipal infrastructure in China while its major problem is volumes and credit risk control. Based on the KMV model, the credit risk model for municipal bonds is constructed in this paper and further study the patterns its probability distribution to improve prediction accuracy. After determining the forecast sta...
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Municipal bonds are often “advance refunded.” Bonds that are not yet callable are defeased by creating a trust that pays the interest up to the call date, and pays the call price. New debt, generally at lower interest rates, is issued to fund the trust. Advance refunding has zero net present value in the case of no uncertainty and no fees, otherwise the transaction destroys value. We estimate t...
متن کاملWhy Government Bonds Are Sold by Auction and Corporate Bonds by Posted-price Selling
When information is costly, a seller may wish to prevent prospective buyers from acquiring information, for the cost of information acquisition is ultimately borne by the seller. A seller can achieve the desired prevention of information acquisition through posted-price selling, by offering prospective buyers a discount that is such as to deter them from gathering information. No such preventio...
متن کاملMental health status of municipal solid waste incinerator workers compared with local government office workers.
Recently in Japan dioxin problem of municipal solid waste incinerator (MSWI) became social issue. The news spread all around Japan and induced fear that workers at incinerators would suffer from cancer or other serious illness induced by the exposure to dioxins. Authors were interested in the effect of this stressful event occurred to the workers and intended to evaluate mental health status of...
متن کاملLiquidity, Government Bonds and Sovereign Debt Crises
This paper analyses the European financial crisis through the lens of the sovereign bond liquidity. Using novel data we show that government securities are the prime collateral in the European repo market, which is becoming a primary source of funding for the banking system in the Euro area. We document that the repo haircuts on peripheral government bonds sharply increased during the crisis, r...
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ژورنال
عنوان ژورنال: Ekonomika
سال: 2016
ISSN: 0350-137X,2334-9190
DOI: 10.5937/ekonomika1604175p