Cellulose is an organic component that widely found in wood fibers. the main pulp/paper industry. As wood, raw material for pulp contains cellulose often used and processed to produce various types paper Pulp primary different products, ranging from factories’ boards daily necessities such as paper, tissue, tea bags, magazines. Meanwhile, a new change literature language has played significant ...

I explore whether a Belgian policy that reduced the corporate tax bias towards debt finance was successful in lowering firm leverage. Using putatively exogenous time series variation cost of equity financing and difference-in-differences strategy includes similar firms from surrounding countries, find did lead to increased ratios, with some evidence shift short-term long-term debt.

Loan spreads are analysed for two types of loans. The …rst takes losses at maturity only; the second one follows the formulation of CFOs (Collateralized Fund Obligations), with losses registered over the lifetime of the contract. In both cases, the implementation requires the choice of a process for the underlying asset value and the identi…cation of the parameters. The parameters of the proces...

Abstract. The evaluation of structured credit products like baskets and collateralized debt obligations (CDOs) most often relies on the simulation of correlated default times for the underlying pool of credit instruments. Given the distribution of a default time vector one can find the distribution of the corresponding (cumulative) default quote path for a portfolio. In this note we show that t...

Governments in emerging markets often behave like a “tormented insurer”, trying to use non-state-contingent debt instruments to avoid cuts in payments to private agents despite large fluctuations in public revenues. In the data, average public debt-GDP ratios decline as the variability of revenues increases, primary balances and current expenditures follow cyclical patterns sharply at odds with...

This study aims to determine the solvency and profitability of State-Owned Enterprises (SOE) in city palembang. uses a quantitative descriptive approach. The population this research is sampling method was PT. Pupuk Sriwidjadja (Persero) Semen Baturaja period 2014-2018. ability PT (Persero), seen from Debt Asset Ratio Equity Ratio, bad condition Meanwhile, return on assets equity has decreased ...

Copyright © 2006 R ecently, an unusually high number of firms in the economy defaulted, with the default rate for Moody’s-rated speculativegrade issuers reaching as high as 10.2% in 2001. In their annual review, Moody’s summarized these credit events as follows, “Record defaults —unmatched in number and dollar volume since the Great Depression—have culminated in the bankruptcies of well-known f...

Project background: one common strategy within the capital structure relative value umbrella is trading credit versus equity. Credit and equity are both claims on the assets of a company. Debt securities typically pay a fixed coupon to the holder as long as the company does not default, but offers no additional upside if the company’s performance improves and its assets become more valuable. On...