whether for the delay in payment of debt resulting from civil liability can be demand late payment damages? in answering this question, answer of some of lawyers is positive. they believed that late payment damages is accrued to debt resulting from civil liability. because, these creditors are more deserving of protection. also, the word of debt in article 522 of code civil procedure is absolut...

THE ``DECADE of development’’ cannot rest on an unstable fiscal base. India has seen too often how bold objectives can be pushed aside through financial crisis. It is extremely important to bring down fiscal deficits mainly through budget cuts and privatisation revenues to reduce the ratio of public debt to national income to avoid future macroeconomic destabilisation. Unless substantial fiscal...

This study empirically examines whether managers manipulate reported income through the timing of sales of long-lived assets and investments. Several empirical implications of the income-smoothing and debt-equity hypothesis in the context of asset sales were tested. The findings are consistent with the timing of asset sales by managers so that the recognized accounting income from these sales s...

This study attempts to investigate the effect of oil returns and external debt on the government expenditure in Syria over the period 1970-2010. The Johansen cointegration test showed that oil returns and external debt have a positive and significant long run relationship with government expenditure. The Granger causality test indicates unidirectional short-run causality relationships running f...

In this paper we analyse the source and magnitude of marketing gains from selling structured debt securities at yields that reflect only their credit ratings, or specifically at yields on equivalently rated corporate bonds. We distinguish between credit ratings that are based on probabilities of default and ratings that are based on expected default losses. We show that subdividing a bond issue...

This paper highlights the role of the domestic tax system in determining the economic consequences of an external debt overhang. The analysis indicates that fairly strong, and probably unrealistic, assumptions about the domestic tax system are needed to argue that the investment disincentives associated with the debt overhang are large enough to place a country on the wrong side of the debt Laf...

We examine whether the presence of alternative debt covenant designs (threshold tightness, covenants frequency and covenant interdependence) reduces the adverse effect of poor accounting quality on debt cost in the private lending market. Our results indicate that when lenders face borrowing firms characterized by low accounting quality (hereafter, low quality borrowers), the lender tends to in...

An assumption in prior research is that debt is homogeneous and provides inappropriate governance for R&D investments. We argue that debt is heterogeneous: although transactional debt does indeed impose strict contractual constraints that provide inappropriate governance for R&D investments, relational debt has very different characteristics that provide more appropriate governance. Using a sam...

We propose a restructuring of U. S. Federal debt. All debt should be perpetual, paying coupons forever with no principal. The debt should be composed of the following: 1) Fixedvalue, floating-rate, electronically transferable debt. Such debt looks like a money-market fund, or reserves at the Fed, to an investor. 2) Nominal perpetuities. This debt pays a coupon of $1 per bond, forever. 3) Indexe...