On April 26, 1996, Public Law 104-134 was Chart 1 .-Payment volume, by type of disbursement, fiscal year 1997 enacted, requiring all Federal payments except tax refunds be issued electronically by January 2, 1999, thus beginning a new era in electronic N Federal tax 10.5% funds transfer (EFT). This legislation, the Debt Collection Improvement Act of 1996-part of the Omnibus Consolidated Resciss...

Tanaka, Takanori—Corporate governance and the cost of public debt financing: Evidence from Japan This paper explores the relationship between corporate governance mechanisms and the cost of public debt financing in Japan. Using a sample of corporate bonds newly issued in Japan during the period 2005–2008, I find that CEO ownership is associated with higher yield spreads after controlling for ot...

III. An Operational Framework for Debt Sustainability Assessments ....................................12 A. General Considerations ...........................................................................................13 B. Empirical Thresholds ..............................................................................................17 C. Analysis of Current and Projected Debt Indicator...

Abstract This research aims to analyze the determinants of a firm’s factors that influence capital structure. The variables used were profitability, growth, tangibility, non-debt tax shield, liquidity, and size. quantitative approach by using multiple linear regression. samples from all non-financial sector companies listed on Indonesia Stock Exchange issued financial statements in 2016–2020 no...

Evidence has been mounting (over the centuries) that the interest based debt financing regime is under ever increasing distress. All of the earlier crises whatever label they carried− exchange rate crisis or banking crisis – have been debt crises in essence. At the present, empirical research suggests that the debt-to-GDP ratio of the richest members of the G-20 threatens to touch 120% m...

A combination of high deductible health plans (HDHPs) and health savings accounts (HSAs) holds promise for expanding health insurance for small firms. We provide information on HSA take-up and shopping behavior from a 2008 survey of female small business owners, revealing that the HSA marketplace can be confusing for small firms. HSAs may have expanded access to health insurance for the smalles...

The Indonesian Ministry of Environment and Forestry recently issued a 35-year permit-based social forestry, called Izin Pemanfaatan Hutan Perhutanan Sosial (IPHPS), which was implemented in forestlands managed by the State Forest Corporation (SFC). IPHPS is unique scheme because forestry permits were previously granted on forestland unencumbered with rights. It provides more secure tenure right...

The voting arrangements used by creditors during debt restructuring are prespecified, often by statute. For example, U.S. law stipulates unanimous agreement outside bankruptcy, but allows for a supermajority vote in Chapter 11 bankruptcy. We analyze the effect of voting rules on the welfare of debtors and their creditors in restructuring negotiations. When markets are liquid, the “toughness” en...

We investigate the effects of manager characteristics on capital structure. We first develop a dynamic structural model that incorporates managerial discretion in effort and financing, as well as agency conflicts between managers and outside investors. We derive the manager’s dynamic contract and implement it through financial securities. This leads to a dynamic capital structure for the firm c...

In this paper we study the role of portfolio diversification on optimal default of sovereign debt in a two-country model with large economies that are financially integrated. Financial integration increases the incentives to default not only because part of the defaulted debt is owned by foreigners (the standard redistribution channel), but also because the endogenous macroeconomic cost for the...