In this article we examine the relation between the maturity of sovereign debt and the choice of foreign or local contract terms (parameters). Our primary finding is that the maturities of bonds issued by non-investment-grade (NIG) sovereigns are greater when the bonds are written in foreign...

In this article we examine the relations between risk, the choice of foreign or local contract terms (parameters) and maturity in the sovereign debt market. Our primary finding is that the maturities of bonds that carry a meaningful degree of risk (rating BBB+ and below, which we label Lower...

In 2018, Russia began inserting an unusual clause into euro and dollar sovereign bonds, seemingly designed to circumvent future Western sanctions. The clause worked by letting the government pay in roubles if sanctions cut off access to dollar and euro payment systems. The clause received little...

Sovereign borrowers needing debt relief in the 21st century must face three sets of creditors — commercial lenders (usually bondholders), traditional Paris Club government creditors and non-Paris Club bilateral creditors like China. Each of these groups will secretly hope to extract...

Since the 1990s, women have made up roughly half of law school classes. Attrition between entry to law firms and partnership results in women comprising 20 and 25 percent of partners. But who makes it to the top of the partnership? Is there yet more gendered attrition? Constructing a unique...

This article examines the impact of Greece retroactively, via legislation, changing the terms in hundreds of billions of euros worth of Greek government bonds governed by domestic Greek law. As the abrogation of gold clauses in US government bonds by the US Congress in 1933 had been, the Greek...