Assymetric information associated with issues of transparency, governance and the country's financial, economic and political organization make it difficult to price bonds issued by sovereign entities. Where asymmetric information and corporate debt are concerned, the literature suggests that...

Over the period 1990-92, India experienced a foreign exchange crisis complicated by political turmoil that led to three rapid downgrades of its credit rating within the short space of a year. However, India did not default or reschedule its debt and with the help of foreign exchange loans after...

In this paper we look at the determinants of Indian eurobond prices over the period 1990-1992. We measure the general market effect of changes in the risk-free term structure and test for the effect of idiosyncratic factors such as ratings, listing exchange, issuer type, lead manager, number of...

We use the performance of Indian Eurobonds over the period 1990-1992 to examine the sensitivity of India's creditworthiness to the Iraqi invasion of Kuwait on August 2, 1990. We also explore the related question of whether the changes in creditworthiness, measured as the effect of changes in...

In this paper we look at the Indian financial crisis of 1990-1992 that included three credit rating downgrades of two notches each in the short space of 9 months. We measure to what extent India's financial difficulties were the result of conditions prevailing on the international capital...

Finance is an important subject in many undergraduate programmes. In the UK, the technical competencies in this area are covered by the QAA benchmark in finance (2007). However, the benchmark does not rigidly circumscribe the curriculum and expected competencies. As a result, universities are...

In this paper we show that by assuming a constant variance/covariance matrix over the holding period, the VaR limits can often be exceeded within the relevant horizon period. To minimize this risk, we formulate the problem in terms of portfolio selection and propose an innovative methodology...