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Konstruktion einer Anleihe mit hypothekarischer Besicherung

Alram, Johannes - Frankfurt School of Finance and Management - 2009

This work describes the legal structuring of a mortgage covered bond in accordance with the regulations of paragraphs … rights of the bond holders according to the regulations of the German Statue Governing Common Rights of Owners of Debt … Securities (Schuldverschreibungsgesetz). Furthermore, the work describes how the bond creditors shall have preferences of the …

Persistent link: https://www.econbiz.de/10005026984

Chile; Institutions and Policies Underpinning Stability and Growth

Kalter, Eliot; Phillips, Steven; Singh, Manmohan; … - International Monetary Fund (IMF) - 2004

This paper presents the primary institutions and economic policies that have led to Chileâ€™s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...

Persistent link: https://www.econbiz.de/10005767351

The Contingent Claims Approach to Corporate Vulnerability Analysis; Estimating Default Risk and Economy-Wide Risk Transfer

Xiao, Yingbin; Gray, Dale F.; Lim, Cheng Hoon; Gapen, … - International Monetary Fund (IMF) - 2004

In this paper, we examine the ability of the contingent claims approach (CCA) to identify corporate sector and economy-wide vulnerabilities. We apply the Moody's MfRisk model, which uses aggregated CCA principles, to assess vulnerabilities retroactively in two historical country cases. The...

Persistent link: https://www.econbiz.de/10005599251

International Investment Patterns

Lane, Philip R.; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2004

The paper provides a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly-released data on international equity holdings at the end of 2001. It develops a model that links bilateral equity holdings to bilateral trade in goods...

Persistent link: https://www.econbiz.de/10005599398

Is Systematic Default Risk Priced in Equity Returns? A Cross-Sectional Analysis Using Credit Derivatives Prices

Chan-Lau, Jorge A. - International Monetary Fund (IMF) - 2006

This paper finds that systematic default risk, or the event of widespread defaults in the corporate sector, is an important determinant of equity returns. Moreover, the market price of systematic default risk is one order of magnitude higher than the market price of other risk factors. In...

Persistent link: https://www.econbiz.de/10005605000

From Crisis to Recovery in Korea; Strategy, Achievements, and Lessons

Kang, Kenneth; Liang, Hong; Ma, Henry; Richards, Anthony J. - International Monetary Fund (IMF) - 2001

This paper reviews and draws lessons from the stabilization and reform program that Korea implemented in response to the 1997-98 crisis. The economy recovered quickly from the deep recession in 1998 and its vulnerability to a balance of payments crisis has been reduced sharply. Significant...

Persistent link: https://www.econbiz.de/10005825786

Malaysian Capital Controls; Macroeconomics and Institutions

Tamirisa, Natalia T.; Johnson, Simon; Kochhar, Kalpana; … - International Monetary Fund (IMF) - 2006

We analyze the capital controls imposed in Malaysia in September 1998. In macroeconomic terms, these controls neither yielded major benefits nor were costly. At the same time, the stock market interpreted the capital controls (and associated events) as favoring firms with stronger political...

Persistent link: https://www.econbiz.de/10005263746

Small and medium-sized enterprises in East Germany: Status and outlook

Irsch, Norbert - In: CESifo Forum 6 (2005) 4, pp. 7-15

Persistent link: https://www.econbiz.de/10004998728

The strategic effect of debt in dynamic price competition with fluctuating demand

Neubecker, Leslie - Wirtschaftswissenschaftlichen Fakultät, … - 2002

This paper shows that obligations from debt hinder tacit collusion if equity owners are protected by limited liability. In contrast to its advantageous commitment value in short-run competition, leverage reduces profits from infinite interaction. Contrasting uncorrelated shocks with a cyclical...

Persistent link: https://www.econbiz.de/10009151418

Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)

Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernhard - arqus - Arbeitskreis Quantitative Steuerlehre - 2011

In einem kürzlich erschienenen ZfB-Beitrag schlagen Förster et al. eine Vorgehensweise für die Erfassung der Zinsschranke und ihrer Wirkung auf die zinsinduzierte Steuerersparnis vor. Dieser Beitrag nimmt kritisch dazu Stellung: Es wird gezeigt, dass die dort abgeleiteten Formeln für die...

Persistent link: https://www.econbiz.de/10009004777