Debt capital markets in China
In: Wiley finance series
6452 Ergebnisse
Sortierung:
In: Wiley finance series
In: Journal of international economics, Band 27, Heft 3-4, S. 199-220
ISSN: 0022-1996
In: NBER Working Paper No. w2610
SSRN
Working paper
SSRN
Working paper
In: Journal of Corporate Finance Research, Band 10, Heft 4, S. 9-27
SSRN
In: Asia’s Debt Capital Markets; The Milken Institute Series on Financial Innovation and Economic Growth, S. 57-115
Micro-economic reform is a primary objective of modern Australian socio-economic policy. The key outcome targetted by this reform is increased efficiency, measured by a range of factors, including cost reduction, increased savings, and a more facilitative environment for business activity. These benefits are sought by the proponents of reform as part of a push to increase national prosperity, but concerns that social equity is undermined by it are expressed by opponents of that reform. The debate between efficiency and equity is raging in current Australian tax policy, a key site for micro-economic reform. As Government Budget restructuring occurs in Australia, demographic change (eg, the ageing population) undermines the ability of public funded welfare to provide retirement benefits. Responsibility for self-funded retirement is an important contributor to increasing private savings. Investment in growth assets such as corporate stock is increasing in Australia, however concerns about volatility of asset values and yield stimulate the importance of investment risk management techniques. Financial contract innovation utilising financial derivatives is a dominant mechanism for that risk management. Synthetic equity products which are characterised by capital protection and enhanced yield are popular and efficient equity risk management vehicles, and are observed globally, particularly in the North American market. Financial contract innovation, risk management using financial derivatives, and synthetic equity products suffer from an adverse tax regulatory response in Australia, which deprives Australian investors from access to important savings vehicles. The negative Australian tax response stems from anachronistic legislation and jurisprudence, which emphasises tax outcomes based on legal form. The pinnacle of this approach is the tax law insistence on characterisation of financial contracts as either debt or equity, despite some important financial similarities between these two asset types. Since derivatives ...
BASE
In: Scottish journal of political economy: the journal of the Scottish Economic Society, Band 54, Heft 1, S. 55-71
ISSN: 1467-9485
ABSTRACTNot much is known about the returns to aging (maturing) in the market for small business finance. Using a large panel of closely held micro firms, we document that the cost of debt capital is higher for young firms. The main finding of this paper is that this negative qualitative relation is also obtained when cross‐sectional variation in unobservable creditworthiness of small businesses and within‐firm (i.e., inter‐temporal) variation in their observable creditworthiness are held constant. We control for the former by firm‐specific fixed effects and for the latter by a commercial credit score. We also provide an estimate of the quantitative magnitude of the aging effect, on which both economic theory and earlier empirical research are silent. We find that when a small business ages one year, its cost of debt capital decreases by 1–2 basis points. The effect is neither negligible nor alarmingly large.
In: The Milken Institute series on financial innovation & economic growth 6
In: International Journal of Auditing, Forthcoming
SSRN
In: FRL-D-24-00679
SSRN
In: Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 13/2004
SSRN
In: Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper WP No. 19/2003
SSRN
In: Journal of policy modeling: JPMOD ; a social science forum of world issues, Band 16, Heft 6, S. 597-608
ISSN: 0161-8938