Search results for "debt"
showing 10 items of 295 documents
Designing portfolios of financial products via integrated simulation and optimization models
1999
We analyze the problem of debt issuance through the sale of innovative financial products. The problem is broken down to questions of designing the financial products, specifying the debt structure with the amount issued in each product, and determining an optimal level of financial leverage. We formulate a hierarchical optimization model to integrate these three issues and provide constructive answers. Input data for the models are obtained from Monte Carlo simulation procedures that generate scenarios of holding period returns of the designed products. The hierarchical optimization model is specialized for the problem of issuing a portfolio of callable bonds to fund mortgage assets. The …
Social Innovation Lessons from Microangels? An Institutional Entrepreneurship Case Study of the CIGALES Movement in France
2012
One way by which microentrepreneurs can increase their ability to take debt is to take equity alongside, thus respecting prudent ratios and reducing stress. But microequity has not developed in most of the developing world. At the same time, since 1983, microequity has been started in France through a socially innovative movement known as CIGALES. Today, there are over a hundred CIGALES clubs. How have these multiplied and why hasn't the movement grown faster and more global? We look at the development of the CIGALES movement from an Institutional lens. Based on fifteen semi-structured interviews, we trace the creation and expansion of the movement and see internal blockages are as importan…
Performance and international investments in microfinance institutions
2013
Preprint of the published version of an article from Strategic Change Using data from 319 microfinance institutions (MFIs) in 68 developing countries, we study the degree to which international debt investments are related to the financial and social performances of MFIs. We find that commercial investments are mainly related to financial performance and level of professionalisation of the MFIs. The targeting of women is not a priority, even though international commercial investors target MFIs that provide small loans. Subsidised investments, however, are mainly driven by the targeting of women, while financial performance and the level of professionalisation of the MFI is not a priority.
La primera clase de créditos en el procedimiento concursal de reorganización judicial en Chile: ¿la gran ausente?
2017
The new Chilean bankruptcy law, No. 20,720 (D.O. of January 9, 2014), omitsexpressly referring to the credits of the first class in the judicial reorganizationprocedure of the debtor company. This omission has been understoodby a sector of the doctrine and even by the Superintendence of Insolvencyand Re-entrepreneurship as synonymous with the exclusion of said credits,which therefore would not be “reorganizable”. This work aims to raise and justify the opposite conclusion, with a view to overcomingone of the main obstacles that is currently facing this procedure, in its sphereof practical implementation and in view of its economic viability for the proponentdebtor. The research methods used…
Réformes évolutionnistes du système des paiements internationaux : la création de systèmes des paiements supranationaux, une nécessité au regard des …
2012
At the height of the crisis, the international monetary system is powerless to reduce theinstability of exchange rates, the imbalance of the current account of balance ofpayments, instability of exchange rates and the development of speculation in financialmarkets the and the asymmetry between net exporters countries and net deficits countries.This thesis, which had the merit of opening new tracks in order to understand thecomplex relationships between global imbalances and the actual system, showed thatthese global imbalances are intrinsically linked to the failures of the internationalmonetary structure. To stop the deterioration of global imbalances, we propose that thesystem turns towar…
What determines the duration of a fiscal consolidation program?
2013
This paper assesses the determinants of the length of fiscal consolidation using annual data for 17 industrial countries over the period 1978-2009. Relying on a narrative approach to identify fiscal consolidation episodes, we show that fiscal variables (such as the budget deficit and the level of public debt) and economic factors (such as the degree of openness, the inflation rate, the interest rate and per capita GDP) are crucial for the fiscal consolidation process. Additionally, we employ duration analysis over a set of consolidation spells and find that, as time goes by, the likelihood of a fiscal consolidation ending is higher. However, the hazard function is not monotonic: indeed, it …
Household Optimism and Borrowing
2012
A unique Finnish household-level data from 1994 to 2009 allow us to measure how households’ financial expectations are related to the subsequent outcomes. We use the difference between the two to measure forecast errors and household optimism and link the errors to households’ borrowing behaviour. We find that households making greatest optimistic forecast errors carry greater levels of debt and are most likely to suffer from excessive debt loads (overindebtedness). They also are less attentive to forecast errors than their pessimistic counterparts when forming their expectations for a subsequent period.
La capitalización de los arrendamientos operativos: Análisis del impacto en las empresas del IBEX 35
2018
Purpose: This paper analyzes the consequences of the change in the accounting rules about operating leases in the companies and users of financial information. Design/methodology: We use the constructive capitalization method to estimate the liabilities and leased assets and perform an ex ante analysis of the regulatory impact in the IBEX 35 non-financial companies. Non-parametric tests are employed to examine the effect on certain ratios, and through a multivariate regression we investigate the business characteristics that explain the variation of EBITDA. Findings: The ratios under study are significantly affected by the capitalization of operating leases. The explanatory analysis shows t…
Sovraindebitamento e responsabilità patrimoniale
2020
The article critically investigates the relationship between the issue of over-indebtedness and, in particular, that of discharge from bankruptcy, highlighting the problematic relationship with the debtor’s financial liability and the impact on the statute of the obligation. In this sense, the rule on discharge from bankruptcy is examined, stigmatizing both its linguistic inaccuracy and the disorientation it produces in the interpreters. The essay then emphasizes the difficulties encountered by the process of integration of such rule into the system. From this point of view, there is a genetic mutation of the obligation, whose original status is radically changed.
Excessive Daytime Sleepiness and Sleep Disorders in a Population of Patients with Epilepsy: a Case-Control Study
2016
Background and purpose There are several primary causes for excessive daytime sleepiness (EDS) and sleep disorders in patients with epilepsy. Up to now, studies in the literature report conflicting data in terms of both prevalence and aetiology. The aim of our study was therefore to evaluate the prevalence of EDS and some sleep disorders in a population of patients with epilepsy treated with no more than two antiepileptic drugs (AEDs). We also investigated the role of the depression of mood as a variable that can negatively affect EDS. Methods We prospectively and consecutively recruited 99 patients with a diagnosis of epilepsy, sleep disorders and EDS, belonging to the Centre for Epilepsy …