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Entrepreneurial Finance with Equity-for-Guarantee Swap and Idiosyncratic Risk [PDF]
SSRN Electronic Journal, 2013 We consider a risk-averse entrepreneur who invests in a project with idiosyncratic risk. In contrast to the literature, we assume the entrepreneur is unable to get a loan from a bank directly because of the low creditability of the entrepreneur and so an innovative financial contract, named equity-for-guarantee swap, is signed among a bank, an insurer,
Huamao Wang, Zhaojun Yang, Hai Zhang
semanticscholar +8 more sources
Credit default swaps and firms' financing policies [PDF]
Journal of Corporate Finance, 2018 Abstract This paper examines the impact of credit default swaps (CDS) on firms' financing and trade credit policies. Our results indicate firms with CDS trading on their debt increase their equity issuances. Further, firms with CDS trading on their debt and high levels of long-term debt issuances decrease their debt financing. Total and idiosyncratic
Fuller, Kathleen P. +2 more
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Debt-for-nature or climate swaps in public finance management [PDF]
Problems and Perspectives in Management, 2023 Considering climate change and growing ecological threats, achieving climate neutrality requires close attention from the state and the involvement of new tools, including those of the so-called green financing. This paper aims to determine the feasibility of combining the tasks of reducing the debt burden and expanding investments in environmental ...
Svitlana Naumenkova +3 more
openaire +3 more sources
Credit Default Swaps, Firm Financing and the Economy [PDF]
SSRN Electronic Journal, 2012 This paper develops a model of CDS demand when investment is subject to economic fluctuations and verification is imperfect. We show that CDS overinsurance (insurance in excess of renegotiation proceeds) is procyclical and allows for greater financing of firms with positive NPV projects. In bad times, CDS overinsurance triggers the early liquidation of
Rafael Matta +2 more
openaire +4 more sources
Currency Swaps: An Instrument of International Finance [PDF]
Vikalpa: The Journal for Decision Makers, 1996 A currency swap involves exchange of principal and interest payments in two different currencies between two parties. Swaps are off balance sheet transactions and have grown at a phenomenal rate. This article by Sivaprakasam Sivakumar and Anita Mathew focuses on the development of the swap market, presents an ...
Sivaprakasam Sivakumar, Anita Mathew
openaire +2 more sources
Debt swaps for financing education: Exploration of new funding resources [PDF]
Cogent Economics & Finance, 2018 As an innovative financial mechanism to explore additional funds for social development programs in developing countries, debt swaps for development, including debt-for-education swaps, became popular between the 1980s and 2000s. Their popularity, however, seems to have diminished since the beginning of the 2010s.
Ito, Hiroshi +2 more
openaire +5 more sources
Innovative financing of the sustainable development goals in the countries of the Western Balkans [PDF]
Energy, Sustainability and Society, 2022 Background This paper is related to the current stage of development in the Western Balkans. Despite becoming growing instruments to finance sustainable green development, debt swaps and social or sustainability bonds are relative novelties in this ...
Igor Lukšić +3 more
doaj +2 more sources
Selected Issues In The Taxation Of Swaps, Structured Finance and Other Financial Products
Florida Tax Review, 2022 This article is based on a paper presented by the author to the Tax Review of New York City on November 16, 1992.The last decade has seen an explosive growth in the use of swaps and other derivative products as part of the asset and liability management strategies of corporations and other institutional investors.
Lewis R. Steinberg
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Comment: «The Application of the Continuous-Time Theory of Finance to swap Valuation» [PDF]
The Geneva Papers on Risk and Insurance - Issues and Practice, 1989 Bruno Solnik
openaire +3 more sources