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Ebook Debt Maturity, Credit Risk, and Information Asymmetry: The Case of Municipal Bonds

Submitted by wulan on Mon, 01/25/2010 - 09:09

The debt maturity literature (see for example Flannery, 1986; Diamond, 1991; Berger, Espinosa-Vega, Frame, and Miller, 2005; Bali and Skinner, 2006) emphasizes the importance of credit risk and information asymmetry in the debt maturity decision for corporate firms. In the absence of information asymmetry, issuers tend to match debt maturity to asset maturity to minimize debt agency problems.

Under information asymmetry, credit quality of the issuer influences debt maturity. High quality firms prefer short-term debt to avoid moral hazard problems that result from poor quality firms trying to mimic them if transaction costs are not high enough. Poor quality firms issue long-term debt because they may not be able to roll over short-term debt if information about their low quality investment project is disclosed. If they are unable to refinance short-term debt at maturity, they face sub-optimal liquidation.

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PDF Ebook eBay Success Secrets : The Guide to Making a Serious Income Online

Submitted by antoq on Thu, 09/03/2009 - 01:27

If you've ever read an article about eBay, you will have seen the kinds of incomes people make - it isn't unusual to hear of people making thousands of pounds per month on eBay. Next time you're on eBay, take a look at how many PowerSellers there are: you'll find quite a few. Now consider that every single one of one of them must be making at least £500 per month, as that's eBay's requirement for becoming a PowerSeller.

  • Silver PowerSellers make at least £1,500 each month,
  • Gold PowerSellers make more than £5,000,
  • Platinum Powersellers make more than £12,500, and
  • Titanium PowerSellers make at least a whopping £75,000 in sales every month!

The fact that these people exist gives you some idea of the income possibilities here. Most of them never set out to even set up a business on eBay - they simply started selling a few things, and then kept going. There are plenty of people whose full-time job is selling things on eBay, and some of them have been doing it for years now.

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Ebook Bad Corruption, Good Corruption and Growth

Submitted by antoq on Sat, 12/20/2008 - 08:38

Screen shot Bad Corruption, Good Corruption and Growth

Corruption has been widely studied and its effect on numerous areas of public and private life are well documented. Most studies agree that corruption is bad. For example Murphy, Shleifer and Vishny (1993) show that corruption leads to a misallocation of talents which is very costly for economy, Shleifer and Vishny (1993) argue that when the entry of government agencies into regulation activity is free, corruption leads to so much bribing that it drives private agents out of a market, and Guriev (2004) shows that corruption.

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