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We present new evidence from a natural experiment to show circumstances in which ownership restrictions can enhance value. Our evidence is based on multiple restricted bond issues by an emerging market issuer at 150 basis points lower than comparable bonds, resulting in a billion dollars saving. This is intriguing: how can an emerging market issuer with junk bond ratings obtain such low yields? We argue ownership restrictions enhance value since they enable an issuer to precommit to renegotiate efficiently with a favored clientele in the potential default states, thereby circumventing deadweight costs of prolonged negotiations, particularly when the restricted clientele also values the underlying collateral higher than other investors. Ownership restrictions can also result in a transfe...
... by an emerging market issuer (namely, India's largest bank, the State Bank of India) exclusive... of real estate, jewelry, family support payments etc. - see Appendix A for details). Thus the value...) have been the main stay of the Indian balance of payments for the past 25 years.24 Annual inflow...
... achieving cooperation will be striking a balance between the negotiating positions of developing an...'s Faustian Climate Bargain and the Payments Coming Due, Distinguished Public Lecture Series at...
Employment regulations are needed to allow efficient contracting between employers and workers and to protect workers from discriminatory or unfair treatment by employers. In its indicators on , Doing Business measures flexibility in the regulation of hiring, working hours and dismissal in a manner consistent with the conventions of the International Labour Organization (ILO). An economy can have the most flexible labor regulations as measured by Doing Business while ratifying and complying with all conventions directly relevant to the factors measured by Doing Business4 and with the ILO core labor standards. No economy can achieve a better score by failing to comply with these conventions. In Africa, Uganda (in 2006), Mozambique (in 2007) and Burkina Faso (in 2008) ena...
...A study of 1,948 retail stores in large Indian cities finds that 27% see labor regulations as a p... face the challenge of finding the right balance between worker protection and labor market flexibi... abolished the 50% increase in severance payments that had been part of the 2002 "emergency laws.". ...
... mortgage means a mortgage providing for payments at regular intervals, with a final payment (?ballo... and pays off or satisfies the outstanding balance of the mortgage. Book-entry GSE Security means a G...(1) American Indian or Alaskan Native?a person having origins in any o...
[...] the rise of China affects all countries, including the EU as its largest trading partner, not only in terms of trade, but also insofar as it is an engine of the world economy alongside the US. [...] an international body or forum cannot force its mandate on sovereign nations; instead, it must appeal to the mutual self-interest of countries in maintaining stability.
...Meanwhile, after experiencing a major balance of payments crisis in 1991, India's economic polic...
... north-east Panjub, the former province of India, malaria epidemics increased fivefold in the year ...Apart from these, informal payments (e.g., illegal payments) by households in public h... deficit as well as the deficit in balance of payment (Al-Khaldi, 2008). The prevalence of ma...
...But the balance between entrenched traditional interest groups and..., India experienced a classic external payments crisis: high fiscal and current account deficits, ...
... economic reform in response to the balance-of-payments crisis of 1990. The objective was to r...
... partnership with India is its desire to balance and counter China's rising power. India, too, is p... aftermath of an unprecedented balance-of-payments crisis in 1991 when India was on the verge of defa...
... into the economic factors such as GDP, balance of payments, apart from the fiscal and monetary po...
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