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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...
..., and Epanechnikov kernel based estimators (see Heckman, Ichimura, and Todd, 1997, 1998), as ... Database, the International Finance Corporation Emerging Markets Factbook, Datastream for historic... defined in terms of income level and professional background, and that the households in the highest...
This study supports the concept that the legal form of small businesses may be a valuable addition to the commonly used measures of age and size as estimators of a firm's stage in its life cycle (the measure of maturity of a small business). A survey of 400 small business owners drawn from a mid-sized Texas city measured owners' perceptions of critical success factors relevant to them. Suggestions for future research are provided for additional confirmation of the incorporation step milestone in a life cycle as a determinant of a firm's perceptions of critical success factors.
... Van Montfort (2006) found that small professional firms change over the course of their business lif...The corporation is a separate legal form that provides for the sep...
... 1: A letter by representatives of a professional association for at-sea fisheries observers raised ... useful approaches for improving the estimators currently employed. NMFS considered his comments, ...If the applicant is a corporation, the articles of incorporation must be provided. I...
...Cooke, Corporation Counsel of the District of Columbia, Neil F. Harti... 36 (remarks of Patrick Murphy); the Professional Contractors Estimators Association had 1 black mem...
..., and quality control personnel and estimators. . Practical Green Sand Control--Ferrous (#54-10) ...--Donald Lubinsky, I'TT Corporation . Green Sand Control (#56-10) . June 1-28 Member: ...Presenter: Bill Koepnick- Professional Training Services, Inc. . Presentation Time: 34 mi...
... among investors and securities professionals (at the very least forcing out of the market those... the question of why managers in a corporation may lie even when the gain from deception is small... yet, disclosure did not cause the estimators to discount the advice provided by their conflicte...
... Douglas Barnhart, CEO of the Barnhart Corporation, which was incorporated in February of '83 in San ... In preparing the estimate of cost, my estimators utilized local knowledge of the climate conditions... Institute, CSI, and other professional groups. My experience with enhanced security goes ...
...and DALLAS -- Hard Dollar Corporation, and Vertigraph, Inc. today announced a technology...Using Vertigraph's BidScreen XL tool, estimators can electronically takeoff materials directly from..."At the end of the day, the professional with the reputation for more accurate bids and the...
...-form assumptions than many other estimators since part of the estimation is nonparametric. In ... to the reference occupation (professional/technical/managerial), workers in all other occupa... office of a large, nationwide THS corporation that reported claiming about 3% of all workers and...
... partnership, not a shareholder-owned corporation, so our decisions can be based on the long term," ...: Despite its large size-30,000 professionals in the U.S. and 268 in Colorado--PwC maintains a c... to all senior management, sales estimators and project managers. . 2008 rank: No. 13 . 5 BEST...
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