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...
..., we test for an implicit transfer of wealth from the existing bond holders to the new bond hol... significantly higher price decline for the former case, i.e., for the issuance of new restricted bon... collateral (i.e., the leased car that is returned to the dealership on expiry of the lease). B. Bene...
Inflation has been slightly higher than projected. Measured by the consumer price index (CPI), inflation is now higher than 3%. A strong rise in prices for electricity and petrol has pushed up CPI inflation since autumn 2007. Inflation has increased in many countries. Oil and gas prices have risen further through spring. Capacity utilization in Norway is high. An ample supply of labor, strong productivity growth and considerable terms of trade gains through several years have boosted the growth potential of the Norwegian economy. Growth in the Norwegian economy seems to have slowed as expected in 2008 Q1. Enterprises in Norges Bank's regional network report high capacity utilization but moderating growth in most of the industries. Monetary policy in Norway is oriented towards annual con...
... to generate a considerably higher real return in the long term than investments in other currenc...They are issued against collateral in the form of securities, carry a fixed rate of interest and ... prices has boosted the value of household wealth. Households must save more to maintain their wealt...
Money market rate premiums have been high and volatile. The difference between money market rates and central bank key rates has been the widest since the international financial turbulence started in August last year. Norwegian money market rates increased sharply after international risk premiums spilled over into the Norwegian market. Foreign exchange markets have also been volatile. Investors have shown interest in the large and most liquid currencies. Growth is also slowing in the Norwegian economy. Household consumption has stagnated and house prices are falling. Monetary policy in Norway is oriented towards annual consumer price inflation of close to 2.5% over time. In recent years, inflation has on average been somewhat lower, but fairly close to 2.5%. A deep and protracted glob...
... in the money and foreign exchange markets, form a basis for interest rate decisions. Communication... securities with collateral in or in return for Norwegian covered bonds in amounts up to a tot...Housing wealth accounts for a considerable proportion of househol...
.... "There is not a secret formula or fast-acting pill for success. Hard work is the ... principles: "Be nice to everyone, always return calls, and stay in communication with everyone. Tr..., Complex Manager, Merrill Lynch-Global Wealth Management . Chris Miller enjoys the view from the...
The function, indeed the very existence, of nonprofit corporations is undertheorized. Recent literature suggests that only preferential tax treatment adequately accounts for the persistence of the nonprofit form. This explanation is incomplete. Drawing on psychology's social identity theory, this Article posits that the nonprofit form can create a special "warm-glow" identity that cannot be replicated by the for-profit form. For example, a local nonprofit food cooperative sells more than the free-range eggs or organic strawberries that Whole Foods and other for-profits market so effectively. The co-op offers community participation and an investment in local farms, a distinctive ethos that is incompatible with the profit motive. Ascribing a special meaning to the nonprofit form allows u...
... in order to give the owners a higher return. The problem arises from the inability of the dono... prestige or identity, beyond potential wealth. But participation in a nonprofit conveys some asp...
... a driver's license or filing a tax return. Ideally, the individual would be required to resp... obtain driver's licenses or other forms of state-issued identification. (153) The same pro..., NUDGE: IMPROVING DECISIONS ABOUT HEALTH, WEALTH, AND HAPPINESS 177 (rev. and expanded ed., 2009). ...
...The agenda also refers to the formal dispute procedure under the Chicago Convention on ... arriving into Dallas at 14.40, with the return leg leaving the US city at 17.15 and landing back ..., Paul Simmons, and Andy Washington have a wealth of experience across all sectors of the industry a...
... or less Realist in approach, of a certain form of modern life in the Parisian banlieue. That the ... Impressionist but signal a deliberate return to Realism as part of a strategic attempt to match... often depicted them as discovering immense wealth that took them to the very height of society. Mie ...
The federal income tax system treats married couples as if each spouse earned approximately one-half of the couple's combined income through a mechanism called "income splitting." For many one-earner and unequal-earner couples, income splitting produces a significant advantage, a "marriage bonus," by shifting income from higher to lower rate brackets. Marriage-based income splitting relies on a presumption that marriage is a good indicator of economic unity between two taxpayers. It is not. Marriage does not require spousal sharing, and many unmarried couples share everything they earn. As a result, the current system extends the benefit of income splitting to some taxpayers who do not deserve it while withholding it from others who do. Because marriage is a poor proxy for economic unit...
... on the presumption that husband and wife form an economic unit, jointly owning and controlling a... permanence of the income-splitting joint return is that its main alternative, a pure separate fili... imposes taxes on realized accessions in wealth over which the taxpayer has complete dominion. 13 ...
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