X
feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    Online Resource
    Online Resource
    Does Governing Law Affect Bond Spreads? / (2016)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9958143910602883
    Format: 1 online resource (25 pages)
    Series Statement: Policy research working papers.
    Content: Controlling for bond and issuer characteristics, bond spreads are expected to be equal across different legal jurisdictions, and differences are expected to disappear through arbitrage. However, an analysis of 435 U.S. dollar-denominated bonds issued by 53 emerging market sovereigns during 1990-2015 reveals that after the financial crisis of 2008, the launch spread of sovereign bonds issued under U.K. law has been higher than those issued under U.S. law, by 130 basis points for BB+ bonds and 175 basis points for B- bonds. This effect was not significant for investment grade bonds. On average, bonds issued under U.K. law had weaker ratings and shorter tenors post-crisis. The post-crisis impact of governing law on sovereign bond spreads is not explained by collective action clauses, or first-time bond issuances. Instead, the difference seems to be related to the perception that U.S. law offers stronger investor protection, and that the investor base for bonds issued under U.S. law is larger than that for bonds issued under U.K. law. The difference in spreads persists in the secondary market even after 180 days, perhaps because of the lack of liquidity, as investors tend to buy and hold these more attractive bonds on a longer term basis.
    Language: English
    DOI: 10.1596/1813-9450-7863
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 2
    Online Resource
    Online Resource
    Bilateral M&A Activity from the Global South / (2012)
    Washington, D.C., : The World Bank,
    Details
    UID:
    almafu_9958246449702883
    Format: 1 online resource (28 pages)
    Series Statement: Policy research working papers.
    Content: This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. The authors document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. They find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. The authors also consider the implications of their model for future M&A originating in the global South, in light of the global financial crisis of 2008.
    Language: English
    DOI: 10.1596/1813-9450-5953
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 3
    Online Resource
    Online Resource
    A Cross-Country Database of Fiscal Space / (2017)
    Washington, D.C. :The World Bank,
    Details
    UID:
    almafu_9958281991002883
    Format: 1 online resource (48 pages)
    Series Statement: Policy research working papers.
    Content: This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet vulnerability, external and private sector debt related risks as potential causes of contingent liabilities, and market access. The authors illustrate potential applications of the database by analyzing developments in fiscal space across three time frames: over the past quarter century; during financial crises; and during oil price plunges. The main results are as follows. First, fiscal space had improved in many countries before the global financial crisis. In advanced economies, following severe deteriorations during the crisis, many indicators of fiscal space have virtually returned to levels in the mid-2000s. In contrast, fiscal space has shrunk in many emerging market and developing economies since the crisis. Second, financial crises tend to coincide with deterioration in multiple indicators of fiscal space, but they are often followed by reduced reliance on short-term borrowing. Finally, fiscal space narrows in energy-exporting emerging market and developing economies during oil price plunges but later expands, often because of procyclical fiscal tightening and, in some episodes, a recovery in oil prices.
    Language: English
    DOI: 10.1596/1813-9450-8157
    URL: Volltext  (Deutschlandweit zugänglich)
    URL: Volltext  (kostenfrei)
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    FU Berlin
    UB Potsdam
    EUV Frankfurt
    HTW Berlin
    Charité
    MPI Bildungsforschung
  • 4
    Online Resource
    Online Resource
    Bilateral M&A Activity from the Global South / (2012)
    Washington, D.C., : The World Bank,
    Details
    UID:
    edocfu_9958246449702883
    Format: 1 online resource (28 pages)
    Series Statement: Policy research working papers.
    Content: This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. The authors document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. They find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. The authors also consider the implications of their model for future M&A originating in the global South, in light of the global financial crisis of 2008.
    Language: English
    DOI: 10.1596/1813-9450-5953
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    FU Berlin
  • 5
    Online Resource
    Online Resource
    Bilateral M&A Activity from the Global South / (2012)
    Washington, D.C., : The World Bank,
    Details
    UID:
    edoccha_9958246449702883
    Format: 1 online resource (28 pages)
    Series Statement: Policy research working papers.
    Content: This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. The authors document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. They find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. The authors also consider the implications of their model for future M&A originating in the global South, in light of the global financial crisis of 2008.
    Language: English
    DOI: 10.1596/1813-9450-5953
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Charité
  • 6
    Online Resource
    Online Resource
    A Cross-Country Database of Fiscal Space (2017)
    World Bank, Washington, DC
    Details
    UID:
    gbv_1759639192
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 8157
    Content: This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet vulnerability, external and private sector debt related risks as potential causes of contingent liabilities, and market access. The authors illustrate potential applications of the database by analyzing developments in fiscal space across three time frames: over the past quarter century; during financial crises; and during oil price plunges. The main results are as follows. First, fiscal space had improved in many countries before the global financial crisis. In advanced economies, following severe deteriorations during the crisis, many indicators of fiscal space have virtually returned to levels in the mid-2000s. In contrast, fiscal space has shrunk in many emerging market and developing economies since the crisis. Second, financial crises tend to coincide with deterioration in multiple indicators of fiscal space, but they are often followed by reduced reliance on short-term borrowing. Finally, fiscal space narrows in energy-exporting emerging market and developing economies during oil price plunges but later expands, often because of procyclical fiscal tightening and, in some episodes, a recovery in oil prices
    Note: English , en_US
    Language: English
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
  • 7
    Online Resource
    Online Resource
    Does Governing Law Affect Bond Spreads? (2016)
    World Bank, Washington, DC
    Details
    UID:
    gbv_1759648620
    Format: 1 Online-Ressource
    Series Statement: Policy Research Working Paper No. 7863
    Content: Controlling for bond and issuer characteristics, bond spreads are expected to be equal across different legal jurisdictions, and differences are expected to disappear through arbitrage. However, an analysis of 435 U.S. dollar–denominated bonds issued by 53 emerging market sovereigns during 1990-2015 reveals that after the financial crisis of 2008, the launch spread of sovereign bonds issued under U.K. law has been higher than those issued under U.S. law, by 130 basis points for BB+ bonds and 175 basis points for B- bonds. This effect was not significant for investment grade bonds. On average, bonds issued under U.K. law had weaker ratings and shorter tenors post-crisis. The post-crisis impact of governing law on sovereign bond spreads is not explained by collective action clauses, or first-time bond issuances. Instead, the difference seems to be related to the perception that U.S. law offers stronger investor protection, and that the investor base for bonds issued under U.S. law is larger than that for bonds issued under U.K. law. The difference in spreads persists in the secondary market even after 180 days, perhaps because of the lack of liquidity, as investors tend to buy and hold these more attractive bonds on a longer term basis
    Note: United Kingdom , United States , English , en_US
    Language: English
    URL: kostenfrei
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Stabi Berlin
  • 8
    Online Resource
    Online Resource
    Bilateral M&A Activity from the Global South (2012)
    [Erscheinungsort nicht ermittelbar]
    Details
    UID:
    gbv_797518037
    Format: Online-Ressource
    Series Statement: Policy Research working paper WPS 5953
    Content: This paper studies the factors associated with outbound bilateral mergers and acquisitions (M&A) activity by firms located in emerging economies. The authors document recent trends in emerging market M&A flows, which have risen dramatically over the past decade, and explore the factors that may have contributed to this rise. They find distinct patterns for M&A deals according to whether the acquisition targets are in other emerging economies or advanced countries, and that these differences can be attributed to differing theoretical motivations behind foreign direct investment. The authors also consider the implications of their model for future M&A originating in the global South, in light of the global financial crisis of 2008.
    Note: English
    Language: English
    URL: Volltext  (kostenfrei)
    URL: kostenfrei
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Fulltext
    Stabi Berlin
  • 9
    Online Resource
    Online Resource
    Does Governing Law Affect Bond Spreads? / (2016)
    Washington, D.C. :The World Bank,
    Details
    UID:
    edoccha_9958143910602883
    Format: 1 online resource (25 pages)
    Series Statement: Policy research working papers.
    Content: Controlling for bond and issuer characteristics, bond spreads are expected to be equal across different legal jurisdictions, and differences are expected to disappear through arbitrage. However, an analysis of 435 U.S. dollar-denominated bonds issued by 53 emerging market sovereigns during 1990-2015 reveals that after the financial crisis of 2008, the launch spread of sovereign bonds issued under U.K. law has been higher than those issued under U.S. law, by 130 basis points for BB+ bonds and 175 basis points for B- bonds. This effect was not significant for investment grade bonds. On average, bonds issued under U.K. law had weaker ratings and shorter tenors post-crisis. The post-crisis impact of governing law on sovereign bond spreads is not explained by collective action clauses, or first-time bond issuances. Instead, the difference seems to be related to the perception that U.S. law offers stronger investor protection, and that the investor base for bonds issued under U.S. law is larger than that for bonds issued under U.K. law. The difference in spreads persists in the secondary market even after 180 days, perhaps because of the lack of liquidity, as investors tend to buy and hold these more attractive bonds on a longer term basis.
    Language: English
    DOI: 10.1596/1813-9450-7863
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Charité
  • 10
    Online Resource
    Online Resource
    A Cross-Country Database of Fiscal Space / (2017)
    Washington, D.C. :The World Bank,
    Details
    UID:
    edoccha_9958281991002883
    Format: 1 online resource (48 pages)
    Series Statement: Policy research working papers.
    Content: This paper presents a comprehensive cross-country database of fiscal space, broadly defined as the availability of budgetary resources for a government to service its financial obligations. The database covers up to 200 countries over the period 1990-2016, and includes 28 indicators of fiscal space grouped into four categories: debt sustainability, balance sheet vulnerability, external and private sector debt related risks as potential causes of contingent liabilities, and market access. The authors illustrate potential applications of the database by analyzing developments in fiscal space across three time frames: over the past quarter century; during financial crises; and during oil price plunges. The main results are as follows. First, fiscal space had improved in many countries before the global financial crisis. In advanced economies, following severe deteriorations during the crisis, many indicators of fiscal space have virtually returned to levels in the mid-2000s. In contrast, fiscal space has shrunk in many emerging market and developing economies since the crisis. Second, financial crises tend to coincide with deterioration in multiple indicators of fiscal space, but they are often followed by reduced reliance on short-term borrowing. Finally, fiscal space narrows in energy-exporting emerging market and developing economies during oil price plunges but later expands, often because of procyclical fiscal tightening and, in some episodes, a recovery in oil prices.
    Language: English
    DOI: 10.1596/1813-9450-8157
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    Open Access Request
    Charité
Nothing or not found what you are looking for? Please check your search query or use the Interlibrary Loan Search.
Close ⊗
This website uses cookies and the analysis tool Matomo. Further information can be found on the KOBV privacy pages