scholarly journals Private and Public Debt Markets in Disequilibrium Theory

2015 ◽  
Vol 05 (05) ◽  
pp. 624-636
Author(s):  
Frederick Betz
Keyword(s):  
Public Debt ◽  
Debt Markets ◽  
Private And Public ◽  
Disequilibrium Theory

scholarly journals Debt Origin and Investment Efficiency from Korea

2020 ◽  
Vol 8 (3) ◽  
pp. 47
Author(s):  
Heung Joo Jeon ◽  
Hyun Min Oh
Keyword(s):  
Financial Reporting ◽  
Public Debt ◽  
Negative Relationship ◽  
Optimal Investment ◽  
Capital Gains ◽  
Investment Efficiency ◽  
Private Debt ◽  
Significant Negative Relationship ◽  
Private And Public

This study empirically analyzes the effect of debt origin on investment efficiency. According to previous studies that report that the quality of financial reporting may vary depending on the origin of the debt, the empirical analysis predicted that the effects of the origin of the debt on investment efficiency would be differential. Debt origin was divided into private and public debt. The analysis results of this study are as follows. First, there is a significant negative relationship between the private debt and investment efficiency, while there is a significant positive relationship between public debt and investment efficiency. This means that capital gains under public debt may be more profitable to managers by improving the quality of their accounting information than those under private debt. This is in line with the previous research which found that, when financing with public debt, the earnings management is reduced and accounting transparency is high. This study focuses on the origin of debt as a determinant of investment efficiency and analyzes the level of investment efficiency according to the origin of debt. We examine the sustainability of firms from the perspective of investment efficiency, such as raising capital and selecting optimal investment options. The results of this study suggest that the level of incentives and investment efficiency of managers may be differentiated depending on the origin of the debt.

Competing concepts of class: implications and applications for community development

2016 ◽  
Author(s):  
Lorraine C. Minnite ◽  
Frances Fox Piven
Keyword(s):  
Community Development ◽  
Public Debt ◽  
Public Spending ◽  
Political Influence ◽  
Effective Resistance ◽  
Theory And Practice ◽  
Development Theory ◽  
Private And Public ◽  
New Phase ◽  
Tax Cuts

This chapter reviews some of the trends associated with the new phase of capitalism called ‘neoliberalism’, particularly widening inequality and its correlates in the growing political influence of the wealthiest strata. The consequences for community development include tax cuts, cuts in public spending, and mounting private and public debt. Finally, the authors consider the prospects for effective resistance within the context of community development theory and practice.

Politics, Direct Investment, Public Debt Markets, and the Shadow Economy

2019 ◽  
pp. 683-696
Author(s):  
Friedrich Schneider
Keyword(s):  
Informal Sector ◽  
Political Institutions ◽  
Public Debt ◽  
Sovereign Debt ◽  
Direct Investment ◽  
Shadow Economy ◽  
Debt Crisis ◽  
Policy Implications ◽  
Debt Markets

The chapter first considers the role of politics on the size of the shadow economy and how it is affected by political institutions. Second, it investigates the role of the informal sector on direct investment and public debt markets in the “official” economy. The informal sector has significant adverse effects on credit ratings, lending costs, and investment decisions. This has policy implications, especially in the context of the ongoing sovereign debt crisis, since it suggests that, if politics succeed in reducing the informal sector of financially challenged countries, this is likely to reduce credit risk concerns, cutting down lending costs, and stimulating investment.

scholarly journals Granger-causality in peripheral EMU public debt markets: A dynamic approach

2013 ◽  
Vol 37 (11) ◽  
pp. 4627-4649 ◽  
Author(s):  
Marta Gómez-Puig ◽  
Simón Sosvilla-Rivero
Keyword(s):  
Granger Causality ◽  
Public Debt ◽  
Dynamic Approach ◽  
Debt Markets

scholarly journals Lending Relationships and the Effect of Bank Distress: Evidence from the 2007–2009 Financial Crisis

2015 ◽  
Vol 50 (6) ◽  
pp. 1165-1197 ◽  
Author(s):  
Daniel Carvalho ◽  
Miguel A. Ferreira ◽  
Pedro Matos
Keyword(s):  
Financial Crisis ◽  
Information Asymmetry ◽  
Public Debt ◽  
Financial Crises ◽  
Equity Valuation ◽  
Lending Relationships ◽  
Debt Markets ◽  
Nonfinancial Firms

AbstractWe study the transmission of bank distress to nonfinancial firms from 34 countries during the 2007–2009 financial crisis using systemic and bank-specific shocks. We find that bank distress is associated with equity valuation losses and investment cuts to borrower firms with the strongest lending relationships with banks. The losses are not offset by borrowers’ access to public debt markets and are concentrated in firms with the greatest information asymmetry problems and weakest financial positions. Our findings suggest that public debt markets do not mitigate the effects of relationship bank distress during financial crises.

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