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2003

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Institution
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Articles 12511 - 12512 of 12512

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The Effect Of Taxes On The Pricing Of Defaultable Debt, Kian Guan Lim, Fenghua Song, Mitchell Craig Warachka Jan 2003

The Effect Of Taxes On The Pricing Of Defaultable Debt, Kian Guan Lim, Fenghua Song, Mitchell Craig Warachka

Research Collection Lee Kong Chian School Of Business

Empirical studies have documented the dependence of corporate credit spreads on default risk, equity premiums, and taxes. However, taxes have previously not been incorporated into reduced-form credit risk models. Therefore, we first extend the existing literature by considering a default intensity that depends on taxes as well as the default-free short rate and a market index. Consequently, we establish a theoretical basis to explain previous empirical findings regarding the significant impact of taxation on defaultable bond prices. Unlike previous models, tax implications for defaultable debt cannot be constructed from a sum of tax effects on zero coupon bonds. Our empirical …

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Developmental Financial Institutions As Technology Policy Instruments: Implications For Innovation And Entrepreneurship In Emerging Economies, Gerard George, Ganesh N. Prabhu Jan 2003

Developmental Financial Institutions As Technology Policy Instruments: Implications For Innovation And Entrepreneurship In Emerging Economies, Gerard George, Ganesh N. Prabhu

Research Collection Lee Kong Chian School Of Business

Developmental financial institutions (DFIs) in emerging economies regularly assess new technology platforms to support their investments in new ventures, established firms, and technology institutions (TIs). Their financing decisions are guided by national priorities such as achieving technological self-reliance. By providing attractive financing options and related support, DFIs are well placed to consciously channel finance into designated priority technology areas. To better understand DFI roles, we conducted multiple interviews with participants affiliated with DFIs, firms and TIs in India. From data gathered from these interviews and secondary data on DFIs in emerging economies, we develop a preliminary framework to suggest that …

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