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Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451980167 Category : Business & Economics Languages : en Pages : 42
Book Description
This paper is concerned with debt-equity swaps in which foreign residents are a party to the exchange (i.e., it does not deal with flight capital), and with debt forgiveness. The seemingly unrelated issues of debt-equity swaps and debt forgiveness are jointly treated in this study, because debt forgiveness is in fact a special case of debt-equity swaps. Namely, it is a swap in which a positive amount of debt is exchanged for zero equity. For this reason these two problems have many common features.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451980167 Category : Business & Economics Languages : en Pages : 42
Book Description
This paper is concerned with debt-equity swaps in which foreign residents are a party to the exchange (i.e., it does not deal with flight capital), and with debt forgiveness. The seemingly unrelated issues of debt-equity swaps and debt forgiveness are jointly treated in this study, because debt forgiveness is in fact a special case of debt-equity swaps. Namely, it is a swap in which a positive amount of debt is exchanged for zero equity. For this reason these two problems have many common features.
Author: Elhanan Helpman Publisher: ISBN: Category : Languages : en Pages : 42
Book Description
This paper is concerned with debt-equity swaps in which foreign residents are a party to the exchange (i.e., it does not deal with flight capital), and with debt forgiveness. The seemingly unrelated issues of debt-equity swaps and debt forgiveness are jointly treated in this study, because debt forgiveness is in fact a special case of debt-equity swaps. Namely, it is a swap in which a positive amount of debt is exchanged for zero equity. For this reason these two problems have many common features.
Author: Zlatil Davidov Publisher: ISBN: Category : Languages : en Pages :
Book Description
The current work examines the debt to equity swap, a particular type of balance sheet restructuring. It is defined as a "capital reorganization in which creditors exchange or convert a proportion of a company's indebtedness for one or more classes of its share capital". In its essence, a debt to equity swap allows a company to vastly decrease its debt levels, thus reducing its interest payments. It is often used either to escape bankruptcy or to free capital for new investments. This type of transaction has become more popular in recent years but has surprisingly not been thoroughly analyzed by the financial literature. This is the reason why this work has set itself two major goals. First, the debt to equity swap is to be introduced and its specific transaction approach and strategic considerations are to be discussed in Chapters IV and V. The second major part of this work is conducting a thorough empirical analysis on a sample of debt to equity swap transactions. Its goal is to question some of the assumptions and findings of the existing literature on the subject by quantitatively examining the performance of companies before and after the swap. The undertaken econometric approach is thoroughly explained in the empirical design part in Chapter VI. A thorough overview of the sample used is discussed in the data and summary statistics in Chapter VII. The results of the statistical analysis are reviewed in Chapter VIII, while Chapter IX concludes and summarizes the findings of this work.
Author: International Monetary Fund
Author: International Monetary Fund
Author: Elhanan Helpman
Author: 
Author: E. Helpman
Author: Elhanan Helpman
Author: Günter Franke
Author: Zlatil Davidov
Author: 
Author: Norman G. Dytianquin
Author: Abebe Haile Gabriel