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010   $a9786612843259
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100   $a20041202d2009      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 10$aCredit risk spreads in local and foreign currencies$b[electronic resource] /$fprepared by Dan Galai and Zvi Wiener
210   $a[Washington D.C.] $cInternational Monetary Fund$d2009
215   $a1 online resource (22 p.)
225 1 $aIMF working paper ;$vWP/09/110
300   $aDescription based upon print version of record.
311   $a1-4519-1687-6 
320   $aIncludes bibliographical references.
327   $aContents; I. Introduction; II. The Model; III. Numerical Examples and Illustrations; Tables; 1. The Euro-Denominated Debt Spread, Face Value, PD, and the Cost of Credit Risk as a Function of Correlations; IV. Credit Spreads and Modigliani and Miller Propositions; Figures; 1. Spreads on Foreign-Currency Bonds and Correlations; 2. Betas of Stocks and Foreign Currency Bonds for Various Correlations; 2. The Expected Return on Stock (yS) as a Function of the B/S Ratio; V. Implications and Conclusions; 3. The Expected Return on Stock yS as a Function of the B/S Ratio and Correlation Coefficient ?
327   $a4. FE as a Function of FAppendixes; I. Determination of the Face Value of Debt in the Foreign Currency; 5. FE as a Function of F; II. Firm Value, Exchange Rates, and Inflation; References
330   $aThe paper shows how-in a Merton-type model with bankruptcy-the currency composition of debt changes the risk profile of a company raising a given amount of financing, and thus affects the cost of debt. Foreign currency borrowing is cheaper when the exchange rate is positively correlated with the return on the company's assets, even if the company is not an exporter. Prudential regulations should therefore differentiate among loans depending on the extent to which borrowers have ""natural hedges"" of their foreign currency exposures.
410  0$aIMF working paper ;$vWP/09/110.
606   $aCredit$xMathematical models
606   $aFinancial risk management
608   $aElectronic books.
615  0$aCredit$xMathematical models.
615  0$aFinancial risk management.
700   $aGalai$b Dan$0147260
701   $aWiener$b Zvi$0992875
801  0$bMiAaPQ
801  1$bMiAaPQ
801  2$bMiAaPQ
906   $aBOOK
912   $a9910464017303321
996   $aCredit risk spreads in local and foreign currencies$92273595
997   $aUNINA

LEADER 01322aam  2200385I  450 
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100   $a20151118d1973      ua             0
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181   $2rdacontent
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200 10$aRepeaters for law enforcement communication systems /$fR. M. Jickling; J. F. Shafer
210  1$aGaithersburg, MD :$cU.S. Dept. of Commerce, National Institute of Standards and Technology,$d1973.
215   $a1 online resource
225 1 $aNBSIR ;$v74-356
300   $a1973.
300   $aContributed record: Metadata reviewed, not verified. Some fields updated by batch processes.
300   $aTitle from PDF title page.
320   $aIncludes bibliographical references.
700   $aJickling$b Robert M$01393520
701   $aJickling$b Robert M$01393520
701   $aShafer$b John F$01415567
712 02$aUnited States.$bNational Bureau of Standards.
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906   $aBOOK
912   $a9910710076903321
996   $aRepeaters for law enforcement communication systems$93517986
997   $aUNINA