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Comparative static results yield the following empirical implications: the likelihood of a call feature should be an increasing function of coupon rate, corporate tax rate and
2 During the same time period, more than a 160 Israeli manufacturing and software corporations issued stock through initial public oerings on the Tel-Aviv Stock Exchange
The decline in the traditional banking business and the ®nancial innovation undertaken by banks in the US is interpreted as a response to the competition from markets and the decline
Therefore, by comparing the information content conveyed by the disclosure of term loans and lines of credit before and after 1988, we can test the impact of banks Õ level of
Although we understand the concerns of some authorities that their banking systems will be discriminated against because of the lack of ratings in their country, we believe that
This ®nding supports Wall (1989) agency theory explanation of the relationship between the risk of a ®rm and the bene®t from a reduction in agency costs by using an interest rate
In a model of oligopolistic competition in the banking sector, we analyse how the monetary policy rule chosen by the Central Bank can in¯uence the incentive of banks to set
Macroeconomic variables as well as variables explaining the peculiar fea- tures of each country Õ s banking industry ± such as regulatory conditions, banking structure and
