Evaluating Debt Repurchases: What Are the Alternatives to Investment?

Detalhes bibliográficos
Autor(a) principal: Cabral, Célia Costa
Data de Publicação: 1996
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10362/88060
Resumo: A general model of debt repurchases is built which reconciles most points raised in the literature on buybacks. The inclusion of assets alternative to domestic investment is shown to be of crucial importance in the analysis and leads to the reversal of some previous results. It is shown that investment necessarily rises following a buyback, independently of the source of the funds used. The condition that determines whether or not buybacks are an attractive solution to the debtor is derived. It is shown to depend on the price at which debt can be bought and on an -interest differential effect".
id RCAP_7b10f1b5be3d32157236226fc9529033
oai_identifier_str oai:run.unl.pt:10362/88060
network_acronym_str RCAP
network_name_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository_id_str 7160
spelling Evaluating Debt Repurchases: What Are the Alternatives to Investment?Debt OverhangDebt BuybackA general model of debt repurchases is built which reconciles most points raised in the literature on buybacks. The inclusion of assets alternative to domestic investment is shown to be of crucial importance in the analysis and leads to the reversal of some previous results. It is shown that investment necessarily rises following a buyback, independently of the source of the funds used. The condition that determines whether or not buybacks are an attractive solution to the debtor is derived. It is shown to depend on the price at which debt can be bought and on an -interest differential effect".Nova SBERUNCabral, Célia Costa2019-11-22T12:01:32Z1996-081996-08-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/88060engCabral, Célia Costa, Evaluating Debt Repurchases: What Are the Alternatives to Investment? (August, 1996). FEUNL Working Paper Series No. 279info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:39:13Zoai:run.unl.pt:10362/88060Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:49.374051Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Evaluating Debt Repurchases: What Are the Alternatives to Investment?
title Evaluating Debt Repurchases: What Are the Alternatives to Investment?
spellingShingle Evaluating Debt Repurchases: What Are the Alternatives to Investment?
Cabral, Célia Costa
Debt Overhang
Debt Buyback
title_short Evaluating Debt Repurchases: What Are the Alternatives to Investment?
title_full Evaluating Debt Repurchases: What Are the Alternatives to Investment?
title_fullStr Evaluating Debt Repurchases: What Are the Alternatives to Investment?
title_full_unstemmed Evaluating Debt Repurchases: What Are the Alternatives to Investment?
title_sort Evaluating Debt Repurchases: What Are the Alternatives to Investment?
author Cabral, Célia Costa
author_facet Cabral, Célia Costa
author_role author
dc.contributor.none.fl_str_mv RUN
dc.contributor.author.fl_str_mv Cabral, Célia Costa
dc.subject.por.fl_str_mv Debt Overhang
Debt Buyback
topic Debt Overhang
Debt Buyback
description A general model of debt repurchases is built which reconciles most points raised in the literature on buybacks. The inclusion of assets alternative to domestic investment is shown to be of crucial importance in the analysis and leads to the reversal of some previous results. It is shown that investment necessarily rises following a buyback, independently of the source of the funds used. The condition that determines whether or not buybacks are an attractive solution to the debtor is derived. It is shown to depend on the price at which debt can be bought and on an -interest differential effect".
publishDate 1996
dc.date.none.fl_str_mv 1996-08
1996-08-01T00:00:00Z
2019-11-22T12:01:32Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/88060
url http://hdl.handle.net/10362/88060
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Cabral, Célia Costa, Evaluating Debt Repurchases: What Are the Alternatives to Investment? (August, 1996). FEUNL Working Paper Series No. 279
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Nova SBE
publisher.none.fl_str_mv Nova SBE
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
_version_ 1799137985692696576

Registros relacionados