The effect of capital structure when expected agency costs are extreme
In: NBER working paper series 8452
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In: NBER working paper series 8452
In: Journal of Investment Consulting, Band 21, Heft 1, S. 4-14
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In: Forthcoming, Journal of Systematic Investing, 2021
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In: The Canadian Journal of Economics, Band 30, Heft 1, S. 169
In: NBER Working Paper No. w4623
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In: NBER Working Paper No. w4621
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In: Review of policy research, Band 12, Heft 3-4, S. 76-89
ISSN: 1541-1338
The Treasury should supplement its bond offerings with adjustable‐rate coupon bonds. The adjustable coupon would be linked to the six‐month Treasury bill auction yield. Given the different magnitude of adjustable and fixed mortgage rates, the interest servicing costs would be dramatically lower for the floating‐coupon bonds. This idea is already a proven winner in the corporate bond market where close to 30 percent of new Eurobond offerings in the last 10 years have been adjustable‐rate bonds. In addition to reducing servicing costs, the strategy will relieve some of the burden on the long‐maturity fixed‐coupon bonds. Reducing the supply of the fixed‐coupon bonds should increase prices and decrease long‐term yields. Reduction in long‐term interest rates enhances spending, construction and capital expenditures. Most importantly, these bonds help enforce a low inflation policy.
In: Policy studies review: PSR, Band 12, Heft 3-4, S. 76
ISSN: 0278-4416
In: The international library of critical writings in financial economics 14
In: An Elgar reference collection
In: NBER working paper series, 6312
World Affairs Online
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In: Duke I&E Research Paper No. 2017-13
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