Sec.A1473.004.AACONTENTS OF ORDER AUTHORIZING BONDS. (a) The order of the commissioners court authorizing the issuance of bonds under this subchapter may provide for the flow of funds and the establishment and maintenance of an interest and sinking fund, a reserve fund, or another fund. (b)AAThe order may: (1)AAprohibit the issuance of additional bonds or other obligations payable from the pled...

I derive the optimal timing strategy for an investor taking tax gains and losses on tax-exempt bonds (up to a 7% gain over buy-and-hold). I then derive the issuer’s optimal coupon rate, which maximizes the tax benefit for a tax-timing investor (up to a 3.5% gain over issuing at par, potentially more than the cost of issuance itself). All these gains are transfers from the U.S. Treasury to local...

We use forward-looking and exogenous measures of output price uncertainty to examine the effect of price uncertainty on firm-level capital investment, risk management, and debt issuance. The effects of uncertainty vary significantly by firm size. When faced with high price uncertainty, large firms increase their hedging intensity but do not lower capital investment or debt issuance. In contrast...

This paper brings into focus a link between the investment and nancing decisions of a rm which has an access to costly debt nancing. Our analysis shows that lump-sum debt issuance costs play a prominent role in a determination of the optimal investment strategy. Faced with larger lump-sum debt issuance costs, a rm will optimally set up a higher-scale investment project in order to "compensate" ...

We present a cashow based model of corporate debt valuation that incorporates two novel features. First, we allow for the separation and optimal determination of the rm's debt-service and dividend policies; in particular, the rm is allowed to maintain cash reserves to meet future debt obligations. Second, our model admits the possibility that raising resources through issuance of new equity cou...

We analyze the factors that affect security issuance and its impacts on the volatility of stock returns before and after the issuance under heterogeneous beliefs and short sale constraints using the issuing sample of convertible bonds, corporate bonds and stocks in China’s security market during 2007 to 2012. The empirical tests identify that abnormal turnover can portray heterogeneous beliefs ...

Bangladesh Post Office introduced the Electronic Money Transfer System (EMTS), a mobile payment support service similar to Kenya’s M-PESA, to helps citizens send money orders quickly and safely. EMTS data show dramatic increase in electronic money order issuance, amount remitted, and amount of commission that outnumbered corresponding figures of ordinary money orders. Also EMTS shortened the av...

In this paper, an attempt has been made for the design of a robotic library using an intelligent system. The robot works on the ARM microprocessor, motor driver circuit with 5 degrees of freedom with Wi-Fi and GPS based communication protocol. The authenticity of the library books is controlled by RFID. The proposed robotic library system is facilitated with embedded system and ARM. In this lib...

introduction: it is necessary to have exact, complete and up-to-date information about death of people in a society. this information can be useful in planning, determining priorities, distributing facilities, allocating budgets and rendering health care services justly. in this study, the methods and rules about registration, completion, issuances and collection of death certificates in esfaha...