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Dr Elisa Faraglia

Elisa Faraglia

Title of research: Optimal Debt Management and Callable Bonds

The recent turbulent years have shifted the research attention to government debt management and optimal government debt structure issues. Most of the optimal debt management theoretical literature so far has abstracted from the empirical evidence that shows that Debt Management Offices rarely buy back their debt and that they prefer to leave the outstanding instruments to mature. However the data show also that during World War II until the beginning of the '80s governments have largely used callable bonds as debt management instruments. Using a theoretical model I will establish the condition under which the government will optimally call back part of the debt. The theoretical results will be compared to the empirical evidence provided by US and Swiss data.

Project Update - April 2018

Project Update - August 2017

Project Update - April 2017

Project Update - July 2016

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CERF Fellow Dr. Bang Dang Nguyen - paper will be presented at the AFA Annual Meeting 2020 in San Diego

Sep 26, 2019

Political Connections and Firm Value: Evidence from Close Gubernatorial Elections, joint with Q.A. Do (SciencesPo Paris) and Yen-Teik Lee (Curtin University), is accepted and will be presented at the AFA Annual Meeting 2020 in San Diego.

CERF Scholar Shiqi Chen presented her paper at Leeds University Business School

Jun 28, 2019

Shiqi Chen presented her paper entitled “Financial Policies and Internal Governance with Heterogeneous Risk Preferences” (joint with Bart Lambrecht) in the Accounting and Finance seminar at Leeds University Business School, the Finance seminar at Essex Business School, CERF Lunch Seminar at Cambridge Judge Business School, and at the 2019 Annual Real Options Conference in London.

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