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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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Best Student Paper Award 2021 - competition is now open

Feb 12, 2021

For the last 13 years, Cambridge Finance is offering its Best Student Paper Award. The award comprises a cash honorarium of £1,000 and a certificate is awarded to the author of the best student paper in finance presented during the 2020-2021 academic year.

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