meet their obligations, or a plan to sell the business as a going concern rather than liquidate assets. The plans usually contemplate the sale of some assets, forgiveness of some debt, and a generous repayment schedule over time. Things rarely work out well for the debtor, and the vast majority of Chapter 11 cases either result in the largest lender owning the company at the end, or the company
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Preface and Explanation
"Twenty-Five Lectures in Balkan History" is an ongoing project. This is not simply because some time will pass before all twenty-five lectures are posted. I also hope that the Web medium promotes interaction between myself and readers (my e-mail address appears below), interaction that will enlarge my understanding of the Web as a place for information exch
2) Managing external debt using sustainability indicators
External debt management involves balancing resource mobilization and deployment as well as orderly repayment of future obligations. For sustainable debt management, policy makers need to project accurate debt dynamics that are sensitive to the way the current account deficits are being financed. If borrowed resources are not used produ
The 18% discount rate would give an approximation to the correct NPVs for projects with all (or most) of the inflows in the first year.
The present value of $1 to be received one year from now, discounted at 18% is: $0.8475
The present value of $1 × (1 – 0.08) (that is, $0.92) to be received one year from now, discounted at 10% is: $0.8364
The former calculation overstates the correct a