메뉴 건너뛰기




Volumn 86, Issue 1, 2007, Pages 248-278

Credit-spread determinants and interlocking contracts: A study of the Ras Gas project

Author keywords

Contractual incompleteness; Credit spreads; Nexus of contracts; Project finance

Indexed keywords


EID: 34548523298     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2007.03.001     Document Type: Article
Times cited : (30)

References (41)
  • 1
    • 0000589044 scopus 로고
    • Production, information costs, and economic organization
    • Alchian A., and Demsetz H. Production, information costs, and economic organization. American Economic Review 62 (1972) 777-795
    • (1972) American Economic Review , vol.62 , pp. 777-795
    • Alchian, A.1    Demsetz, H.2
  • 3
    • 34548538007 scopus 로고    scopus 로고
    • Banaszak, S., 2001. World trade of LNG. In: Fundamentals of the Global LNG Industry 2001. Petroleum Economist, March 2001, London, UK.
  • 4
    • 84977732727 scopus 로고
    • Financial contracting and leverage induced over- and under-investment incentives
    • Berkovitch E., and Kim E. Financial contracting and leverage induced over- and under-investment incentives. Journal of Finance 45 (1990) 765-794
    • (1990) Journal of Finance , vol.45 , pp. 765-794
    • Berkovitch, E.1    Kim, E.2
  • 5
    • 34548540771 scopus 로고    scopus 로고
    • Brand, L., Bahar R., 2001. Corporate defaults: will things get worse before they get better? Standard and Poor's Structured Finance, January 2001.
  • 7
    • 0001397560 scopus 로고
    • Pitfalls and opportunities: what macroeconomists should know about unit roots
    • Campbell J., and Perron P. Pitfalls and opportunities: what macroeconomists should know about unit roots. NBER Macroeconomics Annual 6 (1991) 141-201
    • (1991) NBER Macroeconomics Annual , vol.6 , pp. 141-201
    • Campbell, J.1    Perron, P.2
  • 8
    • 0030268534 scopus 로고    scopus 로고
    • Optimal incorporation, structure of debt contracts, and limited-recourse project financing
    • Chemmanur T., and John K. Optimal incorporation, structure of debt contracts, and limited-recourse project financing. Journal of Financial Intermediation 5 (1996) 372-408
    • (1996) Journal of Financial Intermediation , vol.5 , pp. 372-408
    • Chemmanur, T.1    John, K.2
  • 9
    • 84993865637 scopus 로고
    • Stock returns following large one-day declines: evidence on short-term reversals and longer-term performance
    • Cox D., and Peterson D. Stock returns following large one-day declines: evidence on short-term reversals and longer-term performance. Journal of Finance 49 (1994) 255-267
    • (1994) Journal of Finance , vol.49 , pp. 255-267
    • Cox, D.1    Peterson, D.2
  • 10
    • 34548526498 scopus 로고    scopus 로고
    • Crosbie, P., Bohn J., 1993. Modeling default risk. KMV LLC, San Francisco, CA (revised January 2002).
  • 11
    • 0011603540 scopus 로고    scopus 로고
    • Treasury yields and corporate bond yield spreads: an empirical analysis
    • Duffee G. Treasury yields and corporate bond yield spreads: an empirical analysis. Journal of Finance 53 (1998) 2225-2242
    • (1998) Journal of Finance , vol.53 , pp. 2225-2242
    • Duffee, G.1
  • 12
    • 33645815423 scopus 로고    scopus 로고
    • Petrozuata: a case study of the effective use of project finance
    • Esty B. Petrozuata: a case study of the effective use of project finance. Journal of Applied Corporate Finance 12 (1999) 26-42
    • (1999) Journal of Applied Corporate Finance , vol.12 , pp. 26-42
    • Esty, B.1
  • 13
    • 34548523945 scopus 로고    scopus 로고
    • Esty, B., 2000. An overview of the project finance market. Note. Harvard Business School.
  • 14
    • 0037346716 scopus 로고    scopus 로고
    • Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market
    • Esty B., and Megginson W. Creditor rights, enforcement, and debt ownership structure: evidence from the global syndicated loan market. Journal of Financial and Quantitative Analysis 38 (2003) 37-59
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 37-59
    • Esty, B.1    Megginson, W.2
  • 15
    • 34548534753 scopus 로고    scopus 로고
    • Esty, B., Sesia A., 2005. An overview of the project finance market - 2004 update. Note. Harvard Business School.
  • 16
    • 0039551795 scopus 로고
    • Contract costs and financing decisions
    • Fama E. Contract costs and financing decisions. Journal of Business 63 (1990) 71-91
    • (1990) Journal of Business , vol.63 , pp. 71-91
    • Fama, E.1
  • 18
    • 0001282337 scopus 로고
    • Investment incentives, debt, and warrants
    • Green R.C. Investment incentives, debt, and warrants. Journal of Financial Economics 13 (1984) 115-136
    • (1984) Journal of Financial Economics , vol.13 , pp. 115-136
    • Green, R.C.1
  • 19
    • 34548539077 scopus 로고    scopus 로고
    • Goldman Sachs, 1996. Ras Laffan Liquefied Natural Gas Co. Ltd. Offering circular. Goldman Sachs and Credit Suisse First Boston, December 1996.
  • 20
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs, and capital structure
    • Jensen M., and Meckling W. Theory of the firm: managerial behavior, agency costs, and capital structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 21
    • 16844367658 scopus 로고    scopus 로고
    • Informational effects of regulation FD: evidence from rating agencies
    • Jorion P., Liu Z., and Shi C. Informational effects of regulation FD: evidence from rating agencies. Journal of Financial Economics 76 (2005) 309-330
    • (2005) Journal of Financial Economics , vol.76 , pp. 309-330
    • Jorion, P.1    Liu, Z.2    Shi, C.3
  • 22
    • 84977733832 scopus 로고
    • Risk-shifting incentives and signaling through corporate capital-structure
    • John K. Risk-shifting incentives and signaling through corporate capital-structure. Journal of Finance 42 (1987) 623-641
    • (1987) Journal of Finance , vol.42 , pp. 623-641
    • John, K.1
  • 23
    • 84993865629 scopus 로고
    • A simple approach to valuing risky fixed and floating rate debt
    • Longstaff F., and Schwartz E. A simple approach to valuing risky fixed and floating rate debt. Journal of Finance 50 (1995) 789-819
    • (1995) Journal of Finance , vol.50 , pp. 789-819
    • Longstaff, F.1    Schwartz, E.2
  • 24
    • 0034419354 scopus 로고    scopus 로고
    • A two-factor hazard rate model for pricing risky debt and the term structure of credit spreads
    • Madan D., and Unal H. A two-factor hazard rate model for pricing risky debt and the term structure of credit spreads. Journal of Financial and Quantitative Analysis 35 (2000) 43-65
    • (2000) Journal of Financial and Quantitative Analysis , vol.35 , pp. 43-65
    • Madan, D.1    Unal, H.2
  • 26
    • 0000808665 scopus 로고
    • On the pricing of corporate debt: the risk structure of interest rates
    • Merton R. On the pricing of corporate debt: the risk structure of interest rates. Journal of Finance 29 (1974) 449-470
    • (1974) Journal of Finance , vol.29 , pp. 449-470
    • Merton, R.1
  • 28
    • 85077581788 scopus 로고
    • Option contracts and renegotiation: a solution to the hold-up problem
    • Nöldeke G., and Schmidt K. Option contracts and renegotiation: a solution to the hold-up problem. Rand Journal of Economics 26 (1995) 163-179
    • (1995) Rand Journal of Economics , vol.26 , pp. 163-179
    • Nöldeke, G.1    Schmidt, K.2
  • 29
    • 34548536390 scopus 로고    scopus 로고
    • The use of the capital markets to fund the ras gas project
    • Randolph G., and Schrantz A. The use of the capital markets to fund the ras gas project. Journal of Project Finance 3 (1997) 5-15
    • (1997) Journal of Project Finance , vol.3 , pp. 5-15
    • Randolph, G.1    Schrantz, A.2
  • 30
    • 0000539910 scopus 로고
    • Pricing risk-adjusted deposit insurance: an option-based model
    • Ronn E., and Verma A. Pricing risk-adjusted deposit insurance: an option-based model. Journal of Finance 40 (1986) 871-895
    • (1986) Journal of Finance , vol.40 , pp. 871-895
    • Ronn, E.1    Verma, A.2
  • 31
    • 0000997188 scopus 로고
    • Optimal capital structure and project financing
    • Shah S., and Thakor A.V. Optimal capital structure and project financing. Journal of Economic Theory 42 (1987) 207-243
    • (1987) Journal of Economic Theory , vol.42 , pp. 207-243
    • Shah, S.1    Thakor, A.V.2
  • 32
    • 49249143360 scopus 로고
    • On financial contracting: an analysis of bond covenants
    • Smith C., and Warner J. On financial contracting: an analysis of bond covenants. Journal of Financial Economics 7 (1979) 117-161
    • (1979) Journal of Financial Economics , vol.7 , pp. 117-161
    • Smith, C.1    Warner, J.2
  • 33
    • 34548536736 scopus 로고    scopus 로고
    • Standard and Poor's 1996. Ras Laffan Liquefied Natural Gas Co. Ltd. S&P Global Project Finance, December 5, 1996.
  • 34
    • 34548522192 scopus 로고    scopus 로고
    • Standard and Poor's 1999. Ras Laffan Liquefied Natural Gas Co. Ltd. S&P Infrastructure Finance, October 1999.
  • 35
    • 34548532298 scopus 로고    scopus 로고
    • Standard and Poor's 2000. Ras Laffan Liquefied Natural Gas Co. Ltd. 'BBB+' rating affirmed. S&P Infrastructure Finance, April 2000.
  • 36
    • 34548536859 scopus 로고    scopus 로고
    • Standard and Poor's 2004. Ras Laffan Liquefied Natural Gas Co. Ltd. S&P RatingsDirect Presale Report, February 2004.
  • 37
    • 34548523686 scopus 로고    scopus 로고
    • Standard and Poor's 2001. Alliance Pipeline. Infrastructure Finance, February 2001.
  • 39
    • 34548527914 scopus 로고    scopus 로고
    • Tusiani, M., 2001. The commercialization of LNG markets. In: Fundamentals of the global LNG industry 2001. Petroleum Economist, March 2001, London, UK.
  • 40
    • 1842663087 scopus 로고    scopus 로고
    • Default risk in equity returns
    • Vassalou M., and Xing Y. Default risk in equity returns. Journal of Finance 59 (2004) 831-868
    • (2004) Journal of Finance , vol.59 , pp. 831-868
    • Vassalou, M.1    Xing, Y.2
  • 41
    • 0039193026 scopus 로고    scopus 로고
    • In search of new foundations
    • Zingales L. In search of new foundations. Journal of Finance 55 (2000) 1623-1653
    • (2000) Journal of Finance , vol.55 , pp. 1623-1653
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.