Debt

introduite par Modigliani et Miller. Document téléchargé depuis www.cairn.info - - - 41.92.26.10 - 30/04/2011 00h19. © Lavoisier Document téléchargé depuis www.cairn.info - - - 41.92.26.10 - 30/04/2011 00h19. © Lavoisier 22. Voir notamment Miller, “Debt and Taxes”, Journal of Finance, mai 1977 et la synthèse de Haugen et Senbet, “Corporate Finance and Taxes : a Review”, Financial Management, 1986. 23. Notamment, De Angelo et Masulis, “Optimal Capital Structure Under Corporate and Personal Taxation”

assets as collateral and to sell packages of cash flows to investors. A CDO is constructed as follows: A special purpose entity (SPV) acquires a portfolio of credit. Common assets held include mortgage-backed securities, Commercial Real Estate (CRE) debt, and high-yield corporate loans. The SPV issues different classes of bonds and equity and the proceeds are used to purchase the portfolio of credits. The bonds and equity are entitled to the cash flows from the portfolio of credits, in accordance

France only works with the opinions of others, that is to say that a person can be lead to spend a huge amount very fair not to seem less to others. That is, in my opinion a vicious cycle and it can lead someone to a very difficult situation as the debt which may, for example, cause the seizure of personal property.

might, for example, seek companies that offer a durable product or service and also have solid operating earnings and the germ for future profits. You might establish a minimum market capitalization you're willing to accept, and a maximum P/E ratio or debt level. Finding the right company at the right price - with a margin for safety against unknown market risk - is the ultimate goal. Remember, the price you pay for a stock isn't the same as the value you get. Successful investors know the difference

provient de l’article : “Apocalypse, not now” et que les chiffres sur la dette publique proviennent des graphique en page 4. A la quatrième page le graphique « Figure 1.2 Net debt-to-GDP ratio, G7 countries, 1997– 2004 » provient de la page 5 du rapport : “Overview of the Japanese Deficit question” et le graphique « Figure 1.1 Gross debt as a percentage of GDP » provient de la deuxieme page du même rapport . Le tableau en page 6 est tiré du rapport : “ economic survey of Japan 2008: Archiving progress on

ae EXEKEAESEERSRS SEES ESRERRRR RRR Fi SSS serene ee RRR Iectateettetteneee tableaux de sélection des équipements Calibré Cslibré Manutsc- Debt far Débrt desu | Débt d’esu Symbole ner oH Tees Chauts. refrodssement ntfication | Marque, | Model, Max | Min | Max |userM| Linn [usar] vim FET roncro2|je0 | 290 | 80 | a7 | 22 | 433 [2/8 [425 FOZ Fovcro4 | 230 | 485 |jos| 229 | 3s [71.36 [362 [73,78 Fos Fowcr/o|

crédits hypothécaires • Residential Mortgage Backed Securities (RMBS) : opération adossée à des crédits habitat hypothécaires • Commercial Mortgage Backed Securities (CMBS) : adossé à des crédits hypothécaires commerciaux 3- Collateralised debt obligation (CDO) : adossé à des dettes diverses, cela inclut • Collateralised Bond Obligation (CBO) : adossé à des obligations • Collateralised Loan Obligation (CLO) : adossé à des crédits d’entreprises • Collateralised Commodity Obligation (CCO)

(Foren) »| | | ty | a¥ | Sy) || Max ff statvate | 72 [ fy end Data ASSESSMENTS View by Class ‘V SENIOR UNSECURED (FOREIGN) View by Debt ass Issuer Outlook Organization List FINANCIALS a MARKET a SIGNALS a METHODOLOGIES a & FRAMEWORKS PEER a COMPARISON © Adin — © Withdrawn Spreads Rating Typical default spread Market interest rate on debt AAA 0.35% 4.35% AA 0.50% 4.50% At 0.70% 470% A 0.85% 4.85% A 1.00% 5.00% BBB 1.50% 5.50% Hip : Riskless Rate BB+ 2.00% 6.00% BB

taux fixe qu’en taux variable. Il s’ensuit que les ratios de service de la dette sont plus favorables, même à des taux d’endettement supérieurs, et du coup les entreprises peuvent user davantage du levier financier (graphique 4). Figure 4. High-Yield Debt Issuance Has Surged, Spreads Have Dropped and Leverage Has Increased Leveraged Loans and Corporate High-Yield Bond Issuance (in billions of US dollars, 12-month moving average) 200 180 160 140 120 100 80 60 40 20 0 Jan-07 May-07 Sep-07 Jan-08 May-08

contingentées pour les taxis parisiens par exemple. Notes et références 1. ? 1,0, 1,1 et 1,2 William Doyle, « Colbert et les offices », Histoire, économie et société, 2000, volume 19, n°4, pp.469-480, [lire en ligne] 2. ? R. Bonney, The King's Debt. Finance and Politics in France, 1589-1661, Oxford, 1981, p.176-177, p.304,311, cité par William Doyle 3. ? Marcel Marion, Dictionnaire des institutions de la France aux XVIIe et XVIIIe siècles, 1923 4. ? La Fronde et les idées libérales, Quentin Michon