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References in periodicals archive ?
Next, we separately examine the estimated yield difference for the Resurgent India Bonds and the India Millennium Bonds using the Near Neighbor, Gaussian and Epanechnikov estimators.
We replace our credit rating dummies in the regression in Column 1 of Table IV with the ICRG composite credit rating for the Resurgent India Bonds, the India Millennium Bonds and the comparable bonds at the time of issuance of the Resurgent India Bonds and India Millennium Bonds.
One could argue that the motivation for issuing Resurgent India Bonds or India Millennium Bonds is to provide implicit tax benefits (18) to the transferees, e.g., family members of the Nonresident Indians, which will be reflected in the lower yields for Resurgent India Bonds and India Millennium Bonds as compared to benchmark securities.
Given that Resurgent India Bonds and the India Millennium Bonds are exempt from Indian taxes for original holders (see Table I), one might argue that the effective yield, on an equivalent pre-tax basis is much higher, perhaps closer to the yield on a comparable benchmark.
In summary, the empirical results suggest that the offering yield on the Resurgent India Bonds and India Millennium Bonds is significantly lower than that of comparable securities, and that this finding is robust to alternative explanations, such as a higher perceived credit rating, different measures of credit rating, market segmentation, taxes, and commissions.
In the context of the Resurgent India Bonds and India Millennium Bonds, the investor clientele (Non-resident Indians) face a much lower transaction cost in utilizing the collateral in the local currency (Indian Rupees, a currency that is not freely convertible) than foreign investors as they have a economic need for utilizing rupees.
In the context of the Resurgent India Bonds and India Millennium Bonds, the restriction serves as a precommitment device to facilitate a efficient renegotiation for the Non-resident Indians.
where the event date, i.e., day 0 is defined as announcement dates of June 2, 1998 for Resurgent India Bonds and October 9, 2000 for India Millennium Bonds.
Columns 2 and 3 of Table VII presents the announcement effect segmented by the type of the Non-resident Indian bond, namely for the Resurgent India Bonds and India Millennium Bonds separately.
For example, while Colombia's sovereign credit rating at the time the Resurgent India Bonds were issued (August 1998) was Baa3, Moody's had a negative outlook on Colombia for a possible downward revision since March 1998.
(13) The estimated yield savings from the 150 basis points yield differential based on semi-annual compounding is 4,200[[1+(7.75%+1.50%)/2].sup.10] - 4,200[[1+(7.75%/2)].sup.10] = $458 million for Resurgent India Bonds, and 5,500[[1+(8.5%+1.50%)/2].sup.10] - 5,500[1+(8.5%/2)].sup.10] = $620 million for India Millennium Bonds.
(19) Since domestic residents are not allowed to hold foreign exchange as per the exchange control regulations of the Reserve Bank of India, a domestic resident who receives the Resurgent India Bonds or the India Millennium Bonds as a gift gets an equivalent amount in Indian Rupees converted at the prevailing spot exchange rate.