The Financier

Analyses of Capital and Money Market Transactions

Edited by

Charles A. Stone, Brooklyn College, C.U.N.Y.

Anne Zissu, Temple University

Advisory Board

Linda Allen, Baruch College, C.U.N.Y.

Ronald W. Anderson, London School of Economics and Political Science

Charles de La Baume, Groupe ESCP

Joel Bessis, HEC School of Management

Elie Cohen, University Paris Dauphine

Ian Cooper, London Business School

Jean Dermine, INSEAD

John D. Finnerty, Fordham University

Kenneth A. Froot, Harvard University

Roger C. Kormendi, University of Michigan

Jason H.P. Kravitt, Mayer, Brown, Rowe & Maw

Kenneth Lehn, University of Pittsburgh

Anthony Saunders, New York University

Kenneth E. Scott, Stanford Law School

Clifford W. Smith, Jr., University of Rochester

Thomas H. Stanton, The Johns Hopkins University

Antonio Vives, Inter-American Development Bank

The Financier

Papers that compose each issue of The Financier are written by legal experts, financial economists, investment bankers, financial engineers, accountants, regulators, and financiers. Topics that have been analyzed in The Financier include: Public Finance, Venture Capital, Latin American Capital Markets, Financial Architecture, Securitization, Capital Markets in Central and Eastern Europe, Banking, Mortgage Backed Securities, Mergers and Acquisitions, Risk Management, Loan Valuation, Bank Regulations , Fixed Income Securities, Federal Credit Programs, Economic Growth, Liquidity and Capital Resources, and  Infrastructure Finance.
Future issues of The Financier will be of interest to those people who have the responsibility for raising and allocating the capital of public authorities and private enterprises. Corporate treasurers, chief financial officers, and bankers value the papers that compose The Financier for their depth, rigor, and clarity. The Financier is an important addition to libraries that seek to give their clients access to applied research and analysis that clarifies the design, execution, and regulations of capital and money market transactions. We hope you will consider subscribing to The Financier a worthwhile investment of your firm's resources.


The Financier (ISSN 1073-7340) is published four times per year by
The Financier Inc.
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Philadelphia, PA 19106, USA
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 Copyright (1994-2007) The Financier Inc.  All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher.