Delek Group is an Israeli conglomerate and one of Israel's largest companies, Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants. Delek Group' subsidiaries are also involved in insurance and financial services. Delek Group is listed on the Tel Aviv stock exchange under the ticker symbol, DLEKG, and is a member of the TA-35 Index of leading Israeli companies, as of July 2012 two of the group's subsidiaries are also listed on the TA-35 Index, Avner Oil Exploration LP and Delek Drilling LP. The Delek Group agreed to sell a 52% controlling stake of Phoenix Holding company (insurance and financial undertaking) to the Chinese civilian-run conglomerate Fosun International.
Recognizing the role of debt issuance as an important source of funding for public works, this article uses panel estimation methods to examine the dynamic factors influencing long-term debt issuance in America's principal cities. While the random effects multivariate regression suggests that financial factors are the main drivers of long-term debt issuance, the cointegration analyses reveal that debt issuance maintains a long-term dynamic relationship with local financial, economic, and socio-demographic factors. Moreover, the vector error correction estimations show that a long-run relationship exists among local debt issuance and municipal level variables measuring economic, financial, and socio-demographic factors, and any deviations in the short term from the long-run path are slowly corrected over time. The study implies that the dynamic interactions between local debt and municipal factors should be considered when issuing debt for public works.
