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This paper presents principles that could guide the design of more targeted policy support and facilitate the restructuring of firms adversely impacted by the COVID-19 pandemic. To this end, the paper takes stock of vulnerabilities and risks in the enterprise sector and assesses countries'...
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Unternehmenskrisen sind ein Realphänomen von hoher Relevanz. Die erfolgreiche Bewältigung verdient die besondere Aufmerksamkeit der Betriebswirtschaftslehre. Der vorliegende Artikel nutzt eine systematische Dokumentanalyse von Sanierungsplänen (sog. Insolvenzpläne) zur Identifikation...
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This paper introduces a managerial skills dimension into analysis of corporate financial distress and corporate restructuring. We use an ordered logit model to examine how manager qualifications affect whether a company declares bankruptcy, is liquidated or reorganized, and how different forms...
Persistent link: https://www.econbiz.de/10012898296
Banks are liquidity brokers: they acquire it at the market in form of deposits and lend it in form of loans. As liquidity is not for free, the costs of its acquisition have to be transferred to those (departments) that lend it. Furthermore, banks take liquidity risk. The costs to hedge this risk...
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We find that to mitigate refinancing risk caused by shorter maturity debt, firms increase their cash holdings and save … reserves help to mitigate underinvestment problems resulting from refinancing risk. Also, we find that our results are more … pronounced during periods when credit market conditions are less strong and refinancing risk is consequently higher. Overall, our …
Persistent link: https://www.econbiz.de/10013093582
This paper investigates the relationship between bank funding costs and solvency for a large sample of euro area banks using two proprietary ECB datasets for both wholesale funding costs and deposit rates. In particular, the paper studies the relationship between bank solvency, on the one hand,...
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