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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?

Miller, Marcus; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2009

driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what …

Persistent link: https://www.econbiz.de/10008528524

The Future of Securities Regulation

Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

The U.S. system of security law was designed more than 70 years ago to regain investors’ trust after a major financial crisis. Today we face a similar problem. But while in the 1930s the prevailing perception was that investors had been defrauded by offerings of dubious quality securities, in...

Persistent link: https://www.econbiz.de/10005792085

Financial Disclosure and Market Transparency with Costly Information Processing

Di Maggio, Marco; Pagano, Marco - C.E.P.R. Discussion Papers - 2012

We study a model where some investors (“hedgers”) are bad at information processing, while others (“speculators”) have superior information-processing ability and trade purely to exploit it. The disclosure of financial information induces a trade externality: if speculators refrain from...

Persistent link: https://www.econbiz.de/10011083365

Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002

We argue that the existence of CEO private control benefits complements managerial reputation in counteracting costly shareholder risk-shifting incentives during severe financial distress, when job-loss may be imminent. We examine this argument empirically using bankruptcy filings in Sweden,...

Persistent link: https://www.econbiz.de/10005123993

Executive Compensation as an Agency Problem

Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003

This Paper provides an overview of the main theoretical elements and empirical underpinnings of a ‘managerial power’ approach to executive compensation. Under this approach, the design of executive compensation is viewed not only as an instrument for addressing the agency problem between...

Persistent link: https://www.econbiz.de/10005662270

Executive Compensation in America: Optimal Contracting or Extraction of Rents

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2001

This Paper develops an account of the role and significance of rent extraction in executive compensation. Under the optimal contracting view of executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors that aims to maximize...

Persistent link: https://www.econbiz.de/10005123963

Managerial Power and Rent Extraction in the Design of Executive Compensation

Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002

This Paper develops an account of the role and significance of managerial power and rent extraction in executive compensation. Under the optimal contracting approach to executive compensation, which has dominated academic research on the subject, pay arrangements are set by a board of directors...

Persistent link: https://www.econbiz.de/10005114260

Governing the Governors: A Clinical Study of Central Banks

Frisell, Lars; Roszbach, Kasper F.; Spagnolo, Giancarlo - C.E.P.R. Discussion Papers - 2008

Recent research on central bank governance has focused mainly on their monetary policy task. As the sub-prime loan market turmoil reminded us - central banks play a crucial role in financial markets not only in setting monetary policy, but also in ensuring their soundness and stability. In this...

Persistent link: https://www.econbiz.de/10005656403

Costly Contracts and Consumer Credit

Livshits, Igor; MacGee, James; Tertilt, Michèle - C.E.P.R. Discussion Papers - 2011

Financial innovations are a common explanation of the rise in consumer credit and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers’ risk of default and a fixed cost to create each contract offered by...

Persistent link: https://www.econbiz.de/10009322977

Insolvency After the 2005 Bankruptcy Reform

Albanesi, Stefania; Nosal, Jaromir - C.E.P.R. Discussion Papers - 2015

, especially, the financial cost of filing for bankruptcy. We study the effects of the reform on bankruptcy, insolvency, and …. We find that the decline in bankruptcy filings resulted in a rise in the rate and persistence of insolvency as well as an … that insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to …

Persistent link: https://www.econbiz.de/10011252618

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