Similar Search Results

Ex Ante Costs of Violating Absolute Priority in Bankruptcy

Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2001

A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …

Persistent link: https://www.econbiz.de/10005656137

Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2004

In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been analysed extensively. In this Paper we address this topic empirically, relying on a unique panel dataset that includes detailed credit-fie information on distressed lending...

Persistent link: https://www.econbiz.de/10005504452

The Economics of Bankruptcy and the Transition to a Market Economy

Abel, István; Gatsios, Konstantine - C.E.P.R. Discussion Papers - 1993

This paper looks at simple decision rules in bankruptcy procedures. It describes special issues of enterprise … liquidation and reorganization during economic transformation. The reforms of the financial system and other important factors in … economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …

Persistent link: https://www.econbiz.de/10005791908

The Rules of Standard Setting Organizations: An Empirical Analysis

Chiao, Benjamin; Lerner, Josh; Tirole, Jean - C.E.P.R. Discussion Papers - 2007

This paper empirically explores standard-setting organizations’ policy choices. Consistent with Lerner-Tirole (2006), we find (a) a negative relationship between the extent to which an SSO is oriented to technology sponsors and the concession level required of sponsors and (b) a positive...

Persistent link: https://www.econbiz.de/10005792070

Firms' Decisions on Where to Incorporate

Bebchuk, Lucian Arye; Cohen, Alma - C.E.P.R. Discussion Papers - 2002

home-state advantage. Finally, we find that Delaware's dominance is greater than has been recognized and can be expected to …

Persistent link: https://www.econbiz.de/10005123946

The Market for Corporate Law

Bar-Gill, Oren; Barzuza, Michal; Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2002

takeover regulation) that substantially affect these private benefits. We analyse why a dominant state such as Delaware can … basis of how incorporation in Delaware in the prevailing market equilibrium affects shareholder wealth. …

Persistent link: https://www.econbiz.de/10005114390

Back to Keynes?

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://www.econbiz.de/10005504355

Business Debt and Default in France

Bordes, Christian; Melitz, Jacques - C.E.P.R. Discussion Papers - 1989

On the basis of quarterly data in 1977-87 and the use of the Engle-Granger method of co-integration, we find that real and financial factors, insolvency and illiquidity, are all important, separate influences on the defaults of French firms. We capture the effect of illiquidity by constructing...

Persistent link: https://www.econbiz.de/10005504522

Competition, Financial Discipline and Growth

Aghion, Philippe; Dewatripont, Mathias; Rey, Patrick - C.E.P.R. Discussion Papers - 1999

This paper develops a general equilibrium model of technological adoption in an economy populated by 'satisficing' entrepreneurs whose main objective is to minimise innovative effort while keeping the firm alive. In such an economy, product market competition is shown to have a stimulating...

Persistent link: https://www.econbiz.de/10005504632

Distressed Acquisitions

Meier, Jean-Marie A.; Servaes, Henri - C.E.P.R. Discussion Papers - 2014

Firms that buy distressed and bankrupt companies or some of these companies’ assets earn excess returns that are at least 1.6 percentage points higher than when they make regular acquisitions. These returns come at the expense of the target firm’s shareholders, while overall wealth gains are...

Persistent link: https://www.econbiz.de/10011083439