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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

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

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 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

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

Bank Solvency, Market Structure, and Monitoring Incentives

Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997

We analyse the impact of market structure on the probability of banking failure when banks’ loan portfolios are subject to aggregate uncertainty. In our model borrowers are subject to a moral hazard problem, which induces banks to choose between two second-best alternative devices: costly...

Persistent link: https://www.econbiz.de/10005662062

Understanding the Recovery Rates on Defaulted Securities

Acharya, Viral V; Bharath, Sreedhar T; Srinivasan, Anand - C.E.P.R. Discussion Papers - 2003

and at the time of emergence from default or from bankruptcy. In addition to seniority and security of the defaulted …

Persistent link: https://www.econbiz.de/10005666480

The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach

Posner, Eric A; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

reform of Chapter 13 that would allow homeowners to strip down the value of their mortgages in a prepackaged bankruptcy. Such … rubber stamp by a bankruptcy judge or other official, thus preserving judicial resources. Other plans, including that of the …

Persistent link: https://www.econbiz.de/10005666502