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Djankov, Simeon - 2020

How do the different elements in the standard bundle of property rights - such as the right of possession or the right of transfer - differentially impact outcomes, such as urban development? This paper incorporates insecure property rights into a standard model of urban land prices and density,...

Persistent link: https://www.econbiz.de/10012481142

Legal Origins

Glaeser, Edward L. - 2001

A central requirement in the design of a legal system is the protection of law enforcers from coercion by litigants through either violence or bribes. The higher the risk of coercion, the greater the need for protection and control of law enforcers by the state. This perspective explains why, in...

Persistent link: https://www.econbiz.de/10012470452

Property Rights and Urban Form

Djankov, Simeon; Glaeser, Edward L.; Perotti, Valeria; … - National Bureau of Economic Research - 2021

How do the different elements in the standard bundle of property rights, including those of possession and transfer, influence the shape of cities? This paper incorporates insecure property rights into a standard model of urban land prices and density, and makes predictions about investment in...

Persistent link: https://www.econbiz.de/10012533342

State Versus Private Ownership

Shleifer, Andrei - 1998

Private ownership should generally be preferred to public ownership when the incentives to innovate and to contain costs must be strong. In essence, this is the case for capitalism over socialism, explaining the dynamic vitality' of free enterprise. The great economists of the 1930s and 1940s...

Persistent link: https://www.econbiz.de/10012472146

Securing Property Rights

Glaeser, Edward L. - 2016

A central challenge in securing property rights is the subversion of justice through legal skill, bribery, or physical force by the strong--the state or its powerful citizens--against the weak. We present evidence that the less educated and poorer citizens in many countries feel their property...

Persistent link: https://www.econbiz.de/10012455979

Aggregate Risk and the Choice between Cash and Lines of Credit

Acharya, Viral V. - 2010

We argue that a firm's aggregate risk is a key determinant of whether it manages its future liquidity needs through cash reserves or bank lines of credit. Banks create liquidity for firms by pooling their idiosyncratic risks. As a result, firms with high aggregate risk find it costly to get...

Persistent link: https://www.econbiz.de/10012462534

Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis

Almeida, Heitor - 2009

We use the 2007 credit crisis to assess the effect of financial contracting on real corporate behavior. We identify heterogeneity in financial contracting at the onset of the crisis by exploring ex-ante variation in long-term debt maturity. Our empirical methodology uses an experiment-like...

Persistent link: https://www.econbiz.de/10012463659

Corporate Financial and Investment Policies when Future Financing is not Frictionless

Almeida, Heitor - 2006

Much of corporate finance is concerned with the impact of financing constraints on firms. However, the literature on … financing constraints largely ignores the intertemporal implications of those constraints; in particular, how future financing … constraints affect current investment decisions. We present a model in which future financing constraints lead firms to have a …

Persistent link: https://www.econbiz.de/10012465889

The Risk-Adjusted Cost of Financial Distress

Almeida, Heitor - 2005

In this paper we argue that risk-adjustment matters for the valuation of financial distress costs, since financial distress is more likely to happen in bad times. Systematic distress risk implies that the risk-adjusted probability of financial distress is larger than the historical probability....

Persistent link: https://www.econbiz.de/10012466991

Asset Sales and Debt Capacity

Shleifer, Andrei - 1991

In this paper, we explore the link between asset sales end debt capacity. Asset sales are a common way far firms to raise cash, and so present an alternative to security issues for firms near financial distress. We argue that liquid assets -- those that can be resold at attractive terms -- are...

Persistent link: https://www.econbiz.de/10012475397