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"We conduct a systematic comparison of confidence intervals around estimated probabilities of default (PD), using several analytical approaches from large-sample theory and bootstrapped small-sample confidence intervals. We do so for two different PD estimation methods--cohort and duration...
Persistent link: https://www.econbiz.de/10002521762
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Joint written testimony before the Congressional Oversight Panel, Washington, D.C.
Persistent link: https://www.econbiz.de/10010724976
Testimony before the Financial Crisis Inquiry Commission, Washington, D.C.
Persistent link: https://www.econbiz.de/10010724986
Remarks at 2013 Resolution Conference: Planning for the Orderly Resolution of a Global Systemically Important Bank, Washington, D.C.
Persistent link: https://www.econbiz.de/10010724989
Thousands of U.S. households filed for bankruptcy just before the bankruptcy law changed in 2005. That rush-to-file was … more pronounced, we find, in states with more generous bankruptcy exemptions and lower credit scores. We take that finding … as evidence that the new law effectively reduces exemptions, which in turn should reduce the ?demand? for bankruptcy and …
Persistent link: https://www.econbiz.de/10005420478
We argue that the 2005 bankruptcy abuse reform (BAR) contributed to the surge in subprime foreclosures that followed … its passage. Before BAR, distressed mortgagors could free up income by filing bankruptcy and having their unsecured debts … home equity bankruptcy exemptions; filers in low-exemption states were not very protected before BAR, so they would be less …
Persistent link: https://www.econbiz.de/10005420628
market competition, lending to households, and personal bankruptcy rates in the United States. We exploit the exogenous … decreased, and (3) bankruptcy rates rose. Further, we find that lending and bankruptcy rates increased more in states with …
Persistent link: https://www.econbiz.de/10005420638
proportional hazard model of bankruptcy and Merton’s contingent claims approach, we estimate the probability of default for U …
Persistent link: https://www.econbiz.de/10009131506