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Development of a model to predict financial distress of companies listed on the JSE
Muller, Grant Henri - 2008
ENGLISH ABSTRACT: To date, there has been significant research completed on the topic of corporate financial distress. Two pioneering researchers in the field of predicting financial distress was Beaver in 1966 and Altman in 1968. More recent research, based on companies listed on the JSE has...
Persistent link: https://www.econbiz.de/10009442208
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Debt Restructuring
Friedman, Benjamin M. - 2000
What difference does it make, and for whom, whether the nonperforming debts of emerging market borrowers are restructured? This paper begins by positing a set of counterfactual conditions under which restructuring would not matter, and then shows how several ways in which the actual world of...
Persistent link: https://www.econbiz.de/10012471039
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Using Options to Divide Value in Corporate Bankruptcy
Bebchuk, Lucian Arye - 2000
This paper revisits the proposal to use options in corporate bankruptcy that was put forward in Bebchuk (1988 …). According to the proposed procedure, corporate bankruptcy should be implemented through the distribution to participants of … appropriately designed options. The paper starts by discussing the goals that should guide the design of bankruptcy procedures. The …
Persistent link: https://www.econbiz.de/10012471156
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An Economic Analysis of Transnational Bankruptcies
Bebchuk, Lucian Arye - 2000
territoriality' -- in which assets are adjudicated by the jurisdiction in which they are located at the time of the bankruptcy …
Persistent link: https://www.econbiz.de/10012471197
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Can Output Losses Following International Financial Crises be Avoided?
Dooley, Michael P. - 2000
Recent financial crises in emerging markets have been followed by temporary but substantial losses in output. This paper explores the possibility that threats of such losses are the dominant incentive for repayment of international debt. In this environment private debtors and creditors have...
Persistent link: https://www.econbiz.de/10012471243
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Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis
Kane, Edward J. - 2000
This paper supplies an agency-cost and contestable-markets perspective on the financial policies that triggered the Asian financial crisis. The agency-cost analysis hypothesizes that individual-country regulators knew that politically directed loans had made their banks insolvent, but...
Persistent link: https://www.econbiz.de/10012471262
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The Japanese Banking Crisis : Where Did It Come From and How Will It End?
Hoshi, Takeo - 1999
We argue that the deregulation leading up to the Big Bang has played a major role in the current banking problems. This deregulation allowed large corporations to quickly switch from depending on banks to relying on capital market financing. We present evidence showing that large Japanese...
Persistent link: https://www.econbiz.de/10012471540
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Reorganization
Hall, Robert E. - 1999
One of the productive activities engaging the work force is reorganizing. When factors of production are better matched, productivity is higher. The probabilistic matching model of Diamond, Mortensen, and others provides a way to make the idea of reorganization precise. Because the flow of...
Persistent link: https://www.econbiz.de/10012471607
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The Labor Effects of Pro-labor Bias in Bankruptcy
Araújo, Aloisio Pessoa de; Ferreira, Rafael; Lagaras, … - National Bureau of Economic Research - 2021
Judicial decisions in bankruptcy are often influenced by the goal to preserve employment in financially distressed … market outcomes. We find that workers of firms assigned to high-pro-labor courts experience 4.4% lower post-bankruptcy … persistent in the five-year period after bankruptcy. We discuss several mechanisms that can drive this result …
Persistent link: https://www.econbiz.de/10012510519
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The Effect of Principal Reduction on Household Distress : Evidence from Mortgage Cramdown
Cespedes, Jacelly C.; Parra, Carlos R.; Sialm, Clemens - National Bureau of Economic Research - 2021
Mortgage cramdown enabled bankruptcy judges to discharge the underwater portion of a mortgage during Chapter 13 … bankruptcy before the Supreme Court disallowed this practice in 1993. We exploit the random assignment of cases to judges to … quantify the ex-post effects of Chapter 13 bankruptcy over the period from 1989 to 1993. We find that a successful Chapter 13 …
Persistent link: https://www.econbiz.de/10012585384