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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

Economic Consequences of Hospital Closures

Alexander, Diane E.; Richards, Michael R. - National Bureau of Economic Research - 2021

Hospitals anchor much of US health care and receive a third of all medical spending, including various subsidies. Nevertheless, some become insolvent and exit the market. Research has documented subsequent access problems; however, less is understood about broader implications. We examine over...

Persistent link: https://www.econbiz.de/10012599400

Zombie Lending : Theoretical, International and Historical Perspectives

Acharya, Viral V.; Crosignani, Matteo; Eisert, Tim; … - National Bureau of Economic Research - 2022

This paper surveys the theory on zombie lending incentives and the consequences of zombie lending for the real economy. It also offers a historical perspective by reviewing the growing empirical evidence on zombie lending along three dimensions: (i) the role of under-capitalized banks, (ii)...

Persistent link: https://www.econbiz.de/10013190998

Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers

Hortaçsu, Ali - 2010

maintenance). Manufacturer bankruptcy, or even the possibility thereof, threatens this service provision and can substantially …

Persistent link: https://www.econbiz.de/10012462460

Adjusting to Trade Policy : Evidence from U.S. Antidumping Duties on Vietnamese Catfish

Brambilla, Irene - 2008

In 2003, after claims of dumping, the U.S. imposed heavy tariffs on imports of catfish from Vietnam. As a result, Vietnamese exports of catfish to the U.S. market sharply declined. Using a panel data of Vietnamese households, we explore the responses of catfish producers in the Mekong delta...

Persistent link: https://www.econbiz.de/10012464152

The Political Economy of the U.S. Mortgage Default Crisis

Mian, Atif - 2008

We examine the determinants of congressional voting behavior on two of the most significant pieces of federal legislation in U.S. economic history: the American Housing Rescue and Foreclosure Prevention Act of 2008 and the Emergency Economic Stabilization Act of 2008. We find evidence that...

Persistent link: https://www.econbiz.de/10012464179

Foreclosure Spillovers within broad Neighborhoods

Huang, Weiran; Nelson, Ashlyn Aiko; Ross, Stephen L. - National Bureau of Economic Research - 2021

Most evidence on foreclosure spillovers identifies localized effects that are modest in magnitude, but these effects could multiply to larger aggregate effects across broad neighborhoods. We test this proposition developing a proxy for the fraction of mortgages in negative equity during the...

Persistent link: https://www.econbiz.de/10012533400

Bankrupt Innovative Firms

Ma, Song; Tong, Joy Tianjiao; Wang, Wei - National Bureau of Economic Research - 2021

peripheral, patents in bankruptcy. The selling pattern is driven almost entirely by firms with greater use of secured debt, and … in bankruptcy have implications for technology diffusion--the sold patents diffuse more slowly under new ownership and …

Persistent link: https://www.econbiz.de/10012533405

The Myth of the Patient Japanese : Corporate Myopia and Financial Distress in Japan and the US

Hall, Brian J. - 1996

It is widely believed that the stock-market oriented US financial system forces corporate managers to behave myopically relative to their Japanese counterparts, who operate in a bank-based system. We hypothesize that if US firms are more myopic than Japanese firms, then episodes of financial...

Persistent link: https://www.econbiz.de/10012473010

Do Airlines in Chapter 11 Harm Their Rivals? Bankruptcy and Pricing Behavior in U.S. Airline Markets

Borenstein, Severin - 1995

that airlines in financial distress, particularly those operating under Chapter 11 bankruptcy protection, reduce prices to … and their rivals. The data suggest that an airline's prices typically decline somewhat before it files for bankruptcy …

Persistent link: https://www.econbiz.de/10012473846