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Life After Death : A Field Experiment with Small Businesses on Information Frictions, Stigma, and Bankruptcy
Bernstein, Shai; Colonnelli, Emanuele; Hoffman, Mitchell; … - National Bureau of Economic Research - 2023
In an RCT with US small businesses, we document that a large share of firms are not well-informed about bankruptcy …. Many assume that bankruptcy necessarily entails the death of a business and do not know about Chapter 11 bankruptcy, where … reform that lowered the costs of bankruptcy procedures to enhance their protection. In addition, they exhibit substantial …
Persistent link: https://www.econbiz.de/10014226130
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Bankruptcy Exemption of Repo Markets : Too Much Today for Too Little Tomorrow?
Acharya, Viral V.; Anshuman, V. Ravi; Viswanathan, S. - National Bureau of Economic Research - 2024
-and-repurchase (repo) contracts. Exemption from an automatic stay in bankruptcy enables financial intermediaries to raise greater liquidity … underlying the contracts. When exempt from bankruptcy, creditors of highly leveraged financial intermediaries respond to such … bankruptcy, can be not only ex-post optimal, but also ex-ante optimal, especially for illiquid collateral with high exposure to …
Persistent link: https://www.econbiz.de/10014468227
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Creditor-on-Creditor Violence and Secured Debt Dynamics
Antill, Samuel; Wang, Neng; Jiang, Zhaoli - National Bureau of Economic Research - 2024
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
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Unsupervised Machine Learning for Explainable Health Care Fraud Detection
Shekhar, Shubhranshu; Leder-Luis, Jetson; Akoglu, Leman - National Bureau of Economic Research - 2023
The US spends more than 4 trillion dollars per year on health care, largely conducted by private providers and reimbursed by insurers. A major concern in this system is overbilling, waste and fraud by providers, who face incentives to misreport on their claims in order to receive higher...
Persistent link: https://www.econbiz.de/10014226143
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Government Audits
Cuneo, Martina; Leder-Luis, Jetson; Vannutelli, Silvia - National Bureau of Economic Research - 2023
Audits are a common mechanism used by governments to monitor public spending. In this paper, we discuss the effectiveness of auditing with theory and empirics. In our model, the value of audits depends on both the underlying presence of abuse and the government's ability to observe it and...
Persistent link: https://www.econbiz.de/10014226172
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Detecting Fraud in Development Aid
Ensminger, Jean Evelyn; Leder-Luis, Jetson - National Bureau of Economic Research - 2022
When organizations have limited accountability, antifraud measures, including auditing, often face barriers due to institutional resistance and practical difficulties on the ground. This is especially true in development aid, where aid organizations face incentives to suppress information about...
Persistent link: https://www.econbiz.de/10013477260
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From Lapdogs to Watchdogs : Random Auditor Assignment and Municipal Fiscal Performance
Vannutelli, Silvia - National Bureau of Economic Research - 2022
A classic problem in public finance is the over-expenditure of local governments in expectation of a bailout from higher-level administrations. While monitoring could mitigate agency problems, it can itself be rendered ineffective if auditors are corruptible. I evaluate whether limiting...
Persistent link: https://www.econbiz.de/10013462692
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Distributed Ledgers and Secure Multi-Party Computation for Financial Reporting and Auditing
Cao, Sean Shun; Cong, Lin William; Yang, Baozhong - National Bureau of Economic Research - 2024
To understand the disruption and implications of distributed ledger technologies for financial reporting and auditing, we analyze firm misreporting, auditor monitoring and competition, and regulatory policy in a unified model. A federated blockchain for financial reporting and auditing can...
Persistent link: https://www.econbiz.de/10015056089
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Deposit and Credit Reallocation in a Banking Panic : The Role of State-Owned Banks
Acharya, Viral V.; Das, Abhiman; Kulkarni, Nirupama; … - National Bureau of Economic Research - 2022
We study a bank run in India in which private bank branches experience sudden and considerable loss of deposits that seek safety in state-owned public sector banks (PSBs). We trace the consequences of this reallocation using granular data on bank-firm relationships and branch balance sheets. The...
Persistent link: https://www.econbiz.de/10013435119
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Bank Runs, Fragility, and Regulation
Amador, Manuel; Bianchi, Javier - National Bureau of Economic Research - 2024
We examine banking regulation in a macroeconomic model of bank runs. We construct a general equilibrium model where banks may default because of fundamental or self-fulfilling runs. With only fundamental defaults, we show that the competitive equilibrium is constrained efficient. However, when...
Persistent link: https://www.econbiz.de/10014528381