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Can't Pay or Won't Pay? Unemployment, Negative Equity, and Strategic Default

Gerardi, Kristopher - 2015

This paper exploits matched data from the PSID on borrower mortgages with income and demographic data to quantify the relative importance of negative equity, versus lack of ability to pay, as affecting default between 2009 and 2013. These data allow us to construct household budgets sets that...

Persistent link: https://www.econbiz.de/10012457039

Sources of Displaced Workers’ Long-Term Earnings Losses

Lachowska, Marta - 2018

panel data from Washington State assembled from 2002-2014 administrative wage and unemployment insurance (UI) records …

Persistent link: https://www.econbiz.de/10012453496

Does Occupational Licensing Reduce Job Loss During Recessions?

Blair, Peter Q.; Chung, Bobby W. - National Bureau of Economic Research - 2024

Licensed workers could be shielded from unemployment during recession since occupational licensing laws are asymmetric …-in-differences event study research design that exploits cross-state variation in licensing laws to compare the unemployment rate between …, we find that licensing shields workers from a recession-induced increase in the unemployment rate of 0.82 p.p. during …

Persistent link: https://www.econbiz.de/10014544764

Product Liability Litigation and Innovation : Evidence from Medical Devices

Galasso, Alberto; Luo, Hong - National Bureau of Economic Research - 2024

We examine the relationship between product liability litigation and innovation by systematically combining data on product liability lawsuits with data on new product introductions in a panel dataset of leading medical device firms. We first document a decline in the propensity to introduce new...

Persistent link: https://www.econbiz.de/10014512069

On the Law of the Household : The Principles Used by Parents in Disciplining Their Children

Shavell, Steven - National Bureau of Economic Research - 2023

In this article I first describe the basic principles that parents employ in disciplining their children. The description is based on a survey of parents, the major results of which are that parental sanctions are premised on wrongdoing--not on the mere causation of harm; that parental sanctions...

Persistent link: https://www.econbiz.de/10014248008

Predicting College Closures and Financial Distress

Kelchen, Robert J.; Ritter, Dubravka; Webber, Douglas A. - National Bureau of Economic Research - 2024

In this paper, we assemble the most comprehensive dataset to date on the characteristics of colleges and universities, including dates of operation, institutional setting, student body, staff, and finance data from 2002 to 2023. We provide an extensive description of what is known and unknown...

Persistent link: https://www.econbiz.de/10015145166

Global Business Cycles and Credit Risk

Pesaran, M. Hashem - 2005

The potential for portfolio diversification is driven broadly by two characteristics: the degree to which systematic risk factors are correlated with each other and the degree of dependence individual firms have to the different types of risk factors. Using a global vector autoregressive...

Persistent link: https://www.econbiz.de/10012467187

Special Purpose Vehicles and Securitization

Gorton, Gary - 2005

Firms can finance themselves on- or off-balance sheet. Off-balance sheet financing involves transferring assets to "special purpose vehicles" (SPVs), following accounting and regulatory rules that circumscribe relations between the sponsoring firm and the SPVs. SPVs are carefully designed to...

Persistent link: https://www.econbiz.de/10012467495

Multi-Period Corporate Failure Prediction with Stochastic Covariates

Duffie, Darrell - 2004

We provide maximum likelihood estimators of term structures of conditional probabilities of bankruptcy over relatively long time horizons, incorporating the dynamics of firm-specific and macroeconomic covariates. We find evidence in the U.S. industrial machinery and instruments sector, based on...

Persistent link: https://www.econbiz.de/10012467947

Corporate Yield Spreads : Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market

Longstaff, Francis A. - 2004

We use the information in credit-default swaps to obtain direct measures of the size of the default and nondefault components in corporate spreads. We find that the majority of the corporate spread is due to default risk. This result holds for all rating categories and is robust to the...

Persistent link: https://www.econbiz.de/10012468275