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Insolvency After the 2005 Bankruptcy Reform
Albanesi, Stefania; Nosal, Jaromir - C.E.P.R. Discussion Papers - 2015
, especially, the financial cost of filing for bankruptcy. We study the effects of the reform on bankruptcy, insolvency, and …. We find that the decline in bankruptcy filings resulted in a rise in the rate and persistence of insolvency as well as an … that insolvency is associated with worse financial outcomes than bankruptcy, as insolvent individuals have less access to …
Persistent link: https://www.econbiz.de/10011252618
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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Miller, Marcus; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2009
driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what …
Persistent link: https://www.econbiz.de/10008528524
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Loan Pricing Under Basel Capital Requirements
Repullo, Rafael; Suarez, Javier - C.E.P.R. Discussion Papers - 2003
We analyse the implications for the pricing of bank loans of the reform of capital regulation known as Basel II. We consider a perfectly competitive market for business loans where, as in the model underlying the internal ratings based (IRB) approach of Basel II, a single risk factor explains...
Persistent link: https://www.econbiz.de/10005792161
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Rollover Risk and Market Freezes
Acharya, Viral V; Gale, Douglas M; Yorulmazer, Tanju - C.E.P.R. Discussion Papers - 2009
We consider the debt capacity of a risky asset when debt is being rolled over and there is a liquidation cost in case of default. We show that debt capacity depends on how information about the quality of the asset is revealed. When the information structure is based on “optimistic”...
Persistent link: https://www.econbiz.de/10004980204
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Economic and Regulatory Capital: What is the Difference?
Elizalde, Abel; Repullo, Rafael - C.E.P.R. Discussion Papers - 2004
This Paper analyses the determinants of regulatory capital (the minimum required by regulation) and economic capital (the capital that shareholders would choose in absence of regulation) in the context of the single risk factor model that underlies the New Basel Capital Accord (Basel II). The...
Persistent link: https://www.econbiz.de/10005123827
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Does Competition Reduce the Risk of Bank Failure?
Martinez-Miera, David; Repullo, Rafael - C.E.P.R. Discussion Papers - 2008
A large theoretical literature shows that competition reduces banks' franchise values and induces them to take more risk. Recent research contradicts this result: When banks charge lower rates, their borrowers have an incentive to choose safer investments, so they will in turn be safer. However,...
Persistent link: https://www.econbiz.de/10005124382
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The Role of Non-financial Factors in Internal Credit Ratings
Grunert, Jens; Norden, Lars; Weber, Martin - C.E.P.R. Discussion Papers - 2002
Internal credit ratings are expected to gain in importance because of their potential use for determining regulatory capital adequacy and banks’ increasing focus on the risk-return profile in commercial lending. Therefore, the components of internal credit ratings merit not only a qualitative...
Persistent link: https://www.econbiz.de/10005067587
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Hazardous Times for Monetary Policy: What Do Twenty-Three Million Bank Loans Say About the Effects of Monetary Policy on Credit Risk?
Jiménez, Gabriel; Ongena, Steven; Peydró, José Luis; … - C.E.P.R. Discussion Papers - 2007
We investigate the impact of the stance and path of monetary policy on the level of credit risk of individual bank loans and on lending standards. We employ the Credit Register of the Bank of Spain that contains detailed monthly information on virtually all loans granted by all credit...
Persistent link: https://www.econbiz.de/10005661943
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Finance and Poverty: Evidence from India
Ayyagari, Meghana; Beck, Thorsten; Hoseini, Mohammad - C.E.P.R. Discussion Papers - 2013
Using state-level data from India over the period 1983 to 2005, this paper gauges the effect of financial deepening and …
Persistent link: https://www.econbiz.de/10011083926
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How Do Regulators Influence Mortgage Risk? Evidence from an Emerging Market
Campbell, John Y; Ramadorai, Tarun; Ranish, Benjamin - C.E.P.R. Discussion Papers - 2012
employ loan-level data on over a million loans disbursed in India over the 1995 to 2010 period to understand how fast …
Persistent link: https://www.econbiz.de/10011083989