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Debt Recovery in Firm Liquidations: Do Liquidation Trustees Matter?

Cepec, Jaka; Grajzl, Peter; Zajc, Katarina - 2016

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors’ recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …

Persistent link: https://www.econbiz.de/10011522534

The Impact of Delay: Evidence from Formal Out-of-Court Restructuring

Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; … - 2021

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy...

Persistent link: https://www.econbiz.de/10012657954

The Trading Response of Individual Investors to Local Bankruptcies

Laudenbach, Christine - 2020

We use data from a German online brokerage and a survey to show that retail investors sharply reduce risk-taking in response to nearby firm bankruptcies, which are not predictive of returns. The effects on trading are spatially highly concentrated, immediate and not persistent. They seem to...

Persistent link: https://www.econbiz.de/10012837679

Consumer Debt and Default : A Macro Perspective

Exler, Florian - 2020

In this survey, we review the quantitative macroeconomic literature analyzing consumer debt and default. We start by providing an overview of consumer bankruptcy law in the US and document the relevant institutional changes over time. We proceed with a comprehensive empirical section, describing...

Persistent link: https://www.econbiz.de/10012841141

Furlough and Household Financial Distress During the Covid-19 Pandemic

Görtz, Christoph; McGowan, Danny; Yeromonahos, Mallory - 2021

We study how furlough affects household financial distress during the COVID-19 pandemic. Furlough increases the probability of late housing and bill payments by 30% and 9%, respectively. The effects exist for individuals who rent their home, but not mortgagees who can mitigate financial distress...

Persistent link: https://www.econbiz.de/10013212266

The Impact of Fintech Startups on Financial Institutions' Performance and Default Risk

Haddad, Christian; Hornuf, Lars - 2021

We examine the impact of fintech start-ups on the performance and default risk of traditional financial institutions. We find a positive relationship between fintech start-up formations and incumbent institutions’ performance for the period 2005–2018 and a large sample of financial...

Persistent link: https://www.econbiz.de/10013229697

Why Entrepreneurs Choose Risky R&D Projects - but still not risky enough

Färnstrand Damsgaard, Erika; Hjertstrand, Per; … - 2016

This paper examines how entrepreneurs and incumbents differ in R&D strategies. We show that entrepreneurs have incentives to choose projects with higher risk and a higher potential in order to reduce expected commercialization costs. However, entrepreneurs may still select too safe projects from...

Persistent link: https://www.econbiz.de/10011555580

The turnaround of the Swedish economy: lessons from large business sector reforms

Heyman, Fredrik; Norbäck, Pehr-Johan; Persson, Lars - 2019

How can a country improve the productivity growth in its business sector and reach its growth potential? Sweden during the 1970–2010 period can serve as an example to help other countries understand how to efficiently reform a business sector. In the 1990s, Sweden implemented a reform package...

Persistent link: https://www.econbiz.de/10012018318

Unbundling the Incumbent and Entry into Fiber: Evidence from France

Bourreau, Marc; Grzybowski, Lukasz; Hasbi, Maude - 2018

We use panel data on 36,104 municipalities in metropolitan France over the period 2010-2014 to estimate two models of entry into local markets by: (i) alternative operators using wholesale access to the legacy copper network via local loop unbundling (LLU), and (ii) the incumbent and two...

Persistent link: https://www.econbiz.de/10011872063

Broadband infrastructure and economic growth

Czernich, Nina; Falck, Oliver; Kretschmer, Tobias; … - 2009

We estimate the effect of broadband infrastructure, which enables high-speed internet, on economic growth in the panel of OECD countries in 1996-2007. Our instrumental-variable model derives its non-linear first stage from a logistic diffusion model where pre-existing voice-telephony and...

Persistent link: https://www.econbiz.de/10010273811