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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 … context of Croatia, which introduced a "pre-bankruptcy settlement" (PBS) process in the wake of the Great Recession of 2007 … effectively delays entry into the standard bankruptcy procedure, leads to a lower rate of survival among debtors as well as re …
Persistent link: https://www.econbiz.de/10012657954
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Quality of institutions, credit markets and bankruptcy
Hainz, Christa - 2004
The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank-firm relationship and show that the bank's decision to liquidate bad firms has two opposing effects. First, the bank receives a payoff if a firm is liquidated. Second, it loses the...
Persistent link: https://www.econbiz.de/10010261107
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SMEs and Access to Bank Credit: Evidence on the Regional Propagation of the Financial Crisis in the UK
Degryse, Hans; Matthews, Kent; Zhao, Tianshu - 2015
We study the sensitivity of banks’ credit supply to small and medium size enterprises (SMEs) in the UK to banks’ financial condition before and during the financial crisis. Employing unique data on the geographical location of all bank branches in the UK, we connect firms’ access to bank...
Persistent link: https://www.econbiz.de/10011307086
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How Do Banks Interact with Fintechs? Forms of Alliances and their Impact on Bank Value
Hornuf, Lars; Klus, Milan F.; Lohwasser, Todor S.; … - 2018
The increasing pervasiveness of technology-driven firms that offer banking services has led to a growing pressure on traditional banks to modernize their core business activities. Banks attempt to confront the challenges of digitalization by cooperating with financial technology firms (fintechs)...
Persistent link: https://www.econbiz.de/10011931920
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Banking in the Shadow of Bitcoin? The Institutional Adoption of Cryptocurrencies
Auer, Raphael; Farag, Marc; Lewrick, Ulf; Orazem, Lovrenc; … - 2023
The phenomenal growth of cryptocurrencies raises important questions about their footprint on the financial system. What role are traditional financial intermediaries playing in cryptocurrency markets and what drives their engagement? Are new nodes emerging? We help answer these questions by...
Persistent link: https://www.econbiz.de/10014290265
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Spillovers from Systemic Bank Defaults
Mink, Mark; de Haan, Jakob - 2014
We examine to what extent banks' stock market values during the 2007-2012 financial crisis were driven by increases in the default risk of banks designated as globally systemically important by the Financial Stability Board. We find that bank market values hardly respond to changes in the...
Persistent link: https://www.econbiz.de/10010398542
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Collateral and its substitutes in emerging markets' lending
Menkhoff, Lukas; Neuberger, Doris; Rungruxsirivorn, Ornsiri - 2011
Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from Northeast Thailand that indeed most loans do not include...
Persistent link: https://www.econbiz.de/10010278879
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A Novel Framework to Evaluate Changes in Access to and Costs of Trade Finance
Auboin, Marc; Bekkers, Eddy; De Quarti, Dario - 2023
In this paper we integrate the costs of trade finance in a computable general equilibrium (CGE) model to evaluate the trade and output effects of counterfactual policy experiments on costs of and access to trade finance. The costs of financing international trade consist of two components: the...
Persistent link: https://www.econbiz.de/10014377420
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How Accurate are Modern Value-at-Risk Estimators Derived from Extreme Value Theory?
Auer, Benjamin R.; Mögel, Benjamin - 2016
In this study, we compare the out-of-sample forecasting performance of several modern Value-at- Risk (VaR) estimators derived from extreme value theory (EVT). Specifically, in a multi-asset study covering 30 years of stock, bond, commodity and currency market data, we analyse the accuracy of the...
Persistent link: https://www.econbiz.de/10011615843
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Creditor passivity: the effects of bank competition and institutions on the strategic use of bankruptcy filings
Hainz, Christa - 2007
Why do banks remain passive? In a model of bank-firm relationship we study the trade-off a bank faces when having defaulting firms declared bankrupt. First, the bank receives a payoff if a firm is liquidated. Second, it provides information about a firm's type to its competitors. Thereby,...
Persistent link: https://www.econbiz.de/10010264275