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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 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
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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 hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a...
Persistent link: https://www.econbiz.de/10013215674
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CEO preferences and acquisitions
Jenter, Dirk; Lewellen, Katharina - 2011
of takeover bids. Mergers frequently force target CEOs to retire early, and CEOs' private merger costs are the forgone … costs, we find strong evidence that target CEO preferences affect merger patterns. The likelihood of receiving a takeover …
Persistent link: https://www.econbiz.de/10010280635
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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
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Debt as Safe Asset
Brunnermeier, Markus K.; Merkel, Sebastian; Sannikov, Yuliy - 2022
The price of a safe asset reflects not only the expected discounted future cash flows but also future service flows, since retrading allows partial insurance of idiosyncratic risk in an incomplete markets setting. This lowers the issuers’ interest burden and allows the government to run a...
Persistent link: https://www.econbiz.de/10013308246
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Parental Time Restrictions and the Cost of Children : Insights from a Survey Among Mothers
Borah, Melanie - 2019
In this paper, we provide estimates of the subjectively perceived cost of children depending on the extent of parental time restrictions. Building on a study by Koulovatianos et al. (2009) that introduces a novel way of using subjective income evaluation data for such estimations, we conduct a...
Persistent link: https://www.econbiz.de/10012892262
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Fertility Cost, Intergenerational Labor Division, and Female Employment
Yu, Haiyue - 2019
China has set to increase the minimum retirement age, to ease the pressure from pension expenditure and the falling labor supply caused by the aging population. However, policy debates have so far neglected the crucial fact that families in China largely rely on retired grandparents for...
Persistent link: https://www.econbiz.de/10012892279
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Unlocking New Methods to Estimate Country-Specific Trade Costs and Trade Elasticities
Freeman, Rebecca; Larch, Mario; Theodorakopoulos, Angelos; … - 2021
We propose new methods to identify the full impact of country-specific characteristics on bilateral trade flows within the framework of ‘the new quantitative trade model.’ We complement theory with a simple two-stage estimating procedure, and offer a proof of concept by quantifying the...
Persistent link: https://www.econbiz.de/10013312849
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Exporting Costs and Multi-Product Shipments
Gomtsyan, David; Tarasov, Alexander - 2021
mechanism considered in the paper is based on that multiproduct shipments allow splitting fixed costs per shipment across many … products and, therefore, reducing total shipment costs. As a result, more developed countries tend to have lower fixed costs …-product shipments in determining shipping costs …
Persistent link: https://www.econbiz.de/10013315049
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Fiscal Competition in Space and Time : An Endogenous-Growth Approach
Becker, Daniel Thomas; Rauscher, Michael - 2021
of immobile residents. Investment is costly: Quadratic installation and de-installation costs limit the mobility of … and effects of changes in installation costs are ambiguous …
Persistent link: https://www.econbiz.de/10013316964