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Eichberger, Jürgen; Rheinberger, Klaus; Summer, Martin - 2014

clearing house (bank) which monitors agents and enforces contracts. Our model develops a concept of bankruptcy equilibrium that … a version of the Capital Asset Pricing Model with bankruptcy. In this case we can characterize equilibrium prices and …

Persistent link: https://www.econbiz.de/10010235825

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/10012603137

How to sell a (bankrupt) company

Cornelli, Francesca; Felli, Leonardo - 2000

The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by...

Persistent link: https://www.econbiz.de/10009781568

Flexible prices and leverage

D'Acunto, Francesco; Liu, Ryan; Pflueger, Carolin; … - 2017

The frequency with which firms adjust output prices helps explain persistent differences in capital structure across firms. Unconditionally, the most exible-price firms have a 19% higher long-term leverage ratio than the most sticky-price firms, controlling for known determinants of capital...

Persistent link: https://www.econbiz.de/10011597779

Equilibrium theory of banks' capital structure

Gale, Douglas; Gottardi, Piero - 2017

balance the benefits of the provision of liquidity services by bank deposits with the costs of bankruptcy. The risk in the …

Persistent link: https://www.econbiz.de/10011688427

Consumer debt and default : a macro perspective

Exler, Florian; Tertilt, Michele - 2020

providing an overview of consumer bankruptcy law in the US and document the relevant institutional changes over time. We proceed … implications of various bankruptcy laws? And second, what caused the rise in filings over time? We end with a discussion of open …

Persistent link: https://www.econbiz.de/10012165973

Behavioural credit cycles

Delli Gatti, Domenico; Iannotta, Gabriele - 2022

We explore the intertwined dynamics of asset prices and the macroeconomy in a Behavioural model of Credit Cycles (BCC) characterized by a credit friction à la Kiyotaki and Moore and heterogeneous expectations cum heuristic switching à la Brock and Hommes. This behavioural approach allows to...

Persistent link: https://www.econbiz.de/10013380476

Bankruptcy : is it enough to forgive or must we also forget?

Elul, Ronel (contributor); Gottardi, Piero (contributor) - 2008

Persistent link: https://www.econbiz.de/10003712514

Creditor passivity : the effects of bank competition and institutions on the strategic use of bankruptcy filings

Hainz, Christa (contributor) - 2007

Persistent link: https://www.econbiz.de/10003624944

Analysis of monetary policy and financial stability : a new paradigm

Goodhart, Charles A. E.; Osorio, Carolina; Tsomocos, … - 2009

This paper introduces agent heterogeneity, liquidity, and endogenous default to a DSGE framework. Our model allows for a comprehensive assessment of regulatory and monetary policy, as well as welfare analysis in the different sectors of the economy. Due to liquidity and endogenous default, the...

Persistent link: https://www.econbiz.de/10003923247