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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,...
Persistent link: https://www.econbiz.de/10011518156
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Global liquidity, risk premiums and growth opportunities
De Nicolò, Gianni; Ivaschenko, Iryna V. - 2009
This paper constructs new indicators of liquidity for equity, bond and money markets in major advanced and emerging … evidence of an historical increase in market liquidity since the early 1990s, in part as a result of advances in international … financial integration, but markets have been increasingly exposed to global systemic liquidity shocks. Second, liquidity …
Persistent link: https://www.econbiz.de/10003824684
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Illiquidity and under-valuation of firms
Gale, Douglas; Gottardi, Piero - 2009
We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature and default may lead to the sale of the firms' assets at fire sale prices when markets are illiquid. This incompleteness is the only friction in the model and the...
Persistent link: https://www.econbiz.de/10003923631
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The debt-to-GDP ratio as a tool for debt management : not good for LICs
Amegashie, J. Atsu - 2023
There have been criticisms of debt sustainability analysis in general, including the IMF's own evaluation of the usefulness of its debt sustainability methodology (e.g., IMF, 2017). This paper's focus is narrow. On the basis of theoretical arguments and empirical evidence, it argues that the...
Persistent link: https://www.econbiz.de/10013542946
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Price and quantity effects of the German real estate transfer tax
Petkova, Kunka; Weichenrieder, Alfons J. - 2017 - This version: 15 June 2017
This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine...
Persistent link: https://www.econbiz.de/10011669079
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Homes incorporated : offshore ownership of real estate in the U.K.
Johannesen, Niels; Miethe, Jakob; Weishaar, Daniel - 2022
Ownership of real estate through corporations in offshore tax havens creates opportunities for tax evasion and money laundering and may have undesirable effects in housing markets. In this paper, we study offshore ownership of real estate in the United Kingdom by combining several data sources:...
Persistent link: https://www.econbiz.de/10013473652
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Privatising network industries
Newbery, David M. G. - 2004
Persistent link: https://www.econbiz.de/10011402670
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Contracting out mandatory counselling and training for long-term unemployed : private for-profit or non-profit, or keep it public?
Cockx, Bart; Baert, Stijn - 2015 - Date: October 26, 2015
This study evaluates the effectiveness of contracting out mandatory publicly provided counselling and training for long-term unemployed in Flanders (Belgium) to private for-profit and non-profit organisations (FPOs and NPOs). A multivariate transition model exploits timing-of-events and novel...
Persistent link: https://www.econbiz.de/10011376342
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The UK's privatisation experiment : the passage of time permits a sober assessment
Parker, David - 2004
This chapter looks at the UK s privatisation experiment, which began from the late 1970s. It considers the background to the UK s privatisations, which industries were privatised and how, and summarises the results of studies of performance changes in privatised companies in the UK. It looks at...
Persistent link: https://www.econbiz.de/10011402692
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Term structure and cyclicity of value-at-risk : consequences for the solvency capital requirement
Bec, Frédérique; Gollier, Christian - 2009
This paper explores empirically the link between French equities returns Value-at-Risk (VaR) and the state of financial markets cycle. The econometric analysis is based on a simple vector autoregression setup. Using quarterly data from 1970Q4 to 2008Q3, it turns out that the k-year VaR of French...
Persistent link: https://www.econbiz.de/10003824669