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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/10011518156

Optimal risk-sharing in mortgage contracts : the effects of potential prepayment and default

Brueckner, Jan K.; Lee, Kangoh - 2014

Much of the literature on the economics of mortgage markets has studied the FRM-ARM choice made by individual borrowers. However, to decide if the outcome of such a choice is efficient or approximately so, it is necessary to explore the question of optimal risk-sharing in mortgage contracts. But...

Persistent link: https://www.econbiz.de/10010412302

Controlling investment decisions : hurdle rates and intertemporal cost allocation

Dutta, Sunil; Reichelstein, Stefan - 2000

We examine alternative performance measures for a manager who has superior information about the profitability of an investment project and who contributes to periodic operating cash flows through his efforts. We find that residual income based on a suitably chosen depreciation schedule is an...

Persistent link: https://www.econbiz.de/10009781635

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

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

Business cycle effects of credit and technology shocks in a DSGE model with firm defaults

Pesaran, M. Hashem; Xu, TengTeng - 2011

This paper proposes a theoretical framework to analyze the impacts of credit and technology shocks on business cycle dynamics, where firms rely on banks and households for capital financing. Firms are identical ex ante but differ ex post due to different realizations of firm specific technology...

Persistent link: https://www.econbiz.de/10009312180

Basel accord and financial intermediation : the impact of policy

Berka, Martin; Zimmermann, Christian - 2012

This paper studies loan activity in a context where banks must follow Basel Accord-type rules and acquire financing from households. Loan activity typically decreases when entrepreneurs' investment returns decline, and we study which type of policy could revigorate an economy in a trough. We...

Persistent link: https://www.econbiz.de/10009488890

Credit risk in general equilibrium

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

This paper contributes to the literature on default in general equilibrium. Borrowing and lending takes place via a clearing house (bank) which monitors agents and enforces contracts. Our model develops a concept of bankruptcy equilibrium that is a direct generalization of the standard general...

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

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