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Low inflation : high default risk AND high equity valuations

Bhamra, Harjoat Singh; Dorion, Christian; Jeanneret, … - 2018

We develop an asset-pricing model with endogenous corporate policies that explains how inflation jointly impacts real asset prices and corporate default risk. Our model includes two empirically grounded nominal frictions: fixed nominal coupons and sticky profitability. Taken together, these two...

Persistent link: https://www.econbiz.de/10011941263

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

Lifting the veil : the face of TFP in an Indian rail mill

Das, Sanghamitra; Krishna, Kala; Lychagin, Sergey; … - 2011

We use a proprietary data set on the floor-level operations at the Bhilai Rail and Structural Mill (RSM) in India to understand how output rose sharply in response to competitive pressures. Output increases came predominantly from reductions in production delays of various kinds. We model...

Persistent link: https://www.econbiz.de/10009230828

Local labor market effects of the 2002 Bush steel tariffs

Lake, James; Liu, Ding - 2022

President Bush imposed safeguard tariffs on steel in early 2002. Using US input-output tables and a generalized difference-in-difference methodology, we analyze the local labor market employment effects of these tariffs depending on the local labor market's reliance on steel as an input and as...

Persistent link: https://www.econbiz.de/10013362367

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

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/10012603137

Advantageous smallness in contests

Amegashie, J. Atsu - 2021

A standard result in contests is that a higher-ability player has a higher probability of winning the prize than a lower-ability player. Put differently, a stronger player has an advantage over a weaker player in a contest. There are very few exceptions to this standard result. I consider a...

Persistent link: https://www.econbiz.de/10012669006

Analysing the determinants of credit risk for General Insurance firms in the UK

Caporale, Guglielmo Maria; Cerrato, Mario; Zhang, Xuan - 2016

This paper estimates a reduced-form model to assess the credit risk of General Insurance (GI) non-life firms in the UK. Compared to earlier studies, it uses a much larger sample including 30 years of data for 515 firms, and also considers a much wider set of possible determinants of credit risk....

Persistent link: https://www.econbiz.de/10011497884

Macroeconomic dynamics and credit risk : a global perspective

Schuermann, Til; Treutler, Björn-Jakob; Weiner, Scott M.; … - 2003

We develop a framework for modeling conditional loss distributions through the introduction of risk factor dynamics. Asset value changes of a credit portfolio are linked to a dynamic global macroeconometric model, allowing macro effects to be isolated from idiosyncratic shocks. Default...

Persistent link: https://www.econbiz.de/10011508097

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

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