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Credit Ratings and Bank Monitoring Ability
Nakamura, L.I.; Roszbach, K. - Tilburg University, Center for Economic Research - 2010
In this paper we use credit rating data from two Swedish banks to elicit evidence on these banks’ loan monitoring … the Swedish credit bureau. We test the banks’ abilility to forecast the credit bureau’s ratings and vice versa. We show … that one of the banks has a superior predictive ability relative to the credit bureau. This is evidence that bank credit …
Persistent link: https://www.econbiz.de/10011091685
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Reexamining the Empirical Relation between Loan Risk and Collateral : The Role of the Economic Characteristics of Collateral
Ioannidou, Vasso; Berger, A.N.; Frame, W.S. - Tilburg University, Center for Economic Research - 2012
Abstract: This paper offers a possible explanation for the conflicting results in the literature concerning the empirical relation between collateral and loan risk. We posit that certain economic characteristics of collateral may be associated with the empirical dominance of different...
Persistent link: https://www.econbiz.de/10011090718
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Tests of Ex Ante Versus Ex Post Theories of Collateral Using Private and Public Information
Ioannidou, Vasso; Berger, A.N.; Frame, W.S. - Tilburg University, Center for Economic Research - 2010
Collateral is a widely used, but not well understood, debt contracting feature. Two broad strands of theoretical literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems between borrowers and lenders. However, the extant...
Persistent link: https://www.econbiz.de/10011092269
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Bank debt and publicly traded debt in repeated oligopolies
Hege, U. - Tilburg University, Center for Economic Research - 1998
Persistent link: https://www.econbiz.de/10011091975
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Of Religion and Redemption : Evidence from Default on Islamic Loans (Replaces CentER DP 2010-136)
Baele, Lieven; Farooq, M.; Ongena, S. - Tilburg University, Center for Economic Research - 2012
Abstract: We compare default rates on conventional and Islamic loans using a comprehensive monthly dataset from Pakistan that follows more than 150,000 loans over the period 2006:04 to 2008:12. We find robust evidence that the default rate on Islamic loans is less than half the default rate on...
Persistent link: https://www.econbiz.de/10011090645
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Reorganization Law and Dilution Threats in Different Financial Systems
Hege, U.; Mella-Barral, P. - Tilburg University, Center for Economic Research - 2000
In a market-based financial system, credit is held by dispersed creditors, and out-of-court renegotiation of debt is more likely to fail because of hold-out problems; in a bank-based system, out-of-court renegotiation stands good chances to succeed. Since out-of-court renegotiation is a...
Persistent link: https://www.econbiz.de/10011091952
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How Does Personal Bankruptcy Law Affect Start-ups?
Penas, María Fabiana; Cerqueiro, G.M. - Tilburg University, Center for Economic Research - 2011
We analyze the effect of changes in U.S. state personal exemptions on the financing structure and performance of a representative sample of start-ups. An increase in the amount of borrower’s personal wealth protected in bankruptcy reduces the availability of bank credit to all start-ups....
Persistent link: https://www.econbiz.de/10011090786
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Capital Structure and Managerial Compensation : The Effects of Renumeration Seniority
Renneboog, Luc; Calcagno, R. - Tilburg University, Center for Economic Research - 2004
We show that the relative seniority of debt and managerial compensation has important implications on the design of remuneration contracts.Whereas the traditional literature assumes that debt is senior to remuneration, we show that this is frequently not the case according to bankruptcy...
Persistent link: https://www.econbiz.de/10011092094
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Liquidation Values, Risk and Capital Structure
Rosellon Cifuentes, M.A. - Tilburg University, Center for Economic Research - 1999
This paper investigate the interaction between financial structure, liquidation values and product market equilibrium. Liquidation values depend on how many firms are liquidated, and therefore on the industry equilibrium of capital structures and of technology choices. We show that firms using a...
Persistent link: https://www.econbiz.de/10011092400
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Impact of the Financial Crisis
Vriesendorp, R.D.; Gramatikov, M.A. - Tilburg University, Center for Economic Research - 2010
Persistent link: https://www.econbiz.de/10011092458