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The real effects of bank distress : evidence from bank bailouts in Germany

Bersch, Johannes; Degryse, Hans; Kick, Thomas; Stein, Ingrid - 2019

How does bank distress impact their customers' probability of default and trade credit availability? We address this question by looking at a unique sample of German firms from 2000 to 2011. We follow their firm-bank relationships through times of distress and crisis, featuring the different...

Persistent link: https://www.econbiz.de/10012108717

Pre-emptive sovereign debt restructuring and holdout litigation

Anand, Kartik; Gai, Prasanna - 2018

We offer an analytical framework for studying "pre-emptive" debt exchanges. Countries can tailor a sovereign bankruptcy framework by choosing provisions (or "haircuts") ex ante, but must contend with the market discipline of holdout litigation ex post. Secondary markets play a role in shaping...

Persistent link: https://www.econbiz.de/10011874276

Personal bankcuptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start"

Fossen, Frank M. - 2011

entrepreneurship. -- Personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …

Persistent link: https://www.econbiz.de/10009008042

Catharsis - the real effects of bank insolvency and resolution

Korte, Josef - 2013

, depositors, and regulators in connection with bank insolvency may corrupt banks' credit allocation and monitoring decisions … insolvency has a cathartic effect using a large firm-level dataset and proposing a new indicator to measure the strength of …

Persistent link: https://www.econbiz.de/10009751064

Identifying empty creditors with a shock and micro-data

Degryse, Hans; Gündüz, Yalın; O'Flynn, Kuchulain; … - 2021

Firms with credit-default swaps (CDS) traded on their debt may face "empty creditors" as hedged creditors have less incentive to participate in firm restructuring. We test for the existence of empty creditors by employing an exogenous change to the bankruptcy code in Germany that effectively...

Persistent link: https://www.econbiz.de/10012697959

The COVID-19 insolvency gap : first-round effects of policy responses on SMEs

Dörr, Julian Oliver; Murmann, Simona; Licht, Georg - 2021

COVID-19 placed a special role to fiscal policy in rescuing companies short of liquidity from insolvency. In the first … focusing on firms’ pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap … measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Based …

Persistent link: https://www.econbiz.de/10012434436

Updating the option implied probability of default methodology

Vilsmeier, Johannes - 2014

In this paper we ‘update’ the option implied probability of default (option iPoD) approach recently suggested in the literature. First, a numerically more stable objective function for the estimation of the risk neutral density is derived whose integrals can be solved analytically. Second,...

Persistent link: https://www.econbiz.de/10010471968

Debt valuation and marketability risk

Tychon, Pierre; Vannetelbosch, Vincent J. - 1997

Persistent link: https://www.econbiz.de/10000971340

Optimal debt exchange offers

Mella-Barral, Pierre - 1995

Persistent link: https://www.econbiz.de/10000917947

The optimal mix of business entities : the value of partial limited liability

Kraizberg, Elli - 1989

Persistent link: https://www.econbiz.de/10000769114