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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
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Catharsis - the real effects of bank insolvency and resolution
Korte, Josef - 2013
In general, banks play a growth-enhancing role for the real economy. However, distorted incentives for banks …, 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
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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
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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
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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
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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
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Support for the SME supporting factor : multi-country empirical evidence on systematic risk factor for SME loans
Dietsch, Michel; Düllmann, Klaus; Fraisse, Henri; … - 2016
Using a unique and comprehensive data set on the two largest economies of the Eurozone - France and Germany - this paper first proceeds to a computation of the Gordy formula relaxing the ad hoc sizedependent constraints of the Basel formulas. Our study contributes to Article 501 of the Capital...
Persistent link: https://www.econbiz.de/10011564456
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The impact of German public support transfers on firm finance : evidence from the Covid-19 crisis
Gärtner, Leo; Marek, Philipp - 2022
The economic policy response to COVID-19 lockdowns included a variety of measures. Their effects on non-financial firms, however, remain unclear. To shed light on the effect of transfers, we investigate the effect of German emergency aid transfers (November-December aid), a program designed for...
Persistent link: https://www.econbiz.de/10013205580
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Market sentiment, financial fragility, and economic activity : the role of corporate securities issuance
Dieckelmann, Daniel - 2021
Using new quarterly U.S. data for the past 120 years, I show that sudden reversals in equity and credit market sentiment approximated by several measures of corporate securities issuance are highly predictive of banking crises and recessions. Deviations in equity issuance from historical...
Persistent link: https://www.econbiz.de/10012431742
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Global liquidity, offshore bond issuance and shadow banking in China
Yamamoto, Shugo - 2020 - This version: March 1, 2020
Persistent link: https://www.econbiz.de/10012655854