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Bankruptcy Procedures for Sovereigns : A History of Ideas, 1976-2001

Rogoff, Kenneth S.; Zettelmeyer, Jeromin - 2021

This paper describes the evolution of ideas to apply bankruptcy reorganization principles to sovereign debt crises. Our focus is on policy proposals between the late 1970s and Anne Krueger`s (2001) proposed Sovereign Debt-Restructuring Mechanism, with brief reference to the economics literature...

Persistent link: https://www.econbiz.de/10013317866

Macroprudential Regulation and Sector-Specific Default Risk

Belkhir, Mohamed; Ben Naceur, Sami; Candelon, Bertrand; … - 2022

This paper studies the transmission of macroprudential policies across both financial and non financial sectors of the economy. It first documents that tighter macroprudential regulations implemented in Europe over the period 2008–2017 lowered default risk not only in the financial, but also...

Persistent link: https://www.econbiz.de/10013404159

Accounting for Macrofinancial Fluctuations and Turbulence

Vitek, Francis - 2018

This paper investigates the sources of macrofinancial fluctuations and turbulence within the framework of an approximate linear dynamic stochastic general equilibrium model of the world economy, augmented with structural shocks exhibiting potentially asymmetric generalized autoregressive...

Persistent link: https://www.econbiz.de/10012906882

Mitigating the Deadly Embrace in Financial Cycles : Countercyclical Buffers and Loan-to-Value Limits

Beneš, Jaromír - 2016

This paper presents a new version of MAPMOD (Mark II) to study the effectiveness of macroprudential regulations. We extend the original model by explicitly modeling the housing market. We show how household demand for housing, house prices, and bank mortgages are intertwined in what we call a...

Persistent link: https://www.econbiz.de/10012977752

Tools to Apply to Financial Statements to Identify Errors, Omissions and Fraud in Business Valuations

Clevenger, Tom; Baker, Gary - In: Journal of Entrepreneurial Finance 10 (2005) 3, pp. 63-74

sheets and income statements. These sources can be fraught with errors, omissions and even fraud. The cash flow statements … for granted in basic accounting and finance and reality is often not as assumed. The tool kit uses basic accounting and … mathematical logic. This logic, teamed with basic accounting definitions and conventions, allows the economist some comfort that …

Persistent link: https://www.econbiz.de/10010765290

Why Did Public Banks Lend More During the Global Financial Crisis?

Bosshardt, Joshua - 2020

During the Global Financial Crisis (GFC), state-owned or public banks lent relativelymore than domestic private banks in many countries. However, data limitations havehindered a thorough assessment of what led public banks to better maintain lendingduring the GFC. Using a novel bank-level...

Persistent link: https://www.econbiz.de/10012828231

An Empirical Examination of SBA Guaranteed Loans: Rates, Collateral, Agency Costs, and the Time to Obtain the Loan

Brau, James C.; Osteryoung, Jerome S. - In: Journal of Entrepreneurial Finance 6 (2001) 1, pp. 1-23

We empirically examine a sample of over 350 entrepreneurial firms that successfully receive an SBA guaranteed loan. The first portion of the paper contains descriptive statistics that lend anecdotal evidence concerning the organization type of borrowers, the incidence of collateral, the reasons...

Persistent link: https://www.econbiz.de/10011310372

A Robust Valuation Model for Entrepreneurial Ventures

Kedar-Levy, Haim - In: Journal of Entrepreneurial Finance 16 (2013) 2, pp. 57-74

Pro forma estimation of financial statements often builds on constant ratios to sales revenue. While constant ratios may be relevant for established firms operating in predictable industries, they yield noninformative and possibly misleading information when applied to new firms, and...

Persistent link: https://www.econbiz.de/10010762507

The Valuation Effects of Private Placements of Public Corporations' Common Stock

McDaniel, W. R.; McDaniel, William R. - In: Journal of Entrepreneurial Finance 1 (1992) 3, pp. 205-220

Outside shareholders should benefit when the firm issues common stock through a private placement. Our propositions are (1) that the private issue of common equity creates a value-maximizing insider that has the incentive and ability to monitor and discipline, and thereby reduce agency costs and...

Persistent link: https://www.econbiz.de/10010765305

Some Potential Means for Venture Valuation

Stummer, Wolfgang - In: Journal of Entrepreneurial Finance 7 (2002) 3, pp. 39-52

In some modern venture valuation approaches, option pricing theory plays an important role. The aim of this paper is to present some tools and viewpoints which might be helpful for future investigations along this line. We model the value-dynamics Xt of an imbedded underlying X as a...

Persistent link: https://www.econbiz.de/10010765320