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Flattening the Insolvency Curve : Promoting Corporate Restructuring in Asia and the Pacific in the Post-C19 Recovery
Bauer, A.; Craig, R.; Garrido, José; Kang, Kenneth; … - 2021
frameworks to flatten the insolvency curve, ensuring that adequate financing is available to support corporate restructuring, and …
Persistent link: https://www.econbiz.de/10013243068
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Herd Behavior in Financial Markets : A Review
Bikhchandani, Sushil - 2021
Policymakers often express concern that herding by financial market participants destabilizes markets and increases the fragility of the financial system. This paper provides an overview of the recent theoretical and empirical research on herd behavior in financial markets. It addresses the...
Persistent link: https://www.econbiz.de/10013212037
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News-Based Sentiment Indicators
Huang, Chengyu - 2020
We construct sentiment indices for 20 countries from 1980 to 2019. Relying on computational text analysis, we capture specific language like 'fear', 'risk', 'hedging', 'opinion', and, 'crisis', as well as 'positive' and 'negative' sentiments, in news articles from the Financial Times. We assess...
Persistent link: https://www.econbiz.de/10012843513
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The COVID-19 Impact on Corporate Leverage and Financial Fragility
Haque, Sharjil; Varghese, Richard - 2022
We study the impact of the COVID-19 recession on capital structure of publicly listed U.S. firms. Our estimates suggest leverage (Net Debt/Asset) decreased by 5.3 percentage points from the pre-shock mean of 19.6 percent, while debt maturity increased moderately. This de-leveraging effect is...
Persistent link: https://www.econbiz.de/10013299034
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The Insolvency Regime for Large Enterprises in Italy : An Economic and Legal Assessment
Belhocine, Nazim - 2018
The modernization of Italy's insolvency framework has been the subject of much interest in recent years, related not … least to its role in potentially facilitating an efficient allocation of resources. A unique feature of Italy's insolvency … folding the special regime into the general insolvency regime, possibly with provisions to allow for state intervention in …
Persistent link: https://www.econbiz.de/10012909405
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Arrears to the IMF - A Ghost of the Past?
Oeking, Anne - 2016
In this paper, we consider incidences of arrears to the IMF, focusing on protracted arrears cases and attempt to identify determinants of their occurrence. We use narrative and formal methods. In addition, we analyze determinants of the duration of arrears. We find that previous arrears,...
Persistent link: https://www.econbiz.de/10012977355
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Insolvency and Enforcement Reforms in Italy
Garrido, José - 2016
the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long … explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive …
Persistent link: https://www.econbiz.de/10012977835
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Optimal Bank Recovery
Goodhart, Charles - 2016
Banks' living wills involve both recovery and resolution. Since it may not always be clear when recovery plans or actions should be triggered, there is a role for an objective metric to trigger recovery. We outline how such a metric could be constructed meeting criteria of (i) adequate loss...
Persistent link: https://www.econbiz.de/10013002156
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Default Premium
Catão, Luis - 2015
We re-assess the view that sovereigns with a history of default are charged only a small and/or short-lived premium on the interest rate warranted by observed fundamentals. Our reassessment uses a metric of such a “default premium” (DP) that is consistent with asymmetric information models...
Persistent link: https://www.econbiz.de/10013016580
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Optimal Maturity Structure of Sovereign Debt in Situation of Near Default
Rochon, Céline - 2014
We study the relationship between default and the maturity structure of the debt portfolio of a Sovereign, under uncertainty. The Sovereign faces a trade-off between a future costly default and a high current fiscal effort. This results into a debt crisis in case a large initial issuance of long...
Persistent link: https://www.econbiz.de/10013045943