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Determinants of acquisition and failure: stylized facts and lessons for empirical studies
Köke, Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10010297767
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Dynamics in ownership and firm survival: evidence from corporate Germany
Heiss, Florian; Köke, Jens - 2001
This study investigates the determinants of changes in corporate ownership and firm failure, taking into account different types of sellers and buyers of control blocks. For a large panel of German corporations we find that firms are more likely to fail or to be sold when performance is poor,...
Persistent link: https://www.econbiz.de/10010297800
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Idiosyncratic risk and the cost of capital: The case of electricity networks
Schober, Dominik; Schäffler, Stephan; Weber, Christoph - 2014
We analyze the treatment and impact of idiosyncratic or firm-specific risk in regulation. Regulatory authorities regularly ignore firm-specific characteristics, such as size or asset ages, implying different risk exposure in incentive regulation. In contrast, it is common to apply only a single...
Persistent link: https://www.econbiz.de/10010330308
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The rat race of capital structure research for REITs and REOCs: Two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...
Persistent link: https://www.econbiz.de/10010307836
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Are Credit Ratings Valuable Information?
Kraft, Kornelius; Czarnitzki, Dirk - 2004
Credit ratings are commonly used by lenders to assess the default risk, because every credit is connected with a possible loss. If the probability of a default is above a certain threshold, a credit will not be provided. The purpose of this paper is to test whether credit ratings contribute...
Persistent link: https://www.econbiz.de/10010297323
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Debt is not free
Moreno Badía, Marialuz; Medas, Paulo; Gupta, Pranav; … - 2020
With public debt soaring across the world, a growing concern is whether current debt levels are a harbinger of fiscal crises, thereby restricting the policy space in a downturn. The empirical evidence to date is however inconclusive, and the true cost of debt may be overstated if interest rates...
Persistent link: https://www.econbiz.de/10012170046
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The use of data in assessing and designing insolvency systems
Bergthaler, Wolfgang; DeLong, Chanda; Johnson, Juliet Ellen - 2019
To date, the use of empirical data in insolvency law analysis has been sporadic. This paper provides a conceptual … framework for the use of data to assess the effectiveness and efficiency of insolvency systems. The paper analyzes the existing … sources of data on insolvency proceedings, including general insolvency statistics, judicial statistics, statistics of …
Persistent link: https://www.econbiz.de/10012009271
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Bottom-up default analysis of corporate solvency risk : an application to Latin America
Chan-Lau, Jorge A.; Lim, Cheng Hoon; … - 2017
This paper suggests a novel approach to assess corporate sector solvency risk. The approach uses a Bottom-Up Default Analysis that projects probabilities of default of individual firms conditional on macroeconomic conditions and financial risk factors. This allows a direct macro-financial link...
Persistent link: https://www.econbiz.de/10011704646
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Bankruptcy technology, finance, and entrepreneurship
Souza Sobrinho, Nelson Ferreira - 2017
rationale for structural reforms that simultaneously speed up the resolution of private sector insolvency, improve creditor …
Persistent link: https://www.econbiz.de/10011705385
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The insolvency regime for large enterprises in Italy : an economic and legal assessment
Belhocine, Nazim; Garcia-Macia, Daniel; Garrido, José … - 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/10011932376