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Bankruptcy and Firm Dynamics : The Case of the Missing Firms

Rodríguez-Delgado, Jose Daniel - 2010

Financial frictions have been documented as an important determinant of firm dynamics. In this paper I model bankruptcy … procedures, liquidation in particular, as an institutional feature that affects both sides of financial transactions. I construct … a model of firm dynamics that generate endogenous borrowing limits and I find that a) inefficient bankruptcy procedures …

Persistent link: https://www.econbiz.de/10014402687

What Happens After Supervisory Intervention? : Considering Bank Closure Options

Josefsson, Mats - 2003

Closures have been used to resolve problem banks in many countries in a wide range of economic circumstances, yet banking supervisors frequently defer intervention and closure. Avoiding the costs of disruption is the principal argument in favor of extraordinary measures, such as the use of...

Persistent link: https://www.econbiz.de/10014403641

Mortgage defaults

Hatchondo, Juan Carlos; Martinez, Leonardo; Sanchez, Juan M. - 2012

Persistent link: https://www.econbiz.de/10009423925

The impact of legislation on credit risk : comparative evidence from the United States, the United Kingdom and Germany

Schmieder, Christian; Schmieder, Philipp - 2011

Persistent link: https://www.econbiz.de/10009486196

Corporate and household debt distress in Latvia : strengthening the incentives for a market-based approach to debt resolution

Erbenová, Michaela; Liu, Yan; Saxegaard, Magnus - 2011

Persistent link: https://www.econbiz.de/10009486289

Dealing with private debt distress in the wake of the European financial crisis : a review of the economics and legal toolbox

Liu, Yan; Rosenberg, Christoph B. - 2013

Persistent link: https://www.econbiz.de/10009706789

Optimal bank recovery

Goodhart, Charles A. E.; Segoviano, Miguel - 2015

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/10011408292

The COVID-19 impact on corporate leverage and financial fragility

Haque, Sharjil Muktafi; Varghese, Richard - 2021

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/10012796218

Restructuring and insolvency in Europe : policy options in the implementation of the EU directive

Garrido, José María; DeLong, Chanda; Rasekh, Amira; … - 2021

The Directive on Restructuring and Insolvency sets minimum standards for restructuring and certain insolvency matters, but its harmonization effect will be limited given multiple options for implementation, likely leading to divergent restructuring models in Europe. These options reveal...

Persistent link: https://www.econbiz.de/10012612340

Scenario analysis with the DD-PD mapping approach : stock market shocks and U.S. corporate default risk

Chan-Lau, Jorge A. - 2021

This paper introduces the quantile regression- based Distance-to-Default to Probability of Default (DD-PD) mapping, which links individual firms' DD to their real world PD. Since changes in the DD depend on a handful of parameters, the mapping easily accommodates shocks arising from quantitative...

Persistent link: https://www.econbiz.de/10012613371