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Asset Liquidity and International Portfolio Choice
Geromichalos, Athanasios - 2011
over faster than domestic assets because the former have desirable liquidity properties, but represent inferior saving …
Persistent link: https://www.econbiz.de/10013121055
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Credit Market Freezes
Benmelech, Efraim - 2017
Credit market freezes in which debt issuance declines dramatically and market liquidity evaporates are typically … bonds declined, and secondary credit markets became highly illiquid. In this paper we analyze liquidity in bond markets … during financial crises and compare two main theories of liquidity in markets: (1) asymmetric information and adverse …
Persistent link: https://www.econbiz.de/10012954001
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The Agglomeration of Bankruptcy
Benmelech, Efraim - 2014
This paper identifies a new channel through which bankrupt firms impose negative externalities on non-bankrupt peers. The bankruptcy and liquidation of a retail chain weakens the economies of agglomeration in any given local area, reducing the attractiveness of retail centers for remaining...
Persistent link: https://www.econbiz.de/10013051758
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Bankruptcy and the Collateral Channel
Benmelech, Efraim - 2010
Do bankrupt firms impose negative externalities on their non-bankrupt competitors? We propose and analyze a collateral channel in which a firm's bankruptcy reduces collateral values of other industry participants, thereby increasing the cost of external debt finance industry wide. To identify...
Persistent link: https://www.econbiz.de/10013148372