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Hedge Funds as Liquidity Providers : Evidence from the Lehman Bankruptcy

Aragon, George O. - 2009

Using the September 15, 2008 bankruptcy of Lehman Brothers as an exogenous shock to funding costs, we show that hedge … funds act as liquidity providers. Hedge funds using Lehman as prime broker could not trade after the bankruptcy, and these …-connected hedge funds in turn experienced greater declines in market liquidity following the bankruptcy than other stocks; and, the …

Persistent link: https://www.econbiz.de/10013156424

Business Failures by Industry in the United States, 1895 to 1939 : A Statistical History

Richardson, Gary - 2011

Dun's Review began publishing monthly data on bankruptcies by branch of business during the 1890s. This essay reconstructs that series, links it to its successors, and discusses how it can be used for economic analysis

Persistent link: https://www.econbiz.de/10013128597

What Hinders Investment in the Aftermath of Financial Crises : Insolvent Firms or Illiquid Banks?

Kalemli-Ozcan, Sebnem - 2010

We quantify the effects of lending and balance sheet channels on corporate investment during large crises in emerging markets. The depreciated currency creates investment opportunities in the tradable sector but firms might be financially constrained due to: 1) a deterioration of their balance...

Persistent link: https://www.econbiz.de/10013135885

Policy Options for State Pension Systems and Their Impact on Plan Liabilities

Rauh, Joshua D. - 2010

We calculate the present value of state pension liabilities under existing policies, and separately under policy changes that would affect pension payouts including cost of living adjustments (COLAs), retirement ages, and buyout schedules for early retirement. Liabilities if plans were frozen as...

Persistent link: https://www.econbiz.de/10013137026

Are Consumers Affected by Durable Goods Makers' Financial Distress? The Case of Auto Manufacturers

Hortacsu, Ali - 2010

maintenance). Manufacturer bankruptcy, or even the possibility thereof, threatens this service provision and can substantially …

Persistent link: https://www.econbiz.de/10013140995

Fiduciary Duties and Equity-Debtholder Conflicts

Becker, Bo - 2011

-debt conflicts. A 1991 Delaware bankruptcy ruling changed the nature of corporate directors' fiduciary duties in firms incorporated …

Persistent link: https://www.econbiz.de/10013117403

Should Derivatives Be Privileged in Bankruptcy?

Bolton, Patrick - 2011

Derivative contracts, swaps, and repos enjoy "super-senior" status in bankruptcy: they are exempt from the automatic …

Persistent link: https://www.econbiz.de/10013118249

A Model of Mortgage Default

Campbell, John Y. - 2011

This paper solves a dynamic model of a household's decision to default on its mortgage, taking into account labor income, house price, inflation, and interest rate risk. Mortgage default is triggered by negative home equity, which results from declining house prices in a low inflation...

Persistent link: https://www.econbiz.de/10013119572

Firm Heterogeneity, Endogenous Entry, and the Business Cycle

Ottaviano, Gianmarco I.P. - 2011

This paper investigates the role that the entry and exit of heterogeneous firms plays in shaping aggregate fluctuations in economic activity. In so doing, it develops a dynamic stochastic general equilibrium model in which procyclical entry and countercyclical exit along a real business cycle...

Persistent link: https://www.econbiz.de/10013120283

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk

Aizenman, Joshua - 2011

We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other economic fundamentals over 2005-10. We measure how accurately the model predicts sovereign credit default swap (CDS) spreads, focusing in particular on the five countries in the...

Persistent link: https://www.econbiz.de/10013120304

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