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Ivashina, Victoria - 2018

Using information on the sales of debt claims for 132 U.S. Chapter 11 bankruptcy cases, we show that large trade creditors' decisions to sell receivables of a distressed company in bankruptcy are predictive of lower recovery rates, and that in such cases these creditors sell ahead of less...

Persistent link: https://www.econbiz.de/10012928983

Liquidity as Social Expertise

Kurlat, Pablo D. - 2015

This paper proposes a theory of liquidity dynamics. Illiquidity results from asymmetric information. Observing the … perpetuates illiquidity. Liquidity falls in response to unexpected events that lead agents to question their valuation models …

Persistent link: https://www.econbiz.de/10013023683

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

Liquidity and Asset Prices : A Unified Framework

Vayanos, Dimitri - 2010

We examine how liquidity and asset prices are affected by the following market imperfections: asymmetric information …

Persistent link: https://www.econbiz.de/10013151396

Arbitrage-Free Limit Order Books and the Pricing of Order Flow Risk

Lehmann, Bruce Neal - 2008

This paper builds on the landmark contribution of Glosten (1994) by treating the determination of limit order supply schedules as an exercise in asset pricing theory with the possible sizes of incoming market orders as the value-relevant states of nature, yielding an analogue of the Fundamental...

Persistent link: https://www.econbiz.de/10012772385

Social Interaction and Stock-Market Participation

Kubik, Jeffrey D. - 2001

We investigate the idea that stock-market participation is influenced by social interaction. We build a simple model in which any given 'social' investor finds it more attractive to invest in the market when the participation rate among his peers is higher. The model predicts higher...

Persistent link: https://www.econbiz.de/10012787652

Buybacks, Exit Bonds, and the Optimality of Debt and Liquidity Relief

Froot, Kenneth - 2021

liquidity-constrained debtors will respond by enough to make a reduction in debt profitable, but not by enough to make the …

Persistent link: https://www.econbiz.de/10013231587

Private Deception and the Rise of Public Employment Offices in the United States, 1890 - 1930

Lee, Woong - 2008

At the turn of the 20th century, state and local governments in the United States began to establish public employment offices. These non-profit governmental organizations match job seekers and businesses, one of their main objectives being to protect job seekers from fraudulent activities by...

Persistent link: https://www.econbiz.de/10012773150

Testing for Asymmetric Information Using 'Unused Observables' in Insurance Markets : Evidence from the U.K. Annuity Market

Finkelstein, Amy - 2010

This paper tests for asymmetric information in the U.K. annuity market of the 1990s by trying to identify 'unused observables,' attributes of individual insurance buyers that are correlated both with subsequent claims experience and with insurance demand but that insurance companies did not use...

Persistent link: https://www.econbiz.de/10012761686

Market Distortions When Agents are Better Informed : The Value of Information in Real Estate Transactions

Levitt, Steven D. - 2010

Agents are often better informed than the clients who hire them and may exploit this informational advantage. Real-estate agents, who know much more about the housing market than the typical homeowner, are one example. Because real estate agents receive only a small share of the incremental...

Persistent link: https://www.econbiz.de/10012762522

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