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Efficient Recapitalization
PHILIPPON, Thomas; Schnabl, Philipp - National Bureau of Economic Research (NBER) - 2009
conditions implementation on sufficient bank participation. Preferred stock plus warrants reduces opportunistic participation by … aggregate credit risk exceed the cost of implicit transfers to bank debt holders. …
Persistent link: https://www.econbiz.de/10005000616
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Macroeconomic Effects of Corporate Default Crises: A Long-Term Perspective
Longstaff, Francis A.; Giesecke, Kay; Schaefer, Stephen; … - National Bureau of Economic Research (NBER) - 2012
the total par amount of corporate bonds has often rivaled the amount of bank loans outstanding, we find that corporate …
Persistent link: https://www.econbiz.de/10009493261
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Implicit Guarantees and Risk Taking: Evidence from Money Market Funds
Kacperczyk, Marcin; Schnabl, Philipp - National Bureau of Economic Research (NBER) - 2011
A firm's termination generates bankruptcy costs. This may create incentives for a firm's owner to bail out a firm in bankruptcy and to curb the firm's risk taking outside bankruptcy. We analyze the role of such implicit guarantees in the context of financial institutions that sponsor money...
Persistent link: https://www.econbiz.de/10009251486
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Moral and Social Constraints to Strategic Default on Mortgages
Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - National Bureau of Economic Research (NBER) - 2009
We use survey data to study American households' propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household...
Persistent link: https://www.econbiz.de/10005039683
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House Prices, Home Equity-Based Borrowing, and the U.S. Household Leverage Crisis
Mian, Atif; Sufi, Amir - National Bureau of Economic Research (NBER) - 2009
Using individual-level data on homeowner debt and defaults from 1997 to 2008, we show that borrowing against the increase in home equity by existing homeowners is responsible for a significant fraction of both the sharp rise in U.S. household leverage from 2002 to 2006 and the increase in...
Persistent link: https://www.econbiz.de/10005034331
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Fire Sales in Finance and Macroeconomics
Shleifer, Andrei; Vishny, Robert W. - National Bureau of Economic Research (NBER) - 2010
Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang problems afflicting many specialist bidders simultaneously. We overview theoretical and empirical research on asset fire sales, which shows how they can arise, how they can lead to...
Persistent link: https://www.econbiz.de/10008776830
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Basel II: A Contracting Perspective
Kane, Edward J. - National Bureau of Economic Research (NBER) - 2006
Financial safety nets are incomplete social contracts that assign responsibility to various economic sectors for preventing, detecting, and paying for potentially crippling losses at financial institutions. This paper uses the theories of incomplete contracts and sequential bargaining to...
Persistent link: https://www.econbiz.de/10005248774
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Bankruptcy Reform and Credit Cards
White, Michelle J. - National Bureau of Economic Research (NBER) - 2007
From 1980 to 2004, the number of personal bankruptcy filings in the United States increased more than five-fold, from 288,000 to 1.5 million per year. Lenders responded to the high filing rate with a major lobbying campaign for bankruptcy reform that led to the adoption in 2005 of the Bankruptcy...
Persistent link: https://www.econbiz.de/10005710594
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Deposit Insurance Database
Demirguc-Kunt, Asli; Kane, Edward J.; Laeven, Luc - National Bureau of Economic Research (NBER) - 2014
temporary increase in the government protection of non-deposit liabilities and bank assets. In most cases, these guarantees have …
Persistent link: https://www.econbiz.de/10010969341
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The Effects of Reconstruction Finance Corporation Assistance on Michigan's Banks' Survival in the 1930s
Calomiris, Charles W.; Weidenmier, Marc; Mason, Joseph R.; … - National Bureau of Economic Research (NBER) - 2012
bank failure rates in Michigan during the period 1932-1934, which includes the important Michigan banking crisis of early … purchases (the policy tool employed after March 1933) on bank failure rates. Our estimates treat the receipt of RFC assistance … assistance that are not directly related to failure risk) for analyzing the effects of RFC assistance on bank survival. We find …
Persistent link: https://www.econbiz.de/10010950800