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Defaults and losses on commercial real estate bonds

Wiggers, Tyler; Ashcraft, Adam B. - 2012

-32) to determine their frequency of default and total loss given default. Default rates on these bonds far exceeded those … higher loan-to-value ratios results in higher rates of default and loss. They also support the business cycle's significance … is a rapid recovery around the corner. -- Great Depression ; CMBS market ; default and loss study ; commercial real …

Persistent link: https://www.econbiz.de/10009521614

Beyond thirty : treasury issuance of long-term bonds from 1953 to 1965

Garbade, Kenneth D. - 2017

Ever since the emergence of regular and predictable issuance of coupon-bearing Treasury debt in the 1970s, thirty years has marked the outer boundary of Treasury bond maturities. However, longer-term bonds were not unknown in earlier years. Seven such bonds, including one with a forty-year term,...

Persistent link: https://www.econbiz.de/10011586602

Climate regulatory risks and corporate bonds

Seltzer, Lee; Starks, Laura T.; Zhu, Qifei - 2022

Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and...

Persistent link: https://www.econbiz.de/10013193337

The Value of Ratings : Evidence from their Introduction in Securities Markets

Bernstein, Asaf; Frydman, Carola; Hilt, Eric - National Bureau of Economic Research - 2023

We study the effects of the first-ever ratings for corporate securities. In 1909, John Moody published a book that partitioned the majority of listed railroad bonds into letter-graded ratings based on his assessments of their credit risk. These ratings had no regulatory implications and were...

Persistent link: https://www.econbiz.de/10014247986

Exorbitant privilege? : quantitative easing and the bond market subsidy of prospective fallen angels

Acharya, Viral V.; Banerjee, Ryan; Crosignani, Matteo; … - 2022

We document capital misallocation in the U.S. investment-grade (IG) corporate bond market, driven by quantitative easing (QE). Prospective fallen angels - risky firms just above the IG rating cutoff-enjoyed subsidized bond financing since 2009, especially when the scale of QE purchases peaked...

Persistent link: https://www.econbiz.de/10013161890

The shifting drivers of global liquidity

Avdjiev, Stefan; Gambacorta, Leonardo; Goldberg, Linda S.; … - 2017

The post-crisis period has seen a considerable shift in the composition and drivers of international bank lending and international bond issuance, the two main components of global liquidity. The sensitivity of both types of flows to U.S. monetary policy rose substantially in the immediate...

Persistent link: https://www.econbiz.de/10011671045

Gender and the availability of credit to privately held firms : evidence from the surveys of small business finances

Cole, Rebel A.; Mehran, Hamid - 2009

This study analyzes differences by gender in the ownership of privately held U.S. firms and examines the role of gender in the availability of credit. Using data from the nationally representative Surveys of Small Business Finances, which span a period of sixteen years, we document a series of...

Persistent link: https://www.econbiz.de/10003947529

Venture Debt

Morse, Adair - National Bureau of Economic Research - 2024

The provision of venture debt financing to growth-oriented startups which are backed by venture capital (VC) equity has been a bit of a puzzle given the lack of positive cash flows or traditional collateral of such startups. This short paper lays out the hurdles for debt to overcome to be a...

Persistent link: https://www.econbiz.de/10014512037

The Unicorn Puzzle

Davydova, Daria; Fahlenbrach, Rüdiger; Sanz, Leandro; … - National Bureau of Economic Research - 2022

From 2010 to 2021, 639 US VC-funded firms achieved unicorn status. We investigate why there are so many unicorns and why controlling shareholders give investors privileges to obtain unicorn status. We show that unicorns rely more than other VC-funded firms on organizational capital as well as...

Persistent link: https://www.econbiz.de/10013435166

A Survey of Private Debt Funds

Block, Jörn; Jang, Young Soo; Kaplan, Steven N.; … - National Bureau of Economic Research - 2023

Despite its large and increasing size in the U.S. and Europe, there is relatively little research on the private debt (PD) market, particularly compared to the bank and syndicated loan markets. Accordingly, in this paper, we survey U.S. and European investors with private debt assets under...

Persistent link: https://www.econbiz.de/10013537762