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Imperfect Competition in the Interbank Market for Liquidity as Arationale for Central Banking
Acharya, Viral V. - 2012
We study liquidity transfers between banks through the interbank borrowing and asset sale markets when, (i) surplus …) compared to outside markets, or is prepared to extend potentially loss-making loans. The public provision of liquidity to banks …, in fact its mere credibility, can thus improve the private allocation of liquidity among banks. This rationale for …
Persistent link: https://www.econbiz.de/10013116406
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The Re-Emergence of Distressed Exchanges in Corporate Restructurings
Altman, Edward I. - 2012
In 2008 and 2009, bondholders of ailing companies were affected by a reemergenceof an important corporate restructuring strategy, known as a Distressed Exchange.Fourteen companies in 2008 completed this desperate attempt to avoid a formal bankruptcy filing – about twice as many as any single...
Persistent link: https://www.econbiz.de/10013116813
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Shaping Liquidity : On the Casual Effects of Voluntary Disclosure
Balakrishnan, Karthik - 2013
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the supply of public … than is mandated by market regulations and that such efforts have a sizeable and beneficial effect on liquidity. Firms …. Liquidity improves as a result of voluntary disclosure …
Persistent link: https://www.econbiz.de/10013076314
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Shaping Liquidity : On the Causal Effects of Voluntary Disclosure
Balakrishnan, Karthik - 2013
Can managers influence the liquidity of their shares? We use plausibly exogenous variation in the supply of public … than is mandated by market regulations and that such efforts have a sizeable and beneficial effect on liquidity. Firms …. Liquidity improves as a result of voluntary disclosure …
Persistent link: https://www.econbiz.de/10013076380
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Illiquidity or Credit Deterioration : A Study of Liquidity in the US Corporate Bond Market During Financial Crises
Friewald, Nils - 2012
We investigate whether liquidity is an important price factor in the US corporate bond market. In particular, we focus … on whether liquidity effects are more pronounced in periods of financial crises, especially for bonds with high credit … range of liquidity measures and find that liquidity effects account for approximately 14% of the explained market …
Persistent link: https://www.econbiz.de/10013112617
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Illiquidity or Credit Deterioration : A Study of Liquidity in the US Corporate Bond Market during Financial Crises
Friewald, Nils - 2010
We use a unique data-set to study liquidity effects in the US corporate bond market, covering more than 20,000 bonds … on the quantification of the impact of liquidity factors, while controlling for credit risk. Our time period starts in … market, and the period in between, when market conditions were more normal.We employ a wide range of liquidity measures and …
Persistent link: https://www.econbiz.de/10013150981
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Post-Chapter 11 Bankruptcy Performance : Avoiding Chapter 22
Altman, Edward I. - 2009
Forty years ago, I developed a method of predicting bankruptcies by U.S. [public] companies that makes use of equity market values as well as fundamental financial and operating data. Since that time, my 'Z-Score' model has become one of the most widely used methods for assessing the...
Persistent link: https://www.econbiz.de/10013156532
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Collateralizing Liquidity
Parlatore, Cecilia - 2017
I develop a dynamic model of optimal funding to understand why financial assets are used as collateral instead of being sold to raise funds. Firms need funds to invest in risky projects with non-observable returns. Since holding these assets allows firms to raise these funds, investing firms...
Persistent link: https://www.econbiz.de/10012956442
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Illiquidity or Credit Deterioration : A Study of Liquidity in the Us Corporate Bond Market During
Subrahmanyam, Marti G. - 2013
We investigate whether liquidity is an important price factor in the US corporate bond market. In particular, we focus … on whether liquidity eects are more pronounced in periods of nancial crises, especially for bonds with high credit risk … liquidity measures and nd that liquidity eects account for approximately 14% of the explained market-wide corporate yield spread …
Persistent link: https://www.econbiz.de/10013080010
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Covenant Violations, Loan Contracting, and Default Risk of Bank Borrowers
Saunders, Anthony - 2013
Are borrowers rewarded for repaying their loans? This paper investigates the consequences of covenant violations on subsequent loans to the same borrower using a hand-collected sample of US syndicated loans during the 1996 to 2010 period. We find that covenant violations have substantial...
Persistent link: https://www.econbiz.de/10013080012