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Bankruptcy choice with endogenous financial constraints
Tamayo, Cesar E. - 2017
monitoring is too costly, renegotiation leads to reorganization, which resembles actual bankruptcy practice. We calibrate the …-trivial choice between alternative bankruptcy procedures. Given limited commitment and asymmetric information, financial contracts … specify default, renegotiation and reorganization policies. Renegotiation entails a redistribution of social surplus, while …
Persistent link: https://www.econbiz.de/10011673284
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OTC derivatives market in India : recent regulatory initiatives and open issues for market stability and development
Arora, Dayanand; Rathinam, Francis Xavier - 2010
The OTC derivatives markets all over the world have shown tremendous growth in recent years. In the wake of the present financial crisis, which is believed to have been exacerbated by OTC derivatives, increasing attention is being paid to analysing the regulatory environment of these markets. In...
Persistent link: https://www.econbiz.de/10003963572
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Delistings in Europe and the Cost of Governance
Vinten, Frederik; Thomsen, Steen - 2006
We analyze delistings from European stock exchanges 1995-2005 as a function of market conditions, firm effects and governance regulation. We find that investor protection and corporate governance quality reduce the likelihood of going private, bankrupt or liquidated, but increase the likelihood...
Persistent link: https://www.econbiz.de/10012142330
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The impacts of COVID-19 on racial inequality in business earnings
Fairlie, Robert W. - 2023 - Revised version
Persistent link: https://www.econbiz.de/10014343227
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The labour market dynamics of a plant closure
Edin, Per-Anders - 1987
Persistent link: https://www.econbiz.de/10003536764
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Local banking supply and private firm activity : evidence from branch closures
Fang, Francis Haoyu; Vlaicu, Razvan - 2024
Private firms establish relationships with banks in local markets to obtain adequate financing for their operations through credit and loans. As major banks reduced their branch networks in recent years, many firms have lost access to their local bank. We evaluate the impact of a large number of...
Persistent link: https://www.econbiz.de/10015045191
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Foreign vs. domestic listing: an entrepreneurial decision
Ding, Yuan; Nowak, Eric; Zhang, Hua - Institut für Schweizerisches Bankwesen <Zürich> - 2007
In this paper, we use a unique hand-collected dataset to analyze stock listing as an entrepreneurial decision. By comparing mainland Chinese entrepreneurial firmslisted in Hong Kong with the same type of firms opting for a domestic listing on the Shenzhen second board market, we argue that the...
Persistent link: https://www.econbiz.de/10005857778
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The emergence of large shareholders in mass privatized firms : evidence from Poland and the Czech Republic
Grosfeld, Irena; Hoshi, Iraj - 2004
Mass privatization offers a particularly suitable framework to study the change in ownership concentration as the extent of change is unusual for a stable market economy. Focusing on two different mass privatization schemes in two transition economies, Poland and the Czech Republic, we find that...
Persistent link: https://www.econbiz.de/10011606874
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ESG factors and firms' credit risk
Bonacorsi, Laura; Cerasi, Vittoria; Galfrascoli, Paola; … - 2022
We study the relationship between the risk of default and Environmental, Social and Governance (ESG) factors using Supervised Machine Learning (SML) techniques on a crosssection of European listed companies. Our proxy for credit risk is the z-score originally proposed by Altman (1968). We...
Persistent link: https://www.econbiz.de/10013463784
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Financial innovation and financial fragility
Gennaioli, Nicola; Shleifer, Andrei; Vishny, Robert W. - 2010 - Second draft: May 2010
We present a standard model of financial innovation, in which intermediaries engineer securities with cash flows that investors seek, but modify two assumptions. First, investors (and possibly intermediaries) neglect certain unlikely risks. Second, investors demand securities with safe cash...
Persistent link: https://www.econbiz.de/10008737158