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Can asset reconstruction companies (ARCs) be part solution to the Indian debt problem?
Bhagwati, Jaimini; Khan, M. Shuheb; Bogathi, … - 2017
The Indian debt overhang issue is one of the major reasons that fresh investments are currently not being made in the scale required to promote higher growth and boost employment. Among banks the public sector banks (PSBs) are burdened with the bulk of net non-performing loans (NNPAs). These...
Persistent link: https://www.econbiz.de/10011638458
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Business tax policy under default risk
Comincioli, Nicola; Vergalli, Sergio; Panteghini, Paolo - 2019
In this article we use a stochastic model with one representative firm to study business tax policy under default risk. We will show that, for a given tax rate, the government has an incentive to reduce (increase) financial instability and default costs if its objective function is welfare (tax...
Persistent link: https://www.econbiz.de/10012006573
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Pricing default risk : the good, the bad, and the anomaly
Ferreira Filipe, Sara; Grammatikos, Theoharry; Michala, … - 2014
While empirical literature has documented a negative relation between default risk and stock returns, the theory suggests that default risk should be positively priced. We provide an explanation for this "default anomaly", by calculating monthly probabilities of default (PDs) for a large sample...
Persistent link: https://www.econbiz.de/10011861135
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Strategic default in financial networks
Allouch, Nizar; Jalloul, Maya - 2018
whether or not to default impacts the incentives of other agents to escape default. Agents' payoffs are determined by the …
Persistent link: https://www.econbiz.de/10011812108
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The start-up decision under default risk
Comincioli, Nicola; Panteghini, Paolo; Vergalli, Sergio - 2021
This study introduces a real option model to investigate how fiscal policy affects a representative firm's investment decision and to measure its welfare effects. On the one hand, the effects of financial instability on the optimal investment timing and on the probability of default are studied....
Persistent link: https://www.econbiz.de/10012654165
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Consumer bankruptcy, mortgage default and labour supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
We specify and estimate a lifecycle model of consumption, housing demand and labor supply in an environment where individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks, education specific productivity shocks, and catastrophic...
Persistent link: https://www.econbiz.de/10013167646
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How do laws and institutions affect recovery rates on collateral?
Degryse, Hans; Ioannidou, Vasso; Liberti, José María; … - 2018
We show that laws and institutions that grant creditors stronger enforcement rights and bargaining power upon default increase expected recovery rates on collateral. Using unique data that provides ex-ante appraised liquidation values on secured loans for a single global bank, we estimate...
Persistent link: https://www.econbiz.de/10011960089
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An elementary model of VC financing and growth
Greenwood, Jeremy; Han, Pengfei; Inokuma, Hiroshi; … - 2022
Persistent link: https://www.econbiz.de/10013447945
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Back to Kyoto? : US participation and the linkage between R&D and climate cooperation
Buchner, Barbara; Carraro, Carlo; Cersosimo, Igor; … - 2002
&D cooperation. This paper explores this idea by analysing on the one hand the incentives for EU, Japan and Russia to adopt this … strategy, and on the other hand the incentives for the US to join a coalition which cooperates both on climate change control … and R&D) will be examined from the view point of countries' profitability and free-riding incentives. Finally, after …
Persistent link: https://www.econbiz.de/10011596614
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A Principal-Agent View on Dividend Taxation and Investment Efficiency
Kind, Axel; Lindeiner, Benita von; Vedolin, Andrea - Institut für Schweizerisches Bankwesen <Zürich> - 2007
We propose an equity finance model with agency problems and investigate the relationship between dividend taxation and inefficient investments. Contrary to both the old and the new view of dividend taxation, a fall in the dividend tax rate is found to improve corporate governance by increasing...
Persistent link: https://www.econbiz.de/10005858049