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Access to Collateral and Corporate Debt Structure : Evidence from a Natural Experiment
Vig, Vikrant - 2012
We investigate how firms respond to strengthening of creditor rights by examining their financial decisions following a securitization reform in India. We find that the reform led to a reduction in secured debt, total debt, debt maturity, asset growth and an increase in liquidity hoarding by...
Persistent link: https://www.econbiz.de/10012713107
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Risk Taking by Banks in the Transition Countries
Haselmann, Rainer F. H. - 2006
In this paper we examine risk taking and risk management with the help of a new survey data set from EBRD. We do so in this paper with the familiar balance sheet and income data prepared by Bank Scope and also with information from the EBRD's 2005 survey of bank managers. We find no indication...
Persistent link: https://www.econbiz.de/10012732439
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How Law Affects Lending
Haselmann, Rainer F. H. - 2008
The paper explores how legal change affects lending behavior of banks in twelve transition economies of Central and Eastern Europe. In contrast to previous studies, we use bank level rather than aggregate data, which allows us to control for country level heterogeneity and analyze the effect of...
Persistent link: https://www.econbiz.de/10012727322
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Institutions and Bank Behavior
Haselmann, Rainer F. H. - 2007
This paper explores how the legal environment affects bank behavior in 20 transition economies. Based on a newly constructed data set we find that banks' loan portfolio composition depends on the legal environment. If banks operate in a well-functioning legal environment they lend relatively...
Persistent link: https://www.econbiz.de/10012731334
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How Law Affects Lending
Haselmann, Rainer; Pistor, Katharina; Vig, Vikrant - Volkswirtschaftliche Fakultät, … - 2006
A voluminous literature seeks to explore the relation between law and finance, but offers little insights into dynamic relation between legal change and behavioral outcomes or about the distributive effects of law on different market participants. The current paper disentangles the law-finance...
Persistent link: https://www.econbiz.de/10005619459
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Why borrowers pay premiums to larger lenders: Empirical evidence from sovereign syndicated loans
Hallak, Issam - Center for Financial Studies - 2002
All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the...
Persistent link: https://www.econbiz.de/10010958529
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Innovation, financial constraints and relationship lending: firm-level evidence in times of crisis
Brancati, Emanuele - Dipartimento di Economia e Finanza (DEF), Libera … - 2014
the effects of financial barriers to the innovation propensity of Italian SMEs. Employing direct measures of financial … significantly lower than sound companies (-30%). Results document the existence of a feedback-effect of innovation on firmsÕ … of soft information in mitigating financial obstacles to innovation by improving the financial condition of more opaque …
Persistent link: https://www.econbiz.de/10010791328
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Innovation, financial constraints and relationship lending: evidence from Italy during the recent crises
Brancati, Emanuele - Volkswirtschaftliche Fakultät, … - 2013
quantifies the effects of financial barriers to the innovation propensity of Italian companies. Employing direct measures of … feedback-effect of innovation on firms' financial position. Results suggest that the innovative propensity of a company is … reflected onto a stronger depressive effect of financial constraints on innovation (-34%). Finally, the paper also provides …
Persistent link: https://www.econbiz.de/10011111865
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In the wake of the crisis: dealing with distressed debt across the transition region
De Haas, Ralph; Knobloch, Stephan - European Bank for Reconstruction and Development (EBRD) - 2010
This paper reviews the origin and spread of the distressed debt problem in the transition region. We argue that while the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects home-grown vulnerabilities. As in the West, the root...
Persistent link: https://www.econbiz.de/10008503260
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Over-Indebtedness, Predatory Lending, and the International Political Economy of Residential Home Mortgage Securitization : Comparing the United States' Subprime Home Mortgage Lend...
Peterson, Christopher Lewis - 2013
Following the United States, many countries around the world have increasingly turned to structured finance, also known as securitization, to fund loan portfolios. This trend has taken on troubling undertones in the wake of widespread default in the American sub-prime residential mortgage backed...
Persistent link: https://www.econbiz.de/10012711261