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The impact of bankruptcy reform on insolvency choice and consumer credit

Allen, Jason; Basiri, Kiana - 2016

We examine the impact of the 2009 amendments to the Canadian Bankruptcy and Insolvency Act on insolvency decisions …

Persistent link: https://www.econbiz.de/10011477142

Allen, Jason; Damar, H. Evren; Martinez-Miera, David - 2012

We analyze the relationship between the intensity of banks' use of soft-information and household bankruptcy patterns …. Using a unique data set on the universe of Canadian household bankruptcies, we document that bankruptcy rates are higher in … mergers as exogenous variation in local market structure, we show that the differences in bankruptcy rates are not due to …

Persistent link: https://www.econbiz.de/10009565242

A Note on Contestability in the Canadian Banking Industry

Allen, Jason; Liu, Ying - Bank of Canada - 2007

The authors examine the degree of contestability in the Canadian banking system using the H-statistic proposed by Panzar and Rosse (1987) and modified by Bikker, Spierdijk, and Finnie (2006). A modification is necessary because the standard approach of controlling for size using total assets...

Persistent link: https://www.econbiz.de/10005808272

Analyzing Default Risk and Liquidity Demand during a Financial Crisis: The Case of Canada

Allen, Jason; Hortaçsu, Ali; Kastl, Jakub - Bank of Canada - 2011

This paper explores the reliability of using prices of credit default swap contracts (CDS) as indicators of default probabilities during the 2007/2008 financial crisis. We use data from the Canadian financial system to show that these publicly available risk measures, while indicative of initial...

Persistent link: https://www.econbiz.de/10009326649

Bank Loans for Private and Public Firms in a Credit Crunch

Allen, Jason; Paligorova, Teodora - Bank of Canada - 2011

Banks reliance on short-term funding has increased over time. While an effective source of financing in good times, the 2007 financial crisis has exposed the vulnerability of banks and ultimately firms to such a liability structure. The authors show that banks that relied most on wholesale...

Persistent link: https://www.econbiz.de/10009326654

Price Competition and Concentration in Search and Negotiation Markets: Evidence from Mortgage Lending

Allen, Jason; Clark, Robert; Houde, Jean-François - Bank of Canada - 2012

This paper examines the impact of bank consolidation on mortgage rates in order to evaluate the extent to which mortgage markets are competitive. Mortgage markets are decentralized and so rates are determined through a search and negotiation process. The primary effect of a merger therefore is...

Persistent link: https://www.econbiz.de/10009493658

Consumer Bankruptcy and Information

Allen, Jason; Damar, H. Evren; Martinez-Miera, David - Bank of Canada - 2012

We analyze the relationship between the intensity of banks’ use of soft-information and household bankruptcy patterns …. Using a unique data set on the universe of Canadian household bankruptcies, we document that bankruptcy rates are higher in … mergers as exogenous variation in local market structure, we show that the differences in bankruptcy rates are not due to …

Persistent link: https://www.econbiz.de/10010558703

Efficiency and Bargaining Power in the Interbank Loan Market

Allen, Jason; Chapman, James; Echenique, Federico; … - Bank of Canada - 2012

Using detailed loan transactions-level data we examine the efficiency of an overnight interbank lending market, and the bargaining power of its participants. Our analysis relies on the equilibrium concept of the core, which imposes a set of no-arbitrage conditions on trades in the market. For...

Persistent link: https://www.econbiz.de/10010575508

Price Negotiation in Differentiated Products Markets: Evidence from the Canadian Mortgage Market

Allen, Jason; Clark, Robert; Houde, Jean-François - Bank of Canada - 2012

This paper measures market power in a decentralized market where contracts are determined through a search and negotiation process. The mortgage industry has many institutional features which suggest competitiveness: homogeneous contracts, negotiable rates, and, for a given consumer, common...

Persistent link: https://www.econbiz.de/10010575509

Discounting in Mortgage Markets

Allen, Jason; Clark, Robert; Houde, Jean-François - Bank of Canada - 2011

This paper studies discounting in mortgage markets. Using transaction-level data on Canadian mortgages, we document that over time there’s been an increase in the average discount, along with substantial dispersion. The standard explanation for dispersion in credit markets is that lenders...

Persistent link: https://www.econbiz.de/10008836643