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Liquidation Triggers and the Valuation of Equity and Debt
Galai, Dan; Raviv, Alon; Wiener, Zvi - EconWPA - 2003
Net-worth covenants, as introduced by Black and Cox (1976), provide the firm’s bondholders with the right to force reorganization or liquidation if the value of the firm falls below a certain threshold. In the event of default, however, many bankruptcy codes stipulate an automatic stay of...
Persistent link: https://www.econbiz.de/10005561605
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GDP and insolvency
Staszkiewicz, Piotr W. - Volkswirtschaftliche Fakultät, … - 2013
The correlation analysis was conducted on dynamic of GDP and company failure rate for Poland, Europe and USA for the period 2003-2011; it was found a negative correlation. An analysis was undertaken for the relation between the rate of corporate failure in Poland and the rate of change of overall...
Persistent link: https://www.econbiz.de/10011259056
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Small, alone and poor: a merciless portrait of insolvent French firms, 2007-2010
Levratto, Nadine; Tessier, Luc; Zouikri, Messaoud - EconomiX, Université Paris Ouest-Nanterre la Défense … - 2011
This empirical paper investigates the path to bankruptcy for a sample of French firms in default, in particular the decision to file a petition for bankruptcy, the arbitrage between rescuing and liquidation and the effective survival. The procedure is depicted as a sequence of three steps in...
Persistent link: https://www.econbiz.de/10009386347
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Debt Rescheduling with Multiple Lenders: Relying on the Information of Others
Fluet, Claude; Garella, Paolo G. - Centre Interuniversitaire sur le Risque, les Politiques … - 2013
Can debt rescheduling decisions differ in multiple lenders’ versus a single lender loan? Do multiple lenders efficiently react to information? We show that the precision of information plays an essential role. Foreclosing by one lender is disruptive so that a lender can rationally wait for the...
Persistent link: https://www.econbiz.de/10010693194
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A Causal Framework for Credit Default Theory
Sy, Wilson - Finance Discipline Group, Business School - 2007
joint model with dual causal processes of delinquency and insolvency. A framework for developing causal credit default …
Persistent link: https://www.econbiz.de/10005112863
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Leverage and Asset Bubbles: Averting Armageddon with Chapter 11?
Miller, Marcus; Stiglitz, Joseph E - C.E.P.R. Discussion Papers - 2009
driving asset prices to ‘overshoot’ equilibrium when an asset bubble bursts - threatening widespread insolvency and what …
Persistent link: https://www.econbiz.de/10008528524
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The Failure of Northern Rock - A Multidimensional Case Study
Eisenbeis, Robert Allen; Taylor, Michael William; … - SUERF - The European Money and Finance Forum
institutional architecture in the United Kingdom and most especially with regard to insolvency arrangements for banks and the … arrangements and those for the insolvency of financial institutions. She also detects weaknesses in the workings of the emergency … liquidity assistance arrangements. The main focus of the contribution is on bank insolvency and bank crisis management, and the …
Persistent link: https://www.econbiz.de/10004982519
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Shareholder Primacy and the Trajectory of UK Corporate Governance
Armour, John; Deakin, Simon; Konzelmann, Suzanne J. - ESRC Centre for Business Research - 2003
insolvency and employment law, stakeholder interests are better represented, thanks to European Community influence. Moreover …
Persistent link: https://www.econbiz.de/10005687992
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Household Balance Sheets and Economic Crisis
Jakubík, Petr - Institut ekonomických studií, Univerzita Karlova v Praze - 2011
This paper studies the economic impact of the current global economic downturn on the household sector. Household budgets can be negatively affected by declines in nominal wages and increases in unemployment. We empirically test this effect for the small open emerging economy. As a result of a...
Persistent link: https://www.econbiz.de/10009150068
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Households’ response to economic crisis
Jakubik, Petr - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2011
This paper studies the economic impact of the current global economic downturn on the household sector. Household budgets can be negatively affected by declines in nominal wages and increases in unemployment. We empirically test this effect for the small open emerging economy. As a result of a...
Persistent link: https://www.econbiz.de/10009019266