Showing 1 - 7 of 7
Persistent link: https://www.econbiz.de/10001229598
Persistent link: https://www.econbiz.de/10003159241
Persistent link: https://www.econbiz.de/10001628740
Persistent link: https://www.econbiz.de/10001632866
We develop a model in which the equilibrium returns of illiquid assets are determined by the debt capacity of arbitrageurs rather than the desire to smooth consumption shocks. Debt allows risk-neutral arbitrageurs to earn a spread between the asset's expected cash flow and its equilibrium price,...
Persistent link: https://www.econbiz.de/10013128503
There are situations in which dispersed creditors (e.g., public creditors) have more difficulties and higher costs when collecting their claims in financial distress than concentrated creditors (e.g., banks). Under this assumption, our model predicts that measures of debt concentration relate...
Persistent link: https://www.econbiz.de/10012763082
There are situations in which dispersed creditors (e.g., public creditors) have more difficulties and higher costs when collecting their claims in financial distress than concentrated creditors (e.g., banks). Under this assumption, our model predicts that measures of debt concentration relate...
Persistent link: https://www.econbiz.de/10012470063