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Indirect contagion : the policy problem
Clerc, Laurent; Giovannini, Alberto; Langfield, Sam; … - 2016
contractual links. The first is the market price channel, in which scarce funding liquidity and low market liquidity reinforce … case of illiquidity spirals, firms do not internalise the negative externality of holding low levels of funding liquidity … contagion - namely macroprudential liquidity regulation; restrictions on margins and haircuts; and information disclosure. …
Persistent link: https://www.econbiz.de/10011972870
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Using Bankruptcy to Reduce Foreclosures : Does Strip-Down of Mortgages Affect the Supply of Mortgage Credit?
Li, Wenli - 2015
We assess the credit market impact of mortgage “strip-down” — reducing the principal of underwater residential mortgages to the current market value of the property for homeowners in Chapter 7 or Chapter 13 bankruptcy. Strip-down of mortgages in bankruptcy was proposed as a means of...
Persistent link: https://www.econbiz.de/10013031647
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Informational Efficiency of Credit Default Swap and Stock Markets : The Impact of Adverse Credit Events
Zhang, Gaiyan - 2009
We investigate credit default swap (CDS) and stock price reactions to a variety of credit events, including news of economic distress, financial distress, M&A, SEC probe or accounting irregularities, and leverage buyout (LBO). The CDS spread shows a large spike of 37% to 96% depending on the...
Persistent link: https://www.econbiz.de/10013155173
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Debt, Recovery Rates and the Greek Dilemma
Goodhart, Charles - 2016
Most discussions of the Greek debt overhang have focussed on the implications for Greece. We show that when additional funds released to the debtor (Greece), via debt restructuring, are used efficiently in pursuit of a practicable business plan, then both debtor and creditor can benefit. We...
Persistent link: https://www.econbiz.de/10012991638
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Bond Default Matters in China : Evidence from Illiquidity Premium
Gao, Haoyu; Hao, Dapeng; Jia, Calvin Dun; Qiu, Zhigang - 2022
This paper studies how market-wide credit risk affects the liquidity pricing in the bond market. With the emerging wave … increases the effectiveness of price discovery in China's capital market. As liquidity concern starts to play a nontrivial role …
Persistent link: https://www.econbiz.de/10013406173
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Corporate Failures : Declines, Collapses, and Scandals
Cole, Rebel A.; Johan, Sofia; Schweizer, Denis - 2022
Numerous collapses and corporate scandals of large corporations have underscored the impact of corporate conduct on capital markets and society as a whole. These failures have highlighted the need for regulators to rethink regulatory frameworks and enforcement, and for corporations to rework...
Persistent link: https://www.econbiz.de/10014235628
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Sovereign credit risk and stock markets : does the markets’ dependency increase with financial Distress?
Silva, Paulo Pereira da - In: International Journal of Financial Studies : open … 2 (2014) 1, pp. 145-167
This paper addresses the relationship between stock markets and credit default swaps (CDS) markets. In particular, I aim to gauge if the co-movement between stock prices and sovereign CDS spreads increases with the deterioration of the credit quality of sovereign debt. The analysis of...
Persistent link: https://www.econbiz.de/10010373349
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The impact of credit rating announcements on corporates' credit default swap spreads : are there intra-industry effects observable?
Burghof, Hans-Peter; Schneider, Johannes; Wengner, Andreas - 2012
This study examines the impact of credit rating announcements from the three leading credit rating agencies (Moody's, S&P, Fitch)on the Credit Default Swap Spreads of corporates and their spillover effects within industries. We find, that both downgrades and upgrades have an impact on the CDS...
Persistent link: https://www.econbiz.de/10012822376
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Lawyer Networks and Corporate Bankruptcies
Goyal, Vidhan K. - 2020
Exploiting a setting in which lead counsel lawyers are selected before the random assignment of bankruptcy judges, we examine if past interactions between lead counsel lawyers and judges influence corporate bankruptcy outcomes. Debtors' counsel who are familiar with the judge speed up the...
Persistent link: https://www.econbiz.de/10012826589