Narrow search
Showing 1 - 10 of 893
Cover Image
Are there alternatives to bankruptcy? A study of small business distress in Spain
García-Posada, Miguel; Mora Sanguinetti, Juan S. - In: SERIEs - Journal of the Spanish Economic Association 5 (2014) 2/3, pp. 287-332
Small businesses, the majority of Spanish firms, rarely file for formal bankruptcy when dealing with financial distress …. This is why business bankruptcy rates in Spain are among the lowest in the world, even during the current economic crisis …. To explain this fact we present the following hypothesis. Filing for bankruptcy in Spain is very costly for both small …
Persistent link: https://www.econbiz.de/10011650289
Cover Image
Second liens and the holdup problem in mortgage renegotiation
Agarwal, Sumit; Amromin, Gene; Ben-David, Itzhak; … - 2014
When borrowers are delinquent, senior debtholders prefer liquidation whereas junior debtholders prefer to maintain their option value by delaying resolution or modifying the loan. In the mortgage market, a conflict of interest (“holdup”) arises when servicers of securitized senior liens are...
Persistent link: https://www.econbiz.de/10010353293
Cover Image
Are there alternatives to bankruptcy? : a study of small business distress in Spain
García-Posada, Miguel; Mora-Sanguinetti, Juan S. - In: SERIEs : Journal of the Spanish Economic Association 5 (2014) 2/3, pp. 287-332
Small businesses, the majority of Spanish firms, rarely file for formal bankruptcy when dealing with financial distress …. This is why business bankruptcy rates in Spain are among the lowest in the world, even during the current economic crisis …. To explain this fact we present the following hypothesis. Filing for bankruptcy in Spain is very costly for both small …
Persistent link: https://www.econbiz.de/10010422287
Cover Image
The dynamics of adjustable-rate subprime mortgage default : a structural estimation
Fang, Hanming; Kim, You Suk; Li, Wenli - 2015
We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain information...
Persistent link: https://www.econbiz.de/10011499436
Cover Image
What 'Triggers' Mortgage Default?
Elul, Ronel - 2011
This paper assesses the relative importance of two key drivers of mortgage default: negative equity and illiquidity. To do so, the authors combine loan-level mortgage data with detailed credit bureau information about the borrower's broader balance sheet. This gives them a direct way to measure...
Persistent link: https://www.econbiz.de/10013133615
Cover Image
The Determinants of Attitudes towards Strategic Default on Mortgages
Guiso, Luigi - 2011
We use survey data to study American households' propensity to default when the value of their mortgage exceeds the value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing defaults are strategic. We also find that no household...
Persistent link: https://www.econbiz.de/10013133775
Cover Image
Why Do Spanish Firms Rarely Use the Bankruptcy System? The Role of the Mortgage Institution
Garcia-Posada, Miguel - 2012
a hypothesis to explain why Spain has one of the world's lowest business bankruptcy rates, even during the current … the Spanish bankruptcy system relative to that of an alternative insolvency institution, the mortgage system, and the … unattractiveness of the personal bankruptcy law …
Persistent link: https://www.econbiz.de/10013100301
Cover Image
Equity Extraction and Mortgage Default
Laufer, Steven - 2013
Using a property-level data set of houses in Los Angeles County, I estimate that 30% of the recent surge in mortgage defaults is attributable to early home-buyers who would not have defaulted had they not borrowed against the rising value of their homes during the boom. I develop and estimate a...
Persistent link: https://www.econbiz.de/10013081574
Cover Image
Assessment of Insolvency Issues for the Mortgage Originator and Trustee-Issuer in Securitisation Programs
Rajapakse, Pelma Jacinth - 2013
There are two purposes of this article. Firstly, it examines the consequences for stakeholders, if the mortgage originator or subsequent assignee of its rights, e.g. the trustee issuer, become insolvent and considers the main legal and financial risk issues that can arise in an RMBS program in...
Persistent link: https://www.econbiz.de/10013082321
Cover Image
Consumer bankruptcy, mortgage default and labour supply
Li, Wenli; Meghir, Costas; Oswald, Florian - 2022
individuals may file for bankruptcy or default on their mortgage. Uncertainty in the model is driven by house price shocks …, education specific productivity shocks, and catastrophic consumption events, while bankruptcy is governed by the basic … Bankruptcy policy. …
Persistent link: https://www.econbiz.de/10013167646