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Creditor Rights and Aggregate Factors in Loan Terms
Knyazeva, Anzhela - 2018
Weak creditor rights introduce contracting frictions and magnify conflicts of interest between borrowers and creditors. We examine the effects of creditor rights on the sensitivity of bank lending terms to aggregate relative to firm-specific information. We formulate two competing hypotheses. On...
Persistent link: https://www.econbiz.de/10012908921
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Creditor Control Rights and the Pricing of Corporate Loans
Arnold, Marc; Kollmann, Nicola; Tengulov, Angel - 2023
This study investigates the influence of creditor control rights on the pricing of corporate loans. We construct a novel dataset that combines hand-collected covenant violations data with individual borrowers, creditors, and loan contract information. Our data allows us to distinguish between...
Persistent link: https://www.econbiz.de/10014254754
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Debt restructuring with multiple bank relationships
Baglioni, Angelo; Colombo, Luca; Rossi, Paola - 2019
When the debt of firms in distress is dispersed, a restructuring agreement is difficult to reach because of free riding. We develop a repeated game in which banks come across each other frequently, allowing them to threaten a punishment in case of free riding. As the number of lending banks...
Persistent link: https://www.econbiz.de/10011962128
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Modeling Default for Peer-to-Peer Loans
Carmichael, Don - 2014
available, and includes both extensive credit information and soft information. This combination of features, which is unique to … P2P data sets, allows for a more thorough analysis of consumer credit than is possible with data from traditional … intermediaries. FICO score, borrower-initiated credit inquiries, income, and loan purpose are the most significant variables for …
Persistent link: https://www.econbiz.de/10013043712
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Firms’ Strategic Choice of Loan Delinquencies
Morales Acevedo, Paola - 2016
I analyze the repayment decisions of firms with multiple loans that, for liquidity constraints or strategic reasons, stop making payments in some but not all their loans. Using a sample of commercial loans from Colombia over the period 2002:03-2012:06, I find that firms are less likely to stop...
Persistent link: https://www.econbiz.de/10012991954
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Firms’ Strategic Choice of Loan Delinquencies
Morales Acevedo, Paola - 2016
I analyze the repayment decisions of firms with multiple loans that, for liquidity constraints or strategic reasons, stop making payments in some but not all their loans. Using a sample of commercial loans from Colombia over the period 2002:03-2012:06, I find that firms are less likely to stop...
Persistent link: https://www.econbiz.de/10012992079
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Loan renegotiation and the long-term impact on total factor productivity
Sánchez Serrano, Antonio - In: Latin American journal of central banking : LAJCB 3 (2022) 4, pp. 1-20
When a loan is close to becoming non-performing, banks have stronger incentives to renegotiate it in favourable conditions for the borrower (loan forbearance) rather than for recognising and resolving the non-performing loan. At the aggregated level and looking at borrowers (non-financial...
Persistent link: https://www.econbiz.de/10014375471
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Creditor Control Rights and Borrower Protection : The Role of Borrower Consent Clause in Private Debt Contracts
Beyhaghi, Mehdi - 2019
In private debt contracts with a borrower consent clause, a creditor's decision to transfer its portion of the loan can be thwarted if the borrower denies the consent to loan transfer. We find that the probability of the inclusion of a borrower consent clause in a private debt contract increases...
Persistent link: https://www.econbiz.de/10012863161
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Creditor Control Rights and Borrower Protection : The Role of Borrower Consent Clause in Private Debt Contracts
Deng, Saiying; Li, Yutao - 2023
rights, we find that adoption of ARL increases the likelihood of BCC inclusion. Using credit default swap (CDS) trading as a …
Persistent link: https://www.econbiz.de/10014253929
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Creditor Control Rights, Capital Structure, and Legal Enforcement
Daher, Mai - 2016
termination rights to increase interest rates or halt any further supply of credit. Results show that the presence of a strong …
Persistent link: https://www.econbiz.de/10013004920