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Why do borrowers pledge collateral? New empirical evidence on the role of asymmetric information
Berger, Allen N.; Espinosa-Vega, Marco A.; Frame, W. Scott - 2007
An important theoretical literature motivates collateral as a mechanism that mitigates adverse selection, credit rationing, and other inefficiencies that arise when borrowers hold ex ante private information. There is no clear empirical evidence regarding the central implication of this...
Persistent link: https://www.econbiz.de/10010292292
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The Leverage Ratchet Effect
Admati, Anat R.; DeMarzo, Peter M.; Hellwig, Martin; … - 2013
Firms' inability to commit to future funding choices has profound consequences for capital structure dynamics. With debt in place, shareholders pervasively resist leverage reductions no matter how much such reductions may enhance firm value. Shareholders would instead choose to increase leverage...
Persistent link: https://www.econbiz.de/10010205870
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Tests of ex ante versus ex post theories of collateral using private and public information
Berger, Allen N.; Frame, W. Scott; Ioannidou, Vasso - 2010
Collateral is a widely used, but not well understood, debt-contracting feature. Two broad strands of theoretical literature explain collateral as arising from the existence of either ex ante private information or ex post incentive problems between borrowers and lenders. However, the extant...
Persistent link: https://www.econbiz.de/10010292349
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Too big to fail: The transatlantic debate
Goldstein, Morris; Véron, Nicolas - 2011
Although the United States and the European Union were both seriously impacted by the financial crisis of 2007, the resulting policy debates and regulatory responses have differed considerably on the two sides of the Atlantic. In this paper the authors examine the debates on the problem posed by...
Persistent link: https://www.econbiz.de/10010317335
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The Increasing Financial Obligations Burden of U.S. Households : Who is Affected?
Hanna, Sherman D. - 2012
The purpose of this paper is to examine factors associated with changes in the proportion of households with high financial obligations ratios in the United States. The proportion of households paying more than 40% of income for debt, rent, vehicle leases, property taxes, and homeowners...
Persistent link: https://www.econbiz.de/10013106275
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Predicting US Banks Bankruptcy : Logit versus Canonical Discriminant Analysis
Affes, Zeineb - 2017
Using a large panel of US banks over the period 2008-2013, this paper proposes an early warning framework to identify … model by minimizing the error of misclassification of bankrupt banks. Also, it emphasizes better prediction of failure of … banks because it delivers in mean the highest error type II …
Persistent link: https://www.econbiz.de/10012968419
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Forecast Bankruptcy Using a Blend of Clustering and MARS Model - Case of US Banks
Affes, Zeineb - 2016
large universe of US banks over a complete market cycle and running under a K-Fold Cross validation. A hybrid model which …
Persistent link: https://www.econbiz.de/10012985092
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How Did the Great Recession Affect U.S. Household Financial Burdens?
Hanna, Sherman D. - 2013
The recession that started in December 2007 was longer than any since the Great Depression of the 1930s. Household incomes dropped and unemployment rates increased to over 9%. We investigate the proportion of households having financial obligations over 40% of pretax income (having a high...
Persistent link: https://www.econbiz.de/10013079314
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Public Policy, Entrepreneurship, and Venture Capital in the United States
Cumming, Douglas J. - 2014
This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels...
Persistent link: https://www.econbiz.de/10013070904
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Public Policy, Entrepreneurship, and Venture Capital in the United States
Cumming, Douglas J. - 2013
This paper empirically examines business starts, deaths, venture capital and patents in relation to U.S. public policy. The most consistent evidence in the data shows that lower levels of labor frictions and higher levels of SBIR awards are associated with more business starts and higher levels...
Persistent link: https://www.econbiz.de/10013076671