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Bankruptcy Process for Sale
Ayotte, Kenneth - 2020
The lenders that fund Chapter 11 reorganizations exert significant influence over the bankruptcy process through the contract associated with the debtor-in-possession (“DIP”) loan. In this Article, we study a large sample of DIP loan contracts and document a trend: over the past three...
Persistent link: https://www.econbiz.de/10012832939
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A market-based study of the cost of default
Davydenko, Sergei A.; Strebulaev, Ilya A.; Zhao, Xiaofei - 2012
value of assets. The costs vary from 14.7% for bond renegotiations to 30.5% for bankruptcies, and are substantially higher …
Persistent link: https://www.econbiz.de/10010206258
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How costly is corporate bankruptcy for top executives?
Eckbo, B. Espen; Thorburn, Karin S.; Wang, Wei - 2012
We examine chief executive officer (CEO) career and compensation changes for large firms filing for Chapter 11. One-third of the incumbent CEOs maintain executive employment, and these CEOs experience a median compensation change of zero. However, incumbent CEOs leaving the executive labor...
Persistent link: https://www.econbiz.de/10009625392
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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
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A dialogue on the costs and benefits of automatic stays for derivatives and repurchase agreements
Duffie, Darrell; Skeel, David - 2012 - Last rev.: March 04, 2012
For nearly two years, the two of us have had a running discussion of the costs and benefits of automatic stays in …, particularly since the 2008 crisis. After some background on QFCs and automatic stays, we provide our joint analysis of the costs …
Persistent link: https://www.econbiz.de/10009504439
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Development of a financial health indicator based on companies' annual accounts
Vivet, David - 2011
This document describes the development of a financial health indicator based on companies' financial statements. This indicator is conceived as a weighted combination of variables, which is obtained through a model discriminating between failing firms and non-failing firms. The definition of...
Persistent link: https://www.econbiz.de/10011596313
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Bankers’ Pay after the 2008 Crisis : Regulatory Reforms in the US and the EU
Ferrarini, Guido - 2013
We examine the political dynamics which led to the codification of the Principles and Standards for sound compensation practices at financial institutions at international (G 20) level and to their subsequent implementation on both sides of the Atlantic. We show that the regulation of bankers'...
Persistent link: https://www.econbiz.de/10013091649
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The Structure of the Board of Directors : Boards and Governance Strategies in the US, the UK and Germany
Hopt, Klaus J.; Leyens, Patrick C. - 2021
The chapter continues and advances our earlier research on ‘Board Models in Europe’.** We explore ‘The Structure of the Board of Directors’ with a view to the basic governance structure as provided by a board model vis-à-vis techniques of structuring the decision-making body, which can...
Persistent link: https://www.econbiz.de/10013239424
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Corporate Distress and Restructuring with Macroeconomic Fluctuations: The Cases of GM and Ford
Oxelheim, Lars; Wihlborg, Clas - 2009
Traditional methods for evaluating corporate credit risk rarely consider the impact of the macro economy on corporate value and performance. We argue that lenders and management can obtain valuable information about the need for and approach to restructuring by decomposing default predictions...
Persistent link: https://www.econbiz.de/10010320364
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Collateral pricing
Benmelech, Efraim; Bergman, Nittai K. - 2008
"We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited … pledgeable income predict that collateral increases the availability of credit and reduces its price. Testing these theories is … complicated by the very selection problem which they imply: creditors will demand collateral precisely from those borrowers who …
Persistent link: https://www.econbiz.de/10003686574