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Creditor-on-Creditor Violence and Secured Debt Dynamics
Antill, Samuel; Wang, Neng; Jiang, Zhaoli - National Bureau of Economic Research - 2024
Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...
Persistent link: https://www.econbiz.de/10015056182
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Consistent valuation of project finance and LBO's using the flows-to-equity method
Cooper, Ian; Nyborg, Kjell G. - 2010
A common method of valuing the equity in highly leveraged transactions is the flows-to-equity method. When applying this method various formulas can be used to calculate the time-varying cost of equity. In this paper we show that some commonly used formulas are inconsistent with the assumptions...
Persistent link: https://www.econbiz.de/10008797682
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Managerial Cost Inefficiency and Takeovers of U.S. Thrifts
Cebenoyan, Fatma - 2016
takeover of U.S. thrifts during a period of market liberalization and widespread takeover activity, 1994 to 2000. In the first … cost inefficiency. For takeovers by banks, a significant negative relationship between cost inefficiency and takeover is …
Persistent link: https://www.econbiz.de/10013004388
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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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Bankruptcy Process for Sale
Ayotte, Kenneth - 2020
call this transaction a “bankruptcy process sale.” We model two situations where process sales raise bankruptcy policy … conflict over process sales, and our analysis offers evidence consistent with the predictions of the model …
Persistent link: https://www.econbiz.de/10012832939
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The Failure of Northern Rock: A multi-dimensional Case Study
Congdon, Tim; Goodhart, Charles A.E.; Eisenbeis, Robert A. - 2009
In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...
Persistent link: https://www.econbiz.de/10011689937
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The failure of Northern Rock : a multi-dimensional case study
Bruni, Franco (ed.); Llewellyn, David T. (ed.) - 2009
In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...
Persistent link: https://www.econbiz.de/10011705347
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The Failure of Northern Rock - A Multidimensional Case Study
Eisenbeis, Robert Allen; Taylor, Michael William; … - SUERF - The European Money and Finance Forum
institutional architecture in the United Kingdom and most especially with regard to insolvency arrangements for banks and the … arrangements and those for the insolvency of financial institutions. She also detects weaknesses in the workings of the emergency … liquidity assistance arrangements. The main focus of the contribution is on bank insolvency and bank crisis management, and the …
Persistent link: https://www.econbiz.de/10004982519
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The sale of goods
Schmitthoff, Clive M. - 1951
Persistent link: https://www.econbiz.de/10002332505
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The sale of goods
Atiyah, Patrick S. - 1957
Persistent link: https://www.econbiz.de/10001840404