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Debt Structure When Bankruptcy Law Offers Incentives to Restructure
Hasan, Iftekhar - 2019
We augment the LLSV creditor rights index with a new “restructuring index” that measures the incentives provided to creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on a firm's leverage policy. We show that the two indexes have at most a...
Persistent link: https://www.econbiz.de/10012903408
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Chapter 6. Law and Finance After a Decade of Research
La Porta, Rafael; Lopez-de-Silanes, Florencio; … - 2013
In the last dozen years, economists have produced a considerable body of research suggesting that the historical origin of a country’s laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. Much of this research has dealt with rules...
Persistent link: https://www.econbiz.de/10014025558
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Derivatives Markets in Bankruptcy
Roe, Mark J. - 2013
By treating derivatives and financial repurchase agreements much more favorably than it treats other financial vehicles, American bankruptcy law subsidizes these arrangements relative to other financing channels. By subsidizing them, the rules weaken market discipline during ordinary financial...
Persistent link: https://www.econbiz.de/10013091160
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Stock liquidity and default risk around the world
Nadarajah, Sivathaasan - 2020
We document the negative effect of stock liquidity on default risk for a sample of 46 countries. We further find that default risk declines following the introduction of the Directive on Markets in Financial Instruments (MiFID)—an exogenous shock that increases liquidity. The effect of...
Persistent link: https://www.econbiz.de/10012854783
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Creditor Rights and Legal Transaction Costs
Aggarwal, Dhruv - 2023
I estimate the relationship between increased creditor rights and legal expenditures of debtor corporations by analyzing the effect of a major securitization law in India allowing secured creditors to seize collateral. While the law decreased spending on legal proceedings commonly used by firms...
Persistent link: https://www.econbiz.de/10014349158
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On the Dependence of Investor’s Probability of Default on Climate Transition Scenarios
Battiston, Stefano; Monasterolo, Irene - 2021
Climate risk brings about a new type of financial risk that standard approaches to risk management are not adequate to handle. Amidst the growing concern about climate change, financial supervisors and risk managers are concerned with the risk of a disorderly low-carbon transition. We develop a...
Persistent link: https://www.econbiz.de/10013242397
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The Systemic Impact of Debt Default in a Multilayered Global Network Model
Porter, Nathan; Tovar, Camilo E.; Treviño, Juan; … - 2022
The world has become more interconnected over the past few decades. Against this backdrop, economic and financial contagion following adverse shocks can have a severe impact on the global economy. How systemic can the effects of contagion be? What specific transmission channels are involved?...
Persistent link: https://www.econbiz.de/10013491953
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Bankruptcy Around the World : Explanations of its Relative Use
Claessens, Stijn; Klapper, Leora - 2004
also highlighted the importance of insolvency systems to resolve corporate sector financial distress. The literature and … investigate the effects of specific design features of insolvency regimes in relation to the quality of the countries' overall … system. These findings suggest that there are important incentive effects of insolvency systems encouraging less risky …
Persistent link: https://www.econbiz.de/10014085310
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Ordre Public and Cross-Border Insolvency : Especially in Relation to Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings
Belohlavek, Alexander J. - 2015
Persistent link: https://www.econbiz.de/10013023742