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Conceptualizing the Failure of Financial Institutions and the Role of Risk Management in Averting Failure : The CLS Model

Bezis, Justin N. - 2013

The failure of financial institutions is often depicted as an externally-driven event in which certain triggers almost inevitably lead to the collapse of the firm. In contrast, this paper views institutional failure as a multistage process in which precautionary measures taken by the firm can...

Persistent link: https://www.econbiz.de/10013089043

Private Debt Renegotiation and Financial Institutions’ Network

Godlewski, Christophe J. - 2020

We study the influence of financial institutions' network on private debt renegotiation outside of distress. Lenders with a network-central position have access to superior private information, are more experienced and trustworthy and have a greater reputational capital. Using a large sample of...

Persistent link: https://www.econbiz.de/10012842558

Lessons Unlearned? Corporate Debt in Emerging Markets

Alfaro, Laura - 2017

This paper documents a set of stylized facts about leverage and financial fragility in the non-financial corporate sector in emerging markets since the Global Financial Crisis (GFC). Corporate debt vulnerability indicators prior to the Asian Financial Crisis (AFC) attributed to corporate...

Persistent link: https://www.econbiz.de/10012956862

Two Sides of the Same Coin Insolvency Risk Measurement and Capital Adequacy Rules for Basel III

Gan, Vincent B.Y. - 2017

This paper studies the economic and theoretical foundations of insolvency risk measurement and capital adequacy rules … measuring insolvency risk and capital adequacy in Basel III. We show how insolvency risk measurement, capital adequacy and … integrated measure of risk and capital by disentangling assets, debt and equity; the Firm Insolvency Risk Index (FIRI) that is …

Persistent link: https://www.econbiz.de/10012959099

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

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

Exit Through Exitus in Private Equity Buyouts

Hammer, Benjamin - 2015

We study the impact of PE firm and buyout characteristics on default probability employing a Cox proportional hazards model to a global sample of 5,093 buyouts between 1997 and 2012. Our results indicate that investments of generalists have lower default probability than those of specialists....

Persistent link: https://www.econbiz.de/10013025950

Coronavirus Crisis and Company Bankruptcies

Apevalova, Elena; Polezhaeva, Natalia - 2021

situation in the field of insolvency of companies. Assessments of the situation vary, and there are many reasons for this: the …

Persistent link: https://www.econbiz.de/10013216070

Establishing a UK Rescue Regime for Failed Investment Banks

Tomasic, Roman - 2010

collapse of Lehman Brothers. Legal systems are still grappling with ways of disentangling massive insolvency crises such as …

Persistent link: https://www.econbiz.de/10013144268

Circular Economy and Default Risk

Zara, Claudio; Ramkumar, Shyaam - 2021

By decoupling economic growth from the exploitation of virgin raw materials and environmental degradation, as well as by developing practices more resilient to the economic cycle, Circular Economy (CE) offers effective hedging of linear risks and shields from that of stranded values. We tested...

Persistent link: https://www.econbiz.de/10013312098

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