Narrow search
Showing 1 - 10 of 1,744
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
Internal governance and creditor governance : evidence from credit default swaps : second draft
Colonnello, Stefano - 2017
I study the relation between internal governance and creditor governance. A deterioration in creditor governance may increase the agency costs of debt and managerial opportunism at the expense of shareholders. I exploit the introduction of credit default swaps (CDS) as a negative shock to...
Persistent link: https://www.econbiz.de/10011597199
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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