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International similarities of bank lending practices and varieties of insolvency laws : a comparative analysis of France and Germany
Größl, Ingrid; Levratto, Nadine - 2012
Economic theory conjectures complementarities between the ranking of creditors in formal insolvency proceedings and the … use of collateral in bank loan contracts as well as the exist-ence of relational compared to arm's length lending. In this … neither confirm that a high priority for secured lenders explains an excessive use of collateral in bank loans nor that a …
Persistent link: https://www.econbiz.de/10010425216
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Financial frictions, real estate collateral, and small firm activity in Europe
Banerjee, Ryan; Blickle, Kristian - 2018
estate collateral. This is most pronounced for opaque (for example, very young) firms. Through an extension to our model and … our choice of specification, we show that our findings are most consistent with a collateral-value-based credit supply …
Persistent link: https://www.econbiz.de/10011904686
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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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Is attack the best form of defence? : a competing risks analysis of acquisition activity in the UK
Dickerson, Andrew P.; Gibson, Heather D.; Tsakalōtos, … - 1999 - Revised March 1999
The primary purpose of this paper is to investigate whether companies can use acquisition as a strategy to reduce their probability of takeover. A subsidiary issue is whether such a strategy has any impact on their subsequent probability of bankruptcy. The determinants of making an acquisition,...
Persistent link: https://www.econbiz.de/10011530493
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Personal bankruptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start"
Fossen, Frank M. - 2011
, but tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a …
Persistent link: https://www.econbiz.de/10008826701
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Personal bankcuptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start"
Fossen, Frank M. - 2011
tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a model and … entrepreneurship. -- Personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …
Persistent link: https://www.econbiz.de/10009008042
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Personal bankruptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start"
Fossen, Frank M. - 2011
tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a model and … entrepreneurship. -- personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …
Persistent link: https://www.econbiz.de/10009126032
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Personal bankruptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start“
Fossen, Frank M. - 2011
tend not to face higher interest rates because they provide collateral. This paper illustrates these effects in a model and … entrepreneurship. -- Personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …
Persistent link: https://www.econbiz.de/10009308943
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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