decay stages resolved into debt deflation after 2008, and are now settling into a leaden debt peonage and the austerity of …

in the bid-ask prices faced by banks and distressed-debt investors continues to stall efforts to create a liquid … distressed-debt market. This paper asserts that the wedge between the prices faced by different participants is primarily a … result of different valuation methods employed by banks and distressed-debt investors. On the one hand, banks do not …

Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect … financial stability. This paper models and estimates debt bias in the financial sector, and present novel estimates for … investment banks and non-bank financial intermediaries such as finance and insurance companies. We find debt bias to be pervasive …