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This paper estimates the effect of Chapter 13 bankruptcy protection on post-filing financial outcomes using a new dataset linking bankruptcy filings to credit bureau records. Our empirical strategy uses the leniency of randomly-assigned judges as an instrument for Chapter 13 protection. Over the...
Persistent link: https://www.econbiz.de/10011207912
In this paper, I examine how student academic achievements and behavior were affected by a school finance policy experiment undertaken in elementary schools in Israel. Begun in 2004, the funding formula changed from a budget set per class to a budget set per student, with more weight given to...
Persistent link: https://www.econbiz.de/10010569812
Increases in alliance activity between research-intensive firms and incumbents is puzzling since it is challenging to contract upon highly uncertain R&D activities. Our paper extends prior research by exploring the relationship between firm capabilities and preferences for control rights. This...
Persistent link: https://www.econbiz.de/10010569813
This paper explores implications of non-separable preferences with home production for international business cycles. Home production induces substitution effects that break the link between market consumption and its marginal utility and help explain several stylized facts of the open economy....
Persistent link: https://www.econbiz.de/10010569814
We build a dynamic capital structure model to study the link between firms' systematic risk exposures and their time-varying debt maturity choices, as well as its implications for the term structure of credit spreads. Compared to short-term debt, long-term debt helps reduce rollover risks, but...
Persistent link: https://www.econbiz.de/10010569815