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Prior research and recent anecdotes during the financial crisis demonstrate that lack of creditor coordination can exacerbate distress thereby illustrating the economic importance of creditor coordination effects. This study develops and incorporates empirical ex ante measures, or predictors, of...
Persistent link: https://www.econbiz.de/10013078945
The Bankruptcy Code accords much more favorable treatment to lessors than to secured lenders, but legal scholars have …'s other creditors. By allowing bankruptcy courts to alter the terms of secured loans, the Bankruptcy Code limits (but does not … Bankruptcy Code does not authorize courts to alter the terms of such transactions …
Persistent link: https://www.econbiz.de/10013128158
'Cash is king' and, presumably, will remain king for a long time to come. This is even more relevant since the financial crisis. Banks are now hesitant to provide credit lines to companies, whether national or cross-border. High interest rates are charged on debit amounts, but hardly any...
Persistent link: https://www.econbiz.de/10013100209
Persistent link: https://www.econbiz.de/10013023742
Judicial decisions in bankruptcy are often influenced by the goal of preserving employment. Using the text of judicial …
Persistent link: https://www.econbiz.de/10013236753
PurposeThis paper aims to study the effect of the establishment of bankruptcy courts on bond issuance market. This … paper helps to predict that the introduction of bankruptcy courts in China can mitigate price distortions caused by the … exploits the staggered introduction of bankruptcy courts across cities to implement a differences-in-differences strategy on …
Persistent link: https://www.econbiz.de/10014352591
; asymmetric information ; firms' inter-temporal choice ; banks ; financial institutions …
Persistent link: https://www.econbiz.de/10009743859
bankruptcy filings spanning a banking-sector reform that deregulated bank entry across different regions of India. We find that … increased banking competition is associated with more firms seeking a stay on assets, a decline in bankruptcy duration, and a …
Persistent link: https://www.econbiz.de/10013008936
We extend the Hidden Markov Model for defaults of Crowder, Davis, and Giampieri (2005) to include covariates. The covariates enhance the prediction of transition probabilities from high to low default regimes. To estimate the model, we extend the EM estimating equations to account for the time...
Persistent link: https://www.econbiz.de/10011349709
products and the timeliness of their rating changes for financial institutions hit hard by the 2007 to 2009 crisis. While the … paid to the characteristics of ratings for financial institutions. This paper seeks to fill that gap by examining Standard … discrepancy in rating is most pronounced for deposit taking institutions. Our results are robust to different definitions of …
Persistent link: https://www.econbiz.de/10013122764