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Simultaneous Debt-Equity Holdings and The Resolution of Financial Distress
Chu, Yongqiang - 2020
than to file for bankruptcy. The effect is stronger when loans are over-secured and when the expected bankruptcy costs are …
Persistent link: https://www.econbiz.de/10012851833
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Debt and Insolvency
Heaton, J.B. - 2020
Legal rules play a powerful but understudied role in security design. This article presents two new theoretical results about the design of debt contracts. The results derive from the premise that firms must avoid legal insolvency when issuing new debt because insolvency at issuance would...
Persistent link: https://www.econbiz.de/10012852105
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Positive Equity Prices with Insolvency under Legal Solvency Tests
Heaton, J.B. - 2020
It is well understood that the equity of an insolvent firm can trade for a positive price so long as there is some positive probability that the firm will become solvent at some future point. Currently, however, this insight exists in the case law in an informal sense, while its use in the...
Persistent link: https://www.econbiz.de/10012854945
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The Effect of Relationship Banking on Firm Efficiency and Default Risk
Yildirim, Alev - 2020
Does relationship bank oversight improve firm operational efficiency and reduce default risk? I find that a new loan from a relationship bank improves the technical efficiency of inefficient firms that have an elevated probability of default. Moreover, borrowing firms with elevated default risk...
Persistent link: https://www.econbiz.de/10012855084
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An Evidence of Link between Default and Loss of Bank Loans from the Modeling of Competing Risks
de Oliveira Jr, Mauro - 2014
In this paper we propose a method that provides a useful technique to compare relationship between risk involved that takes customer becomes defaulter and debt collection process that might make this defaulter recovered. Through estimation of competitive risks that lead to realization of the...
Persistent link: https://www.econbiz.de/10013056380
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The Shadowy Contours of Bankruptcy Resistant Investments
Ellias, Jared A. - 2015
Baird and Casey recently argued in favor of contractual innovations that allow lenders to contract around bankruptcy …, and Baird and Casey urge judges to enforce them. This brief Essay uses a case study of a Chapter 11 bankruptcy where … that managers may lack a full understanding of how their actions ex ante affect bankruptcy outcomes. Substantial changes …
Persistent link: https://www.econbiz.de/10013018330
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The Conflict between the Frequency of the Polish Firms' Liquidity Problems and the Polish Bankruptcy Law Interpretation
Wyrobek, Joanna M. - 2015
of the Polish Bankruptcy Act. Many companies in Poland fail to fill for bankruptcy at the time when they should do so …
Persistent link: https://www.econbiz.de/10013020216
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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
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Director Networks, Mobility, and Governance : Evidence from Corporate Bankruptcies
Hshieh, Shenje - 2018
bankruptcy filing, even though they have not held positions at any bankrupt firms themselves. At the firm level, bankruptcy …
Persistent link: https://www.econbiz.de/10012933163