While credit risk transfer market dramatically increases the complexity of lender's incentive structure and above all … motivate the bank to effectively monitor in the presence of the credit risk transfer market alleviating borrower's shirking … buyer) could implicitly collude has important bankruptcy related implications. We show that when the credit derivatives …

make ends meet and how to interact with the credit economy. This paper presents data showing that bankruptcy transforms how … people borrow. Despite very difficult financial circumstances after bankruptcy, most families initially refuse new credit. As … years elapse, more families begin to borrow. The overall pattern of credit use is restrained, however, compared both with …

the determinants of the workout-loss-given-default (W-LGD): losses based on the cash flows observed between the default … model to study the likelihood of incurring or not a loss. We find that pre-default variables (borrowers' and facilities … loans with non-zero LGDs, we discover the prevalent effects of post-default factors (factors that occur after the default …

Using a unique data base of Global Credit Data with individual loan information from small and medium sized entities in …