In this study we empirically investigate the effect of financial distress on cor-porate ownership and control. Our analysis is based on a panel of 267 Germanfirms that suffered from repeated interest coverage shortfalls and steep share pricedeclines between 1996 and 2004. We track each firm's...

We empirically investigate the determinants of successful debt restructurings fora sample of 116 financially distressed companies in Germany between 1997 and 2004.Of the sampled firms, about half successfully restructure their debt in a workoutwhile the other half fail and file an insolvency...

Local currency borrowers are statistically significantly affected by exchange rate fluctuations due to the bank lending channel. Using microdata on borrowers from Hungary, this study examines the spillover effects of foreign currency loans on local currency borrowers following an unexpected...

We study the sensitivity of the realised loss-given-default (LGD) to macroeconomic conditions by exploring Global Credit's confidential dataset on observed cash flows from defaulted loans. Given the prolonged duration of loan recovery, spanning several years, and the potential for macroeconomic...

Supply chain strategy is one of the main prerogatives of a corporate board. How does corporate board diversity affect buyer-supplier relationships? Following a requirement for California firms to increase board gender diversity, affected buyers consolidated their supply base by reducing...

Stablecoins are a pivotal and debated topic within decentralized finance (DeFi), attracting significant interest from researchers, investors, and crypto-enthusiasts. These digital assets are designed to offer stability in the volatile cryptocurrency market, addressing key challenges in...

If the z-score index is widely used as a measure of the stability in conventional banks, it would be more reliable to find an appropriate measure of the stability for all types of banks. Knowing that the cooperative or Islamic banks follow different contract forms of investments such as the PLS...

Utilizing a staggered Difference-in-Differences (DID) approach, we investigate the impact of green bond issuance on the probability of default among Chinese firms from 2016 to 2022. We find that issuing a green bond significantly reduces the firm’s default probability, highlighting the joint...

The popularity of cryptocurrency exchanges has surged in recent years, accompanied by the proliferation of new digital platforms and tokens. However, the issue of credit risk and the reliability of crypto exchanges remain critical, highlighting the need for indicators to assess the safety of...

Sergey Aivazian was the head of my department at the Moscow School of Economics, but he was much more than that. He played an important role in my life, and he contributed to my studies devoted to copula modelling. This small memoir reports how this amazingly polite and smart scientist helped me...