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Strategic Creditor Passivity, Regulation and Bank Bailouts

Mitchell, Janet - C.E.P.R. Discussion Papers - 1998

This paper analyses two aspects of banking crises: the choices that banks make to passively roll over loans in default versus actively pursuing their claims; and choices by regulators to ‘punish’ passive and insolvent banks versus rescuing them. Banks may choose to roll over loans in order...

Persistent link: https://www.econbiz.de/10005791205

Revenue Efficiency and Change of Control: The Case of Bankruptcy

Cornelli, Francesca; Felli, Leonardo - C.E.P.R. Discussion Papers - 1998

The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it …

Persistent link: https://www.econbiz.de/10005791713

The Economics of Bankruptcy and the Transition to a Market Economy

Abel, István; Gatsios, Konstantine - C.E.P.R. Discussion Papers - 1993

This paper looks at simple decision rules in bankruptcy procedures. It describes special issues of enterprise … economic transformation influence the impact of bankruptcy regulation in a way distorting it towards liquidation. …

Persistent link: https://www.econbiz.de/10005791908

Creditor Rights and Corporate Risk-taking

Acharya, Viral V; Amihud, Yakov; Litov, Lubomir P. - C.E.P.R. Discussion Papers - 2008

We propose that stronger creditor rights in bankruptcy reduce corporate risk-taking. Employing country-level data, we …

Persistent link: https://www.econbiz.de/10005792443

Enterprise Debt and Economic Transformation: Financial Restructuring of the State Sector in Central and Eastern Europe

Begg, David; Portes, Richard - C.E.P.R. Discussion Papers - 1992

payments of principal and interest to creditors, who in turn have strong incentives not to declare bankruptcy. In such …

Persistent link: https://www.econbiz.de/10005123729

Business Debt and Default in France

Bordes, Christian; Melitz, Jacques - C.E.P.R. Discussion Papers - 1989

On the basis of quarterly data in 1977-87 and the use of the Engle-Granger method of co-integration, we find that real and financial factors, insolvency and illiquidity, are all important, separate influences on the defaults of French firms. We capture the effect of illiquidity by constructing...

Persistent link: https://www.econbiz.de/10005504522

Competition, Financial Discipline and Growth

Aghion, Philippe; Dewatripont, Mathias; Rey, Patrick - C.E.P.R. Discussion Papers - 1999

This paper develops a general equilibrium model of technological adoption in an economy populated by 'satisficing' entrepreneurs whose main objective is to minimise innovative effort while keeping the firm alive. In such an economy, product market competition is shown to have a stimulating...

Persistent link: https://www.econbiz.de/10005504632

Capture of Bankruptcy: Theory and Evidence from Russia

Lambert-Mogiliansky, Ariane; Sonin, Konstantin; … - C.E.P.R. Discussion Papers - 2000

consequences of this for the efficiency of Russian bankruptcy law. Using a theoretical model and a systematic analysis of available … bankruptcy institution as a mechanism for effective expropriation of the federal government and the outside investors. And second …, the bankruptcy law does not create pressure on managers to restructure; instead, it may even prevent restructuring. …

Persistent link: https://www.econbiz.de/10005656302

Bank Solvency, Market Structure, and Monitoring Incentives

Caminal, Ramon; Matutes, Carmen - C.E.P.R. Discussion Papers - 1997

We analyse the impact of market structure on the probability of banking failure when banks’ loan portfolios are subject to aggregate uncertainty. In our model borrowers are subject to a moral hazard problem, which induces banks to choose between two second-best alternative devices: costly...

Persistent link: https://www.econbiz.de/10005662062

Flexibility and proportionality in corporate governance

OECD - 2018

Persistent link: https://www.econbiz.de/10011966203