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van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2005

After a brief review of classical, Keynesian, New Classical and New Keynesian theories of macroeconomic policy, we assess whether New Keynesian Economics captures the quintessential features stressed by JM Keynes. Particular attention is paid to Keynesian features omitted in New Keynesian...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005504355

Multiple Lenders and Corporate Distress: Evidence on Debt Restructuring

Brunner, Antje; Krahnen, Jan Pieter - C.E.P.R. Discussion Papers - 2004

In the recent theoretical literature on lending risk, the common pool problem in multi-bank relationships has been analysed extensively. In this Paper we address this topic empirically, relying on a unique panel dataset that includes detailed credit-fie information on distressed lending...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005504452

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://ebvufind01.dmz1.zbw.eu/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://ebvufind01.dmz1.zbw.eu/10005504632

Distressed Acquisitions

Meier, Jean-Marie A.; Servaes, Henri - C.E.P.R. Discussion Papers - 2014

Firms that buy distressed and bankrupt companies or some of these companies’ assets earn excess returns that are at least 1.6 percentage points higher than when they make regular acquisitions. These returns come at the expense of the target firm’s shareholders, while overall wealth gains are...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011083439

Contagion in financial networks: A threat index

Demange, Gabrielle - C.E.P.R. Discussion Papers - 2012

defaults and bankruptcy. Building on a simple model for the joint determination of the repayments of interbank claims, this …

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011084240

Ex Ante Costs of Violating Absolute Priority in Bankruptcy

Bebchuk, Lucian Arye - C.E.P.R. Discussion Papers - 2001

A basic question for the design of bankruptcy law concerns whether value should be divided in accordance with absolute …

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005656137

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://ebvufind01.dmz1.zbw.eu/10005656302

Overbidding versus Fire-Sales in Bankruptcy Auctions

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2002

We analyse bidding incentives of the main creditors (banks) in Swedish bankruptcy auctions. Lacking a direct mechanism …

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005656317

Passive Creditors

Schoors, Koen; Sonin, Konstantin - C.E.P.R. Discussion Papers - 2004

Creditors are often passive because they are reluctant to show bad debts on their own balance sheets. We propose a simple general equilibrium model to study the externality effect of creditor passivity. The model yields rich insights into the phenomenon of creditor passivity, both in transition...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10005661427