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Understanding the Recovery Rates on Defaulted Securities

Acharya, Viral V; Bharath, Sreedhar T; Srinivasan, Anand - C.E.P.R. Discussion Papers - 2003

and at the time of emergence from default or from bankruptcy. In addition to seniority and security of the defaulted …-specific determinants of default risk of the firm. Our results underscore the existence of substantial variability in recoveries, in the …

Persistent link: https://www.econbiz.de/10005666480

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://www.econbiz.de/10005504452

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://www.econbiz.de/10011083439

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://www.econbiz.de/10005656317

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

Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence

Eckbo, B Espen; Thorburn, Karin S - C.E.P.R. Discussion Papers - 2005

We analyse bidding incentives and present evidence on takeover premiums in Sweden’s mandatory bankruptcy auctions. The …

Persistent link: https://www.econbiz.de/10005792429

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

Control Benefits and CEO Discipline in Automatic Bankruptcy Auctions

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

empirically using bankruptcy filings in Sweden, where a filing automatically terminates CEO employment and requires the firm to be … sold in an open auction. The median CEO income loss is a dramatic 40%, suggesting that bankruptcy filing damages CEO … CEO being rehired by the buyer in the auction, as predicted. Moreover, we find that the rehired CEOs generate a post-bankruptcy …

Persistent link: https://www.econbiz.de/10005123993

Firm Default and Aggregate Fluctuations

Jacobson, Tor; Kindell, Rikard; Lindé, Jesper; … - C.E.P.R. Discussion Papers - 2008

This paper studies the relation between macroeconomic fluctuations and corporate defaults while conditioning on industry affiliation and an extensive set of firm-specific factors. Using a multiperiod logit approach on a panel data set for all incorporated Swedish businesses over 1990-2002, we...

Persistent link: https://www.econbiz.de/10005504257

Economic and Regulatory Capital: What is the Difference?

Elizalde, Abel; Repullo, Rafael - C.E.P.R. Discussion Papers - 2004

This Paper analyses the determinants of regulatory capital (the minimum required by regulation) and economic capital (the capital that shareholders would choose in absence of regulation) in the context of the single risk factor model that underlies the New Basel Capital Accord (Basel II). The...

Persistent link: https://www.econbiz.de/10005123827