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The Housing Crisis and Bankruptcy Reform: The Prepackaged Chapter 13 Approach

Posner, Eric A; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

reform of Chapter 13 that would allow homeowners to strip down the value of their mortgages in a prepackaged bankruptcy. Such … rubber stamp by a bankruptcy judge or other official, thus preserving judicial resources. Other plans, including that of the …

Persistent link: https://www.econbiz.de/10005666502

Costly Contracts and Consumer Credit

Livshits, Igor; MacGee, James; Tertilt, Michèle - C.E.P.R. Discussion Papers - 2011

Financial innovations are a common explanation of the rise in consumer credit and bankruptcies. To evaluate this story, we develop a simple model that incorporates two key frictions: asymmetric information about borrowers’ risk of default and a fixed cost to create each contract offered by...

Persistent link: https://www.econbiz.de/10009322977

Who Invests in Home Equity to Exempt Wealth from Bankruptcy?

Corradin, Stefano; Gropp, Reint; Huizinga, Harry; … - C.E.P.R. Discussion Papers - 2010

bankruptcy on account of unpaid medical bills. The bias is further stronger for households with mortgage finance, shorter house …Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at … the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home …

Persistent link: https://www.econbiz.de/10008692314

Insolvency After the 2005 Bankruptcy Reform

Albanesi, Stefania; Nosal, Jaromir - C.E.P.R. Discussion Papers - 2015

Using a comprehensive panel data set on U.S. households, we study the effects of the 2005 Bankruptcy Abuse Prevention … and Consumer Protection Act (BAPCPA), the most substantive reform of personal bankruptcy in the United States since the … Bankruptcy Reform Act of 1978. The 2005 legislation introduced a means test based on income to establish eligibility for Chapter …

Persistent link: https://www.econbiz.de/10011252618

Intellectual Property Rights and Efficient Firm Organization

Ponzetto, Giacomo AM - C.E.P.R. Discussion Papers - 2012

I provide a justification of intellectual property rights as a source of static efficiency gains in manufacturing, rather than dynamic benefits from greater innovation. I develop a property-rights model of a supply relationship with two dimensions of non- contractible investment. In equilibrium,...

Persistent link: https://www.econbiz.de/10011084191

Property Rights and Economic Development

Besley, Timothy J.; Ghatak, Maitreesh - C.E.P.R. Discussion Papers - 2009

This chapter develops a unified analytical framework, drawing on and extending the existing literature on the subject, for studying the role of property rights in economic development. It addresses two fundamental and related questions concerning the relationship between property rights and...

Persistent link: https://www.econbiz.de/10005067522

The de Soto Effect

Besley, Timothy J.; Ghatak, Maitreesh - C.E.P.R. Discussion Papers - 2009

This paper explores the consequences of creating and improving property rights so that fixed assets can be used as collateral. This has become a cause célèbre of Hernando de Soto whose views are influential in debates about policy reform concerning property rights. Hence, we refer to the...

Persistent link: https://www.econbiz.de/10005656127

Complementary Patents and Market Structure

Schmidt, Klaus M. - C.E.P.R. Discussion Papers - 2008

Many high technology goods are based on standards that require access to several patents that are owned by different IP holders. We investigate the royalties chosen by IP holders under different market structures. Vertical integration of an IP holder and a downstream producer solves the double...

Persistent link: https://www.econbiz.de/10005666527

Can Post-Grant Reviews Improve Patent System Design? A Twin Study of US and European Patents

Graham, Stuart J.H.; Harhoff, Dietmar - C.E.P.R. Discussion Papers - 2006

This paper assesses the impact of adopting a post-grant review institution in the US patent system by comparing the “opposition careers” of European Patent Office (EPO) equivalents of litigated US patents to those of a control group of EPO patents. We demonstrate several novel methods of...

Persistent link: https://www.econbiz.de/10005666881

Moral and Social Constraints to Strategic Default on Mortgages

Guiso, Luigi; Sapienza, Paola; Zingales, Luigi - C.E.P.R. Discussion Papers - 2009

We use survey data to study American households’ propensity to default when the value of their mortgage exceeds the … value of their house even if they can afford to pay their mortgage (strategic default). We find that 26% of the existing … the house. Yet, 17% of households would default, even if they can afford to pay their mortgage, when the equity shortfall …

Persistent link: https://www.econbiz.de/10005039578