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On the Role of Banks in Enterprise Restructuring: The Polish Example

van Wijnbergen, Sweder - C.E.P.R. Discussion Papers - 1994

Governments throughout Eastern Europe have been singularly unsuccessful in dealing with large loss-making SOEs. A more promising approach would create an incentive framework and legal environment where the SOE's major non-government creditor can take the lead in initiating restructuring and the...

Persistent link: https://www.econbiz.de/10005498183

Option-Based Credit Spreads

Culp, Christopher L.; Nozawa, Yoshio; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2014

Theoretically, corporate debt is economically equivalent to safe debt minus a put option on the firm’s assets. We empirically show that indeed portfolios of long Treasuries and short traded put options ("pseudo bonds") closely match the properties of traded corporate bonds. Pseudo bonds...

Persistent link: https://www.econbiz.de/10011145468

Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans

Giannetti, Mariassunta; Yafeh, Yishay - C.E.P.R. Discussion Papers - 2008

We investigate whether cultural differences between professional decision-makers affect financial contracts in a large dataset of international syndicated bank loans. We find that lead banks offer smaller loans at a higher interest rate to more culturally distant borrowers. Furthermore, lead...

Persistent link: https://www.econbiz.de/10005792327

Enterprise Investment During the Transition: Evidence from Czech Panel Data

Lizal, Lubomir; Svejnar, Jan - C.E.P.R. Discussion Papers - 1998

We analyse investment behaviour of the population of medium and large industrial firms located in the Czech Republic in … 1992–5. We examine the relevance of alternative models of investment and test if investment behaviour varies across … control for the significant seasonal variation in investment. The data indicate that foreign-owned companies invest the most …

Persistent link: https://www.econbiz.de/10005666955

Does Firm Size Matter? Evidence on the Impacts of Liquidity Constraints on Firm Investment Behaviour in Germany

Audretsch, David B; Elston, Julie Ann - C.E.P.R. Discussion Papers - 1994

This paper examines the link between liquidity constraints and investment behaviour on the one hand, and firm size on … have investment functions which are more sensitive to liquidity constraints than do the larger enterprises. These results …

Persistent link: https://www.econbiz.de/10005123842

Finance, Investment and Growth

Carlin, Wendy; Mayer, Colin - C.E.P.R. Discussion Papers - 1999

there is a relation in terms of both industry growth rates and shares of output devoted to R&D. Investment in R&D rather …

Persistent link: https://www.econbiz.de/10005114188

Follow the Money: Methods for Identifying Consumption and Investment Responses to a Liquidity Shock

Karlan, Dean S.; Osman, Adam; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2013

Identifying the impacts of liquidity shocks on spending decisions is difficult methodologically but important for theory, practice, and policy. Using seven different methods on microenterprise loan applicants, we find striking results. Borrowers report uses of loan proceeds strategically, and...

Persistent link: https://www.econbiz.de/10011083720

Global Banks, Financial Shocks and International Business Cycles: Evidence from an Estimated Model

Kollmann, Robert - C.E.P.R. Discussion Papers - 2012

-09), banking shocks accounted for about 20% of the fall in US and EA GDP, and for more than half of the fall in EA investment and …

Persistent link: https://www.econbiz.de/10011084059

Survival of the Fittest or the Fattest? Exit and Financing in the Trucking Industry

Zingales, Luigi - C.E.P.R. Discussion Papers - 1998

This paper studies the impact that capital market imperfections have on the natural selection of the most efficient firms by estimating the effect of the pre-deregulation level of leverage on the survival of trucking firms after the Carter deregulation. Highly leveraged carriers are less likely...

Persistent link: https://www.econbiz.de/10005504576

Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment

Karlan, Dean S.; Zinman, Jonathan - C.E.P.R. Discussion Papers - 2007

Information asymmetries are important in theory but difficult to identify in practice. We estimate the presence and importance of adverse selection and moral hazard in a consumer credit market using a new field experiment methodology. We randomized 58,000 direct mail offers issued by a major...

Persistent link: https://www.econbiz.de/10005497798