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Benmelech, Efraim - 2010

channel in which a firm's bankruptcy reduces collateral values of other industry participants, thereby increasing the cost of … suggest that industry bankruptcies have a sizeable impact on the cost of debt financing of other industry participants. We …

Persistent link: https://www.econbiz.de/10012462944

Collateral Pricing

Benmelech, Efraim - 2008

We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited … in particular redeployable collateral, lowers the cost of external financing and increases debt capacity …

Persistent link: https://www.econbiz.de/10012464773

Robots and Firm Investment

Benmelech, Efraim; Zator, Michal - National Bureau of Economic Research - 2022

future of work. We study firm investment in automation using cross-country data on robotization as well as administrative … firms has been limited. First, investment in robots is small and highly concentrated in a few industries, accounting for … importance in firms' investment is significantly higher, and their link with labor markets, while sharing some similarities with …

Persistent link: https://www.econbiz.de/10012814451

The Credit Rating Crisis

Benmelech, Efraim - 2009

Since June 2007, the creditworthiness of structured finance products has deteriorated rapidly. The number of downgrades in November 2007 alone exceeded 2,000 and many downgrades were severe, with 500 tranches downgraded more than 10 notches. Massive downgrades continued in 2008. More than 11,000...

Persistent link: https://www.econbiz.de/10012463604

The Alchemy of CDO Credit Ratings

Benmelech, Efraim - 2009

Collateralized Loan Obligations (CLOs) were one of the largest and fastest growing segments of the structured finance market, fueling the 2003-2007 boom in syndicated loans and leveraged buyouts. The credit crisis brought CLO issuance to a halt, and as a result the leveraged loan market dried...

Persistent link: https://www.econbiz.de/10012463769

The Political Economy of Financial Regulation : Evidence from U.S. State Usury Laws in the 19th Century

Benmelech, Efraim - 2007

We investigate the causes and consequences of financial regulation by studying the political economy of U.S. state usury laws in the 19th century. We find evidence that usury laws were binding and enforced and that lending activity was affected by rate ceilings. Exploiting the heterogeneity...

Persistent link: https://www.econbiz.de/10012465805

Financing Labor

Benmelech, Efraim - 2011

quantitatively similar to the much-studied responsiveness of investment decisions to cash-flows. We use a collage of three 'quasi …-experiments' used previously in the investment-cash flow and finance-growth literatures to trace the effects of finance on employment …

Persistent link: https://www.econbiz.de/10012461514

Securitization without Adverse Selection : The Case of CLOs

Benmelech, Efraim - 2011

For nearly a decade prior to the collapse of structured finance markets in late 2007, securitization by collateralized loan obligations (CLOs) was a key source of capital for the high-yield corporate loan market. In this paper, we investigate whether securitization was associated with risky...

Persistent link: https://www.econbiz.de/10012461891