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Cost overrun at the Norwegian continental shelf : the element of surprise

Oglend, Atle; Osmundsen, Petter; Lorentzen, Sindre - 2016

We examine drivers of cost overruns in Norwegian development projects in the oil and gas sector. The multivariate longitudinal econometric analysis employs a unique and detailed dataset consisting of 80 different projects between 2000 and 2015. Among the significant results, we find that the...

Persistent link: https://www.econbiz.de/10011471525

Debt recovery in firm liquidations : do liquidation trustees matter?

Cepec, Jaka; Grajzl, Peter; Zajc, Katarina - 2016

Insolvency systems play a crucial role in protection of creditor rights, yet micro-level empirical evidence on the … functioning of insolvency regimes worldwide is sparse. We investigate whether creditors' recovery of outstanding claims, a measure … of ex-post efficiency of an insolvency regime, depends on the characteristics of the trustee delegated the administration …

Persistent link: https://www.econbiz.de/10011518156

The political economy of too-big-to-fail

Amegashie, J. Atsu - 2018

I consider a two-period model in which being "too big" is only a necessary condition for an insolvent firm to receive a government bailout because, in addition to meeting a threshold asset size, the firm must engage in a lobbying contest in order to be bailed out. The firm has a political...

Persistent link: https://www.econbiz.de/10011942742

Advantageous smallness in contests

Amegashie, J. Atsu - 2021

A standard result in contests is that a higher-ability player has a higher probability of winning the prize than a lower-ability player. Put differently, a stronger player has an advantage over a weaker player in a contest. There are very few exceptions to this standard result. I consider a...

Persistent link: https://www.econbiz.de/10012669006

The impact of delay : evidence from formal out-of-court restructuring

Srhoj, Stjepan; Kovač, Dejan; Shapiro, Jacob N.; … - 2021

Bankruptcy restructuring procedures are used in most legal systems to decide the fate of businesses facing financial hardship. We study how bargaining failures in such procedures impact the economic performance of participating firms in the context of Croatia, which introduced a "pre-bankruptcy...

Persistent link: https://www.econbiz.de/10012603137

Banking crisis resolution policy - lessons from recent experience : which elements are needed for robust and efficient crisis resolution?

Mayes, David G. - 2009

The current financial crisis has sparked intense debate about how weak banks should be resolved. Despite international efforts to coordinate and converge on such policies, national policy advice and resolution practices differ. The resolution methods adopted in the Nordic banking crises in the...

Persistent link: https://www.econbiz.de/10003891719

Droughts and farms' financial performance in New Zealand : a micro farm-level study

Pourzand, Farnaz; Noy, Ilan; Sağlam, Yiğit - 2019

We quantify the impacts of droughts in New Zealand on the profitability of dairy, and sheep and beef farms. Using a comprehensive administrative database of all businesses in New Zealand, we investigate the impact of droughts on farm revenue, profits, return on capital, business equity, debt to...

Persistent link: https://www.econbiz.de/10012002991

The unfortunate regressivity of public natural hazard insurance : a quantitative analysis of a New Zealand case

Owen, Sally; Noy, Ilan - 2017

Natural hazard insurance is almost always provided through public-private partnerships. Given the dominant role of the public sector, it is surprising that equity issues have not faced more scrutiny with respect to the design of hazard insurance. We provide a detailed quantification of the...

Persistent link: https://www.econbiz.de/10011669409

Measuring the impact of insurance on urban recovery with light : the 2010-2011 New Zealand earthquakes

Nguyen, Cuong; Noy, Ilan - 2018

We measure the longer-term effect of a major earthquake on the local economy, using night-time light intensity measured from space, and investigate whether insurance claim payments for damaged residential property affected the local recovery process. We focus on the destructive Canterbury...

Persistent link: https://www.econbiz.de/10011846154

House prices and macroprudential policy in an estimated DSGE model of New Zealand

Funke, Michael; Kirkby, Robert; Mihaylovski, Petar - 2017

We analyse the effects of macroprudential and monetary policies and their interactions using an estimated dynamic stochastic general equilibrium (DSGE) model tailored to New Zealand. We find that the main historical drivers of house prices are shocks specific to the housing sector. While our...

Persistent link: https://www.econbiz.de/10011657893