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Counterparty Risk Externality : Centralized Versus Over-the-Counter Markets
Acharya, Viral V. - 2011
collateral requirements and subordination of OTC positions in bankruptcy can ameliorate the counterparty risk externality, they …
Persistent link: https://www.econbiz.de/10013125914
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For Richer, for Poorer : Bankers' Liability and Risk-Taking in New England, 1867-1880
Koudijs, Peter - 2018
We study whether banks are riskier if managers have less liability. We focus on New England between 1867 and 1880 and … consider the introduction of marital property laws that limited liability for newly wedded bankers. We find that banks with … wives from relatively wealthy families. We find no evidence that limiting liability increased firm investment at the county …
Persistent link: https://www.econbiz.de/10012911478
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Crashes and Collateralized Lending
Jurek, Jakub W. - 2011
-pricing framework to value the systematic crash risk exposure of the collateral. We then apply Modigliani and Miller's (1958 … credit crisis of 2007-2008 …
Persistent link: https://www.econbiz.de/10013120294
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The Alchemy of Cdo Credit Ratings
Benmelech, Efraim - 2010
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/10012757547
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Valuing Toxic Assets : An Analysis of Cdo Equity
Longstaff, Francis A. - 2010
How does the market value complex structured-credit securities? This issue is central to understanding the current financial crisis and identifying effective policy measures. We study this issue from a novel perspective by contrasting the valuation of CDO equity with that of bank stocks. This is...
Persistent link: https://www.econbiz.de/10012757580
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The Distribution of Crisis Credit : Effects on Firm Indebtedness and Aggregate Risk
Huneeus, Federico; Kaboski, Joseph Paul; Larraín, Mauricio - 2022
We study the distribution of credit during crisis times and its impact on firm indebtedness and macroeconomic risk. Whereas policies can help firms in need of financing, they can lead to adverse selection from riskier firms and higher default risk. We analyze a large-scale program of public...
Persistent link: https://www.econbiz.de/10013299321
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Collateral Damage : The Impact of Shale Gas on Mortgage Lending
Chen, Yanyou; Roberts, James W.; Timmins, Christopher; … - 2023
to pay $814 on average to avoid one unit of shale risk before the financial distress of 2008 and subsequent increased …
Persistent link: https://www.econbiz.de/10014351703
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Good Booms, Bad Booms
Gorton, Gary - 2016
careful examination of collateral. As this examination is more valuable when collateral backs projects with low productivity …
Persistent link: https://www.econbiz.de/10012998412
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An Empirical Study of the Credit Market with Unobserved Consumer Typers
Gan, Li - 2008
This paper proposes an econometric model to identify unobserved consumer types in the credit market. Consumers choose different amounts of loan because of differences in their time or risk preferences (types). Thus, the unconditional probability of default is modeled using a mixture density...
Persistent link: https://www.econbiz.de/10012772371
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Group Lending with Heterogeneous Types
Gan, Li - 2013
Group lending has been widely adopted in the past thirty years by many microfinance institutions as a means to mitigate …
Persistent link: https://www.econbiz.de/10013082793