Similar Search Results

Predicting College Closures and Financial Distress

Kelchen, Robert J.; Ritter, Dubravka; Webber, Douglas A. - National Bureau of Economic Research - 2024

In this paper, we assemble the most comprehensive dataset to date on the characteristics of colleges and universities, including dates of operation, institutional setting, student body, staff, and finance data from 2002 to 2023. We provide an extensive description of what is known and unknown...

Persistent link: https://www.econbiz.de/10015145166

Global Business Cycles and Credit Risk

Pesaran, M. Hashem - 2005

The potential for portfolio diversification is driven broadly by two characteristics: the degree to which systematic risk factors are correlated with each other and the degree of dependence individual firms have to the different types of risk factors. Using a global vector autoregressive...

Persistent link: https://www.econbiz.de/10012467187

Special Purpose Vehicles and Securitization

Gorton, Gary - 2005

firm and the SPVs. SPVs are carefully designed to avoid bankruptcy. If the firm's bankruptcy costs are high, off …

Persistent link: https://www.econbiz.de/10012467495

Multi-Period Corporate Failure Prediction with Stochastic Covariates

Duffie, Darrell - 2004

We provide maximum likelihood estimators of term structures of conditional probabilities of bankruptcy over relatively … dependence of the level and shape of the term structure of conditional future bankruptcy probabilities on a firm's distance to …

Persistent link: https://www.econbiz.de/10012467947

Corporate Yield Spreads : Default Risk or Liquidity? New Evidence from the Credit-Default Swap Market

Longstaff, Francis A. - 2004

We use the information in credit-default swaps to obtain direct measures of the size of the default and nondefault components in corporate spreads. We find that the majority of the corporate spread is due to default risk. This result holds for all rating categories and is robust to the...

Persistent link: https://www.econbiz.de/10012468275

Tough Policies, Incredible Policies?

Velasco, Andres - 2003

We revisit the question of what determines the credibility of macroeconomic policies here, of promises to repay public debt. Almost all thinking on the issue has focused on governments' strategic decision to default (or erode the value of outstanding debt via inflation/devaluation). But...

Persistent link: https://www.econbiz.de/10012468765

You Only Die Once : Managing Discrete Interdependent Risks

Heal, Geoffrey - 2003

organizations facing the possibility of bankruptcy, and individuals' choices about whether to be vaccinated against an infectious …

Persistent link: https://www.econbiz.de/10012468812

Bankruptcy Policy Reform and Total Factor Productivity Dynamics in Korea

Lim, Youngjae - 2003

, accepted in the court-administered rehabilitation procedures after the post-crisis bankruptcy reform in Korea, had experienced … less persistent problems in the pre-bankruptcy Total-Factor-Productivity (TFP) performances than those before the reform …. The most crucial element of the post-crisis reform in the post-crisis court-administered bankruptcy system is the …

Persistent link: https://www.econbiz.de/10012468888

Idiosyncratic Risk and the Creative Destruction in Japan

Hamao, Yasushi - 2003

The dramatic rise and fall of the Japanese equity market provides a unique opportunity to examine market-and firm-specific risks over different market conditions. The price behavior of Japanese equities in the 1990s is found to resemble that of U.S. equities during the Great Depression. Both...

Persistent link: https://www.econbiz.de/10012469056

Do Airline Bankruptcies Reduce Air Service?

Borenstein, Severin - 2003

bankruptcies since 1984 in order to estimate the effect of bankruptcy on air service, controlling for demand fluctuations and … find substantial effects of bankruptcy on flights offered or destinations served at large and small airports, but do find … an impact at medium sized airports. We estimate, however, that service changes due to bankruptcy are not large in …

Persistent link: https://www.econbiz.de/10012469062