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Personal bankruptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start"

Fossen, Frank M. - 2011

entrepreneurship. -- personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …

Persistent link: https://www.econbiz.de/10009126032

Capital supply uncertainty, cash holdings, and investment

Hugonnier, Julien; Malamud, Semyon; Morellec, Erwan - 2011

We develop a model of investment, payout, and financing policies in which firms face uncertainty regarding their ability to raise funds and have to search for investors when in need of capital. We show that capital supply uncertainty leads firms to value financial slack and to adjust their...

Persistent link: https://www.econbiz.de/10009375158

Taking the twists into account : predicting firm bankruptcy risk with splines of financial ratios

Giordani, Paolo; Jacobson, Tor; Schedvin, Erik von; … - 2011

We demonstrate improvements in predictive power when introducing spline functions to take account of highly non-linear relationships between firm failure and earnings, leverage, and liquidity in a logistic bankruptcy model. Our results show that modeling excessive non-linearities yields...

Persistent link: https://www.econbiz.de/10009384072

Personal bankruptcy law, wealth and entrepreneurship : theory and evidence from the introduction of a "fresh start“

Fossen, Frank M. - 2011

entrepreneurship. -- Personal bankruptcy law ; insolvency ; entrepreneurship ; fresh start …

Persistent link: https://www.econbiz.de/10009308943

Reconciling the European registered capital regime with a modern corporate reorganization law: experience from the Czech insolvency law reform

Richter, Tomáš (contributor) - 2009

-liquidation insolvency proceedings, usually referred to as reorganization. Using the ECJ case law on the Directive, I conclude that although … capital do not present an insurmountable hurdle to the adoption of rational corporate insolvency law. As a side note, I also … unnecessary administrative burden on reorganizing European companies. -- bankruptcy ; insolvency ; reorganization ; registered …

Persistent link: https://www.econbiz.de/10003804575

Multiple lenders and corporate distress : evidence on debt restructuring

Brunner, Antje; Krahnen, Jan Pieter - 2006 - This version: June 2006

In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...

Persistent link: https://www.econbiz.de/10009767665

Unemployment, negative equity, and strategic default

Gerardi, Kristopher; Herkenhoff, Kyle F.; Ohanian, Lee E.; … - 2013

Using new household-level data, we quantitatively assess the roles that job loss, negative equity, and wealth (including unsecured debt, liquid assets, and illiquid assets) play in default decisions. In sharp contrast to prior studies that proxy for individual unemployment status using regional...

Persistent link: https://www.econbiz.de/10009778409

Default risk calculation based on predictor selection for the Southeast Asian industry

Härdle, Wolfgang; Prastyo, Dedy Dwi - 2013

Probability of default prediction is one of the important tasks of rating agencies as well as of banks and other financial companies to measure the default risk of their counterparties. Knowing predictors that significantly contribute to default prediction provides a better insight into...

Persistent link: https://www.econbiz.de/10009779289

A market-based study of the cost of default

Davydenko, Sergei A.; Strebulaev, Ilya A.; Zhao, Xiaofei - 2012

Although the cost of financial distress is a central issue in capital structure and credit risk studies, reliable estimates of its size are difficult to come by. This paper proposes a novel method of extracting the cost of default from the change in the market value of a firm's assets upon...

Persistent link: https://www.econbiz.de/10010206258

Catharsis - the real effects of bank insolvency and resolution

Korte, Josef - 2013

, depositors, and regulators in connection with bank insolvency may corrupt banks' credit allocation and monitoring decisions … insolvency has a cathartic effect using a large firm-level dataset and proposing a new indicator to measure the strength of …

Persistent link: https://www.econbiz.de/10009751064