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The Contagion Effect of Intra-Industry Debt Defaults on Financial Decisions of Capital Structure

Geng, Yingtao; Liu, Yu; Ned, John Patrick; Sui, Lu - 2023

This paper investigates whether intra-industry debt defaults generate a contagion effect by influencing financial decisions and capital allocation efficiency of peers within the industry. Additionally, we examine the mechanism of intra-industry default contagion. Using theoretical and empirical...

Persistent link: https://www.econbiz.de/10014256848

Impact of High-Intensity Short-Selling Regulations on the Korean Stock Market : Focus on Liquidity, Price Valuation, Information Efficiency, and Market Stability

Kim, Jinsu - 2023

. Market liquidity has increased without harming market dynamics, and the information efficiency was not hindered by the short …

Persistent link: https://www.econbiz.de/10014256860

Market Liquidity in a Natural Experiment : Evidence from CDS Standard Coupons

Wang, Xinjie; Wu, Ge; Zhong, Zhaodong - 2023

costs. Furthermore, search intensity also explains the variation in the difference in bid-ask spread. The liquidity … the primary coupon, we provide further evidence to support the predictions of search-based liquidity models …

Persistent link: https://www.econbiz.de/10014256963

Measuring Ratings Accuracy Using the Average Default Position

Mann, Christopher - 2023

Credit risk is often summarized by ordinal rating systems employed by credit rating agencies or bank credit departments. Assessing the power and utility of those rating systems is obviously important but can be quite challenging to demonstrate and to explain.This brief note contributes a new...

Persistent link: https://www.econbiz.de/10014256975

Financial Fragility in Open-Ended Mutual Funds : The Role of Liquidity Management Tools

Dunne, Peter G.; Emter, Lorenz; Fecht, Falko; Giuliana, … - 2023

We study the role of liquidity management tools (LMTs) in mitigating ﬁnancial fragility in investment funds during the …

Persistent link: https://www.econbiz.de/10014257020

A Primer on Distressed Investing : Buying Companies by Acquiring Their Debt

Moyer, Stephen G.; Martin, David; Martin, John - 2023

Distress or vulture investing requires a high level of business acumen combined with deep knowledge of accounting, finance, and corporate and restructuring law. In this paper, the authors provide a pedagogical discussion of an important - and socially beneficial - kind of vulture investing...

Persistent link: https://www.econbiz.de/10014257076

Assessing Corporate Performance in Latin America : The Potency of Logistic Regression and Random Forest for Predicting Financial Distress

Barboza, Flavio; Altman, Edward I. - 2023

Latin America is a growing financial market. The performance of its private sector corporations is critical, as inadequate performance and financial distress can result in losses for many people. This study analyses the efficacy of Logistic Regression (LR) and Random Forest (RF) techniques for...

Persistent link: https://www.econbiz.de/10014257105

Bankruptcy and Delinquency in a Model of Unsecured Debt

Athreya, Kartik B.; Sanchez, Juan M.; Tam, Xuan S.; … - 2023

This paper documents and interprets a fact central to the dynamics of informal consumer debt default: delinquency does not mean a persistent cessation of payment. In particular, we observe that for individuals 60 to 90 days late on payments, (i) 85% make payments during the next quarter to avoid...

Persistent link: https://www.econbiz.de/10014257145

Fintech, Bank Diversification and Liquidity : Evidence from China

Tang, Mengxuan; Hu, Yang; Corbet, Shaen; Hou, Yang; … - 2023

This research investigates the influence of Fintech development upon bank diversification and liquidity in China … Fintech development index, which is used to test for specific liquidity and diversification influence across the Chinese … banking industry. Our results provide robust empirical evidence that the development of Fintech reduces bank liquidity …

Persistent link: https://www.econbiz.de/10014257210

Strategic CSR in Highly Distressed Firms : Evidence in Bankruptcy-Filing Firms

Tsai, Wen-Hsin - 2023

This paper explores whether and how corporate social responsibility behavior affects firm value in highly distressed firms. Our results show that sustainability activity is a powerful instrument by which to strategically prevent damage to the company in the form of liquidation risk. Stronger...

Persistent link: https://www.econbiz.de/10014257244