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Debtor-in-Possession Financing, Loan-to-Loan, and Loan-to-Own

Li, Kai; Wang, Wei - 2016

This paper provides new evidence on the roles and strategies adopted by different types of debtor-in-possession (DIP) lenders: “loan-to-loan” (LTL) lenders — prepetition secured bank lenders providing DIP financing, and “loan-to-own” (LTO) lenders — activist investors (i.e., hedge...

Persistent link: https://www.econbiz.de/10014157129

Bankruptcy, Debt, and the Macroeconomy, 1919-1946

Field, Alexander James - 2009

Between 1919 and 1946 bankruptcy rates in the U.S. traced out an inverted U-shaped curve, rising during the 1930s as income levels fell, and then plummeting during the Second World War in the face of both rising income and falling debt levels. This paper explores these relationships...

Persistent link: https://www.econbiz.de/10014047683

What Discount Rate Should Bankruptcy Judges Use? Estimates from Canadian Reorganization Data

Barthélémy, Fabrice; Fisher, Timothy C. G.; Martel, … - 2008

Using data from financial reorganization plans filed by insolvent Canadian firms, we estimate the discount rate implicit in the unsecured creditor's reorganization decision. Using (HARA) utility functions, we find the implicit monthly discount rate of creditors to be 4.9%, which corresponds to...

Persistent link: https://www.econbiz.de/10014050373

The Hidden Beauty of the Quadratic Market Scoring Rule : A Uniform Liquidity Market Maker, with Variations

Abramowicz, Michael - 2007

market scoring rule may be more sensible. With that rule, liquidity is uniform across the probability or prediction spectrum …. Moreover, the rule can easily be adapted for contexts in which greater liquidity is desired for some portion of the probability …

Persistent link: https://www.econbiz.de/10014051895

When it Pays to Be Honest : How a Variable Period of Good Conduct Can Improve Incentives in Personal Bankruptcy Proceedings

Bigus, Jochen; Steiger, Eva-Maria - 2006

Consumer bankruptcy regulation in the United States as well as in many other countries allow consumers to petition for a partial debt discharge. Usually, a debt release is possible when the debtor behaves in the creditors' best interest, and after filing for bankruptcy, signs over her entire...

Persistent link: https://www.econbiz.de/10014056891

The Inevitability of Market-Wide Underpricing of Mortgage Default Risk

Pavlov, Andrey D.; Wachter, Susan M. - 2012

Lenders are frequently accused of mispricing the put option imbedded in non-recourse lending (Herring and Wachter, 1999 and 2003). Prior research (Pavlov and Wachter, 2004) shows one lender's incentives to underprice. Here we identify the conditions for a market-wide underpricing equilibrium. We...

Persistent link: https://www.econbiz.de/10014057396

A Comparison of U.S. Corporate and Bank Insolvency Resolution

Bliss, Robert R.; Kaufman, George G. - 2006

In the U.S., the insolvency resolution of most corporations is governed by the federal bankruptcy code and is administered by special bankruptcy courts. Most large corporate bankruptcies are resolved under Chapter 11 reorganization proceedings. However, commercial bank insolvencies are governed...

Persistent link: https://www.econbiz.de/10014057745

The Payments System, Liquidity, and Rediscounting

Freeman, Scott - 1998

shown that nonoptimal equilibria of constrained liquidity may arise. Optimality may be restored by temporary expansions of …

Persistent link: https://www.econbiz.de/10014090850

Occasionally Binding Liquidity Constraints and Macroeconomic Dynamics

Werner, Maximilian Ulrich - 2020

overestimation of asset pricing dynamics and a misleading association between high levels of capital and liquidity and high levels of …

Persistent link: https://www.econbiz.de/10014095726

Federal Tax Arrears in Russia Liquidity Problems, Federal Redistribution or Regional Resistance?

Ponomareva, Maria; Zhuravskaya, Ekaterina - 2004

empirically. Tax arrears can be a result of: 1) liquidity problems in firms, 2) redistributive subsidies of the federal government …, or 3) regional political resistance to federal tax collectors. Liquidity problems in firms explain a large part of the … level of liquidity, federal arrears accumulated faster in regions where governors had a larger popular base, in regions with …

Persistent link: https://www.econbiz.de/10014070030