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Auctions in Bankruptcy : Theoretical Analysis and Practical Guidance

Hansen, Robert G.; Thomas, Randall S. - 2017

In academic circles, there are now a myriad of proposals for reform of Chapter 11 of the U.S. bankruptcy law. Many of these proposals call for the replacement of Chapter 11 with market-oriented alternatives, including in some cases, auction of insolvent, publicly held companies. Auctions in...

Persistent link: https://www.econbiz.de/10014188013

Dividend Increases and Initiations and Default Risk in Equity Returns

Charitou, Andreas; Lambertides, Neophytos; Theodoulou, … - 2010

This study extends the Grullon, Michaely and Swaminathan (2002) analysis by incorporating default risk. Using data for firms that either increased or initiated cash dividend payments during the 23-year period 1986-2008, we find reduction in default risk. This reduction is shown to be a priced...

Persistent link: https://www.econbiz.de/10014192535

The sovereign debt crisis : rebalancing or freezes?

Östberg, Peter; Richter, Thomas - 2018

Using high-frequency data we document that episodes of market turmoil in the European sovereign bond market are on average associated with large decreases in trading volume. The response of trading volume to market stress is conditional on transaction costs. Low transaction cost turmoil episodes...

Persistent link: https://www.econbiz.de/10011865537

Idle Liquidity, Cbdc and Banking

Dong, Mei; Xiao, Sylvia Xiaolin - 2023

investment in a CBDC-only economy, because in the presence of idle liquidity, CBDC and bank deposits are complements. The higher …

Persistent link: https://www.econbiz.de/10014347751

Dealer Inventory, Pricing, and Liquidity in the OTC Derivatives Markets : Evidence from Index CDSs

Wang, Xinjie; Zhong, Zhaodong - 2020

We examine the effects of dealers’ inventories on the pricing and liquidity of OTC derivatives markets. Using position …

Persistent link: https://www.econbiz.de/10014349119

It's Not So Bad : Director Bankruptcy Experience and Corporate Risk-Taking

Gopalan, Radhakrishnan; Gormley, Todd A.; Kalda, Ankit - 2020

We show that firms take more (but not necessarily excessive) risks when one of their directors experiences a corporate bankruptcy at another firm where they concurrently serve as a director. This increase in risk-taking is concentrated among firms where the director experiences a shorter,...

Persistent link: https://www.econbiz.de/10014349122

Global Financial Crisis, Funding Constraints, and Liquidity of VIX Futures

Chiu, Junmao; Lien, Donald D.; Tsai, Wei-Che - 2023

leads to an increase (decrease) in trading costs that decreases (increases) the liquidity …

Persistent link: https://www.econbiz.de/10014349411

Municipal Bankruptcies and Crime

Jha, Chandan Kumar; Joshi, Swarup - 2023

While the importance of municipal bonds for the provision of public services is well-documented, the consequences of municipal bankruptcies remain understudied. We contribute to this literature by studying the effects of municipal bankruptcies on crime. Using the staggered...

Persistent link: https://www.econbiz.de/10014349803

Does Stock Market Liquidity Affect Dividends?

Michaely, Roni; Qian, Meijun - 2023

Using two exogenous shocks, we examine the causal impact of stock liquidity on firms’ dividend policy. Both the first … conversion of non traded stocks to traded stocks in China, changed liquidity of affected stocks. We find, in both experiments …, that increased stocks liquidity results in a significant reduction in dividends. Our empirical design enables us to control …

Persistent link: https://www.econbiz.de/10014349969

Contingent Claims Valuation when Capital Structure Includes Options Liability

Episcopos, Athanasios - 2023

The paper shows how the traditional credit model based on contingent claims analysis can be adjusted when the capital structure includes a short position in a call or put option. The stochastic features of the asset underlying the option introduce additional risk elements into the analysis of...

Persistent link: https://www.econbiz.de/10014350667