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Shops and the City : Evidence on Local Externalities and Local Government Policy from Big Box Bankruptcies

Shoag, Daniel W. - 2015

Large retailers have significant positive spillovers on nearby businesses, and both private and public mechanisms exist to attract them. We estimate these externalities using detailed geographic establishment data and exogenous variation from national chain bankruptcies. We show that local...

Persistent link: https://www.econbiz.de/10013033861

Rethinking Zero Returns in the Liquidity Puzzle of a Limit Order Market

Mazza, Paolo - 2015

Euronext intraday data, we show that zero returns are significantly related to liquidity instead. We conduct an event study and … run conditional logit regressions, using spread, depth, dispersion and slope measures as liquidity variables. Although we …

Persistent link: https://www.econbiz.de/10013035995

Liquidating Illiquid Collateral

Oehmke, Martin - 2015

Defaults of financial institutions can cause large, disorderly liquidations of repo collateral. This paper analyzes the dynamics of such liquidations. The model shows that (i) the equilibrium price of the collateral asset can overshoot; (ii) the creditor structure in repo lending involves a...

Persistent link: https://www.econbiz.de/10013036180

Restructuring Failed Financial Firms in Bankruptcy : Selling Lehman’s Derivatives Portfolio

Roe, Mark J. - 2016

Persistent link: https://www.econbiz.de/10013005771

The Real Effects of Liquidity During the Financial Crisis : Evidence from Automobiles

Benmelech, Efraim - 2016

This paper shows that illiquidity in short-term credit markets during the financial crisis may have sharply curtailed the supply of non-bank consumer credit. Using a new data set linking every car sold in the United States to the credit supplier involved in each transaction, we show that the...

Persistent link: https://www.econbiz.de/10013005785

Tax Claims, Government Priority, Absolute Priority and the Resolution of Financial Distress

Fisher, Timothy C. G. - 2016

We present a model of an insolvent firm that may take advantage of a "soft-touch" government creditor in order to buy time before filing for reorganization, behavior we refer to as "claims substitution." Parameters in the model reflect the enforcement of absolute priority and government priority...

Persistent link: https://www.econbiz.de/10013005948

The Dynamics of Adjustable-Rate Subprime Mortgage Default : A Structural Estimation

Fang, Hanming - 2015

We present a dynamic structural model of subprime adjustable-rate mortgage (ARM) borrowers making payment decisions taking into account possible consequences of different degrees of delinquency from their lenders. We empirically implement the model using unique data sets that contain information...

Persistent link: https://www.econbiz.de/10013010383

The Impact of a Pro-Rata Algorithm on Liquidity : Evidence from the NYSE Liffe

Yang, Jin Young - 2015

This study investigates the impact of introducing a pure pro-rata algorithm on the liquidity of the market for Euribor … futures contracts on NYSE LIFFE. Results indicate that the Euribor market experiences deterioration in liquidity: (1) both …. Finally, after the transition, liquidity demanders are more likely to submit smaller market orders. The reduction in depth and …

Persistent link: https://www.econbiz.de/10013010849

What Drives Financial Reform? Economics and Politics of the State-Level Adoption of Municipal Bankruptcy Laws

Rossi, Stefano - 2015

We investigate economic and political theories of financial reform to analyze state-level adoption of municipal bankruptcy laws (Chapter 9). Using a dynamic Cox hazard model, we find that interest group factors related to the relative strength of potential losers (labor unions) and winners (bond...

Persistent link: https://www.econbiz.de/10013010883

Commonality in Liquidity in Emerging Markets : Another Supply-Side Explanation

Bai, Min - 2015

Emerging markets share many distinct features that separate them from more developed markets, including low liquidity … and high commonality in liquidity. This study on 18 emerging markets finds that individual stock liquidity is more … affected by systematic volatility than by idiosyncratic volatility, suggesting that higher commonality in liquidity in emerging …

Persistent link: https://www.econbiz.de/10013010919