Senior Fellows/Fellows

|

Senior Fellows/Fellows

Crises as Opportunities for Growth: The Strategic Value of Business Group Affiliation

Peter Kien PHAM, Jason ZEIN, Ronald W. MASULIS, Alvin E. S. ANG
We document a novel strategic motive for family business groups to utilize their internal capital markets (ICMs) during financial crises. We find that crisis-period group ICM activity is targeted toward exerting product market dominance over standalone rivals. Groups make significant post-crisis ...
Keywords: Family Business Groups, Product-market competition, Financial crisis
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Corporate Finance

|

May 2018

Creditor Rights, Threat of Liquidation, and Labor-Capital Choice of Firms

Shashwat ALOK, Ritam CHAUREY, Vasudha NUKALA
In 2002, a legal reform introduced in India allowed secured creditors to seize and liquidate the defaulter’s assets. We study firms’ choice between capital and labor in response to these strengthened creditor rights by exploiting variation in their pre-policy proportion of collateralizable asset...
Keywords: Labor and Finance, creditor rights, Employment, Labor-Capital Choice, Labor Intensity, SARFAESI
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Real Estate and Urban Economics, Senior Fellows/Fellows

|

May 2021

Credit Risk Transfer and the Pricing of Mortgage Default Risk

Deborah LUCAS, Edward GOLDING
Keywords: CRT securities, Credit Risk, government investment, mortgage
  • View
  • Download
  • Bookmark
  •    |   

Specialty Conference

|

Specialty Conference

|

Jan 2017

Credit Misallocation During the European Financial Crisis

Fabiano SCHIVARDI, Enrico SETTE, Guido TABELLINI
Using data on bank-firm relationships in Italy during the Eurozone financial crisis, we show that: (i) compared to healthy banks, under-capitalised banks cut credit to healthy but not to zombie firms and are more likely to prolong a credit relationship with a zombie; (ii) in area sectors with more l...
Keywords: bank capitalization, Zombie Lending, capital misallocation
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

Investment Finance

|

May 2019

Credit Default Swaps Around the World

Jennifer CONRAD, Söhnke M. BARTRAM, Jongsub LEE, Marti G. SUBRAHMANYAM
We analyze the impact of the introduction of credit default swaps (CDS) on real decision making within the firm, taking into consideration differences in firms’ local economic and legal environments. We extend the model of Bolton and Oehmke (2011) to take into account uncertainty whether the actio...
Keywords: Credit default swaps, CDS, investment policy, financing policy, creditor rights, property rights, private credit, ownership concentration
  • View
  • Download
  • Bookmark
  •    |