Essays on Banking, Corporate Bankruptcy, and Corporate Finance PDF Download

Author: Erik Lennart Schedvin
Publisher:
ISBN: 9789056683375
Category :
Languages : en
Pages : 134

View

Book Description

Author: Philipp Schnabl
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 260

View

Book Description
This dissertation consists of three essays on topics in banking and corporate finance. The first essay analyzes whether equity holdings of international lenders affect the transmission of credit supply shocks from developed countries to emerging markets. I exploit the 1998 Russian debt default as an exogenous credit supply shock to international lenders and trace out the impact on bank lending in Peru. I find that after the shock international lenders with equity holdings in Peruvian banks increased financing to banks in Peru, while international lenders without equity holdings reduced financing to banks in Peru. This effect could be driven either by differential credit supply from international lenders or by heterogeneity in credit demand across banks. I control for credit demand by examining firms that have loans from both banks with international equity holders and banks without international equity holders and find evidence for the credit supply explanation. The change in credit supply has real effects: I find a lower bankruptcy rate among firms borrowing from banks with international equity holders than among firms borrowing from banks without international equity holders. These results suggest that equity holdings of international lenders mitigate the transmission of credit supply shocks to emerging markets.

Author: Francis Avery Packer
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 154

View

Book Description

Author: Mohammad Mahdi Fahimi
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 0

View

Book Description
This dissertation consists of two essays in financial economics. The first essay, included in Chapter 2, concerns the effect of debtor-in-possession (DIP) financing and DIP financing lenders on the outcome of Chapter 11 bankruptcy. When firms file for protection under Chapter 11 bankruptcy, their access to outside financing will be limited. The Bankruptcy Reform Act of 1978 has resolved this issue under section 364 of the US Bankruptcy Code by defining laws for the DIP financing, which is the unique type of financing available to firms filing for Chapter 11 bankruptcy. DIP financing is usually senior to all other securities issued by a firm and violates the absolute priority rule by standing ahead of a company’s existing debts for payment. Among the characteristics of DIP financing, limited attention has been given to the type of lender of the DIP financing. There is not much empirical evidence on whether financing a DIP loan from different types of lenders can lead to different bankruptcy outcomes. In this essay, I investigate the role of DIP financing, especially the DIP lender in the bankruptcy process. I provide evidence for the role of DIP lender, bank versus non-bank, in bankruptcy outcome, while controlling for potential endogeneity of the lender’s type. In order to control for the endogeneity of the DIP lender type, I use an instrumental variable (IV) approach. My results show that even after controlling for the endogeneity of the lender type, the source of the DIP loan still matters for the outcome of the bankruptcy process. More specifically, receiving the DIP loan from banks increases the likelihood of emerging from bankruptcy as a going concern for the bankrupt firm. The second essay, included in Chapter 2, concerns predicting bankruptcy outcome using a machine learning approach and using the bankruptcy outcome predictions to predict firms’ CDS spreads. First, I develop a machine learning model using Extreme Gradient Boosting to predict the outcome of the bankruptcy. I compare the performance of this model with that of a traditional logistics regression model and show that, while both perform well, the machine learning model outperforms the traditional model, mainly because it is able to identify non-linear patterns in the data. I, then, use the predicted probabilities of emerging from bankruptcy, combined with the predicted probabilities of bankruptcy, produced by a second machine learning model, to predict CDS spreads. I show that the predicted probability of bankruptcy and probability of emerging from bankruptcy can be used to predict firms’ CDS spreads and can improve the prediction power of benchmark models. This study contributes to the bankruptcy and bankruptcy outcome prediction literature by providing empirical evidence of the association between a firm’s characteristics and its bankruptcy outcome. I also show that using machine learning techniques to predict the bankruptcy outcome can help predict CDS spreads more accurately.

Author: Jan Szilagyi
Publisher:
ISBN:
Category : Bankruptcy
Languages : en
Pages : 380

View

Book Description

Author: Richard Squire
Publisher: Aspen Publishing
ISBN: 1454881712
Category : Law
Languages : en
Pages : 649

View

Book Description
The first edition of Corporate Reorganization in Bankruptcy is designed to teach students the legal and financial principles of business bankruptcy law. The casebook is ideal for second- and third-year law students who are considering a career in business bankruptcy specifically. Each chapter is comprised of case excerpts with questions to prompt discussion and analysis, short readings that summarize the relevant rules, doctrines, and financial concepts, and problems requiring students to apply the legal and financial principles learned from hypothetical fact patterns. With an emphasis on the principles of finance, Corporate Reorganization in Bankruptcy examines each of the major types of investors in a business corporation. In addition, it includes a thorough treatment of Section 363 sales, banking and systemic risk. The purchase of this Kindle edition does not entitle you to receive 1-year FREE digital access to the corresponding Examples & Explanations in your course area. In order to receive access to the hypothetical questions complemented by detailed explanations found in the Examples & Explanations, you will need to purchase a new print casebook.

Author: Karl A. Boedecker
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 416

View

Book Description

Author: Erik Berglöf
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 228

View

Book Description

Author: Edward I. Altman
Publisher: Beard Books
ISBN: 9781893122000
Category : Business & Economics
Languages : en
Pages : 436

View

Book Description
Papers from a conference held March 1991 under the joint sponsorship of the New York University Salomon Center and a number of interested corporate contributors

Author: Klaus Hammes
Publisher: Department of Economics School of Economics and Commercial Law Go
ISBN:
Category : Capital investments
Languages : en
Pages : 188

View

Book Description