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Google Keyword Rankings for : bankruptcy finance constraints and the value of the firm
1
Bankruptcy, Finance Constraints, and the Value of the Firm
https://www.jstor.org/stable/41237183
The firm's assets are sold on a competi- tive capital market and the liquidated value is paid to the creditors in the settlement stage. The bankruptcy process ...
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https://www.jstor.org/stable/41237183
The firm's assets are sold on a competi- tive capital market and the liquidated value is paid to the creditors in the settlement stage. The bankruptcy process ...
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2
Bankruptcy, Finance Constraints, and the Value of the Firm
https://www.aeaweb.org/articles?id=10.1257/mic.3.2.1
Financial markets play an important role in the efficient allocation of resources. Among other things, they provide the price signals that guide investment ...
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https://www.aeaweb.org/articles?id=10.1257/mic.3.2.1
Financial markets play an important role in the efficient allocation of resources. Among other things, they provide the price signals that guide investment ...
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3
Bankruptcy, Finance Constraints, and the Value of the Firm
https://www.researchgate.net/publication/227355374_Bankruptcy_Finance_Constraints_and_the_Value_of_the_Firm
PDF | We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature, ...
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https://www.researchgate.net/publication/227355374_Bankruptcy_Finance_Constraints_and_the_Value_of_the_Firm
PDF | We study a competitive model in which market incompleteness implies that debt-financed firms may default in some states of nature, ...
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4
Bankruptcy, Finance Constraints, and the Value of the Firm - EconBiz
https://www.econbiz.de/10009003470
Bankruptcy, Finance Constraints, and the Value of the Firm. We study a competitive model in which market incompleteness implies that debt-financed firms may ...
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https://www.econbiz.de/10009003470
Bankruptcy, Finance Constraints, and the Value of the Firm. We study a competitive model in which market incompleteness implies that debt-financed firms may ...
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5
[PDF] Bankruptcy Costs, Financial Constraints and the Business ...
https://www.semanticscholar.org/paper/Bankruptcy-Costs%2C-Financial-Constraints-and-the-Krieger/aebc928bb654a986a10d485129ddb71639ef1453
Firm debt capacity, the amount of debt a rm can take on without going bankrupt, is given by the liquidation value of the rm's capital, which is in turn ...
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https://www.semanticscholar.org/paper/Bankruptcy-Costs%2C-Financial-Constraints-and-the-Krieger/aebc928bb654a986a10d485129ddb71639ef1453
Firm debt capacity, the amount of debt a rm can take on without going bankrupt, is given by the liquidation value of the rm's capital, which is in turn ...
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6
Bankruptcy law and the efficient reorganization of firms
https://www.hhs.se/contentassets/662e98040ed14d6c93b1119e5a9796a4/worldbank0304.pdf
is about maximizing the value of assets in financial distress, ... from liquidity constraints by facilitating the ability of firms to raise new financing.
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https://www.hhs.se/contentassets/662e98040ed14d6c93b1119e5a9796a4/worldbank0304.pdf
is about maximizing the value of assets in financial distress, ... from liquidity constraints by facilitating the ability of firms to raise new financing.
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7
Bankruptcy, Investment, and Financial Constraints ... - EconStor
http://www.econstor.eu/bitstream/10419/102574/1/786884339.pdf
relationship between investment, financial constraints, and bankruptcy in a post- ... publicly traded companies and make heavy use of various market value ...
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http://www.econstor.eu/bitstream/10419/102574/1/786884339.pdf
relationship between investment, financial constraints, and bankruptcy in a post- ... publicly traded companies and make heavy use of various market value ...
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8
Financial Risks, Bankruptcy Probabilities, and the Investment ...
https://d-nb.info/1196357730/34
As a consequence, the internal net worth of the firms as well as the level of ... In order to analyze the impact of financial constraints on the investment ...
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https://d-nb.info/1196357730/34
As a consequence, the internal net worth of the firms as well as the level of ... In order to analyze the impact of financial constraints on the investment ...
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9
Debt, Liquidity Constraints, and Corporate Investment ...
https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04664.x
This valuation effect can be seen by observing that λ it is the value to the firm of being able to obtain equity finance by paying negative dividends. Along the ...
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https://onlinelibrary.wiley.com/doi/10.1111/j.1540-6261.1992.tb04664.x
This valuation effect can be seen by observing that λ it is the value to the firm of being able to obtain equity finance by paying negative dividends. Along the ...
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10
Financial Constraints, Intangible Assets, and Firm Dynamics
https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/wp/2014/_wp1488.ashx
I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset.
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https://www.imf.org/-/media/Websites/IMF/imported-full-text-pdf/external/pubs/ft/wp/2014/_wp1488.ashx
I develop a model of endogenous financial constraints in which firm size and value are limited by the enforceability of financial contracts. Asset.
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11
Financing constraints, firm dynamics, export decisions ... - CREI
https://crei.cat/wp-content/uploads/2016/10/ficofidy-1.pdf
Bankruptcy risk is especially important for more productive firms because the wedge between their expected discounted profits and their liquidation value is ...
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https://crei.cat/wp-content/uploads/2016/10/ficofidy-1.pdf
Bankruptcy risk is especially important for more productive firms because the wedge between their expected discounted profits and their liquidation value is ...
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12
Bankruptcy Costs, Liability Dollarization, and Vulnerability to ...
https://www.amherst.edu/system/files/media/0429/bankruptcy.pdf
The lower the cost, the greater the proportion of a firm's value creditors can recover. In contrast to BGG (1999) and later work extending the financial ...
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https://www.amherst.edu/system/files/media/0429/bankruptcy.pdf
The lower the cost, the greater the proportion of a firm's value creditors can recover. In contrast to BGG (1999) and later work extending the financial ...
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13
Determinants and consequences of SME insolvency risk ...
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9290385/
Therefore, the risk of bankruptcies and financial distress in the SME ... such as the market value of a firm compared to the face value of its debt has been ...
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https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9290385/
Therefore, the risk of bankruptcies and financial distress in the SME ... such as the market value of a firm compared to the face value of its debt has been ...
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14
Uncertainty, Access to Debt, and Firm Precautionary Behavior
https://ecgi.global/sites/default/files/working_papers/documents/favaragaogiannettifinal.pdf
and financial constraints to explain the determinants of firms' cash holdings ... showing that laws that improve the collateral values of firms' assets are ...
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https://ecgi.global/sites/default/files/working_papers/documents/favaragaogiannettifinal.pdf
and financial constraints to explain the determinants of firms' cash holdings ... showing that laws that improve the collateral values of firms' assets are ...
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15
Market Implied Costs of Bankruptcy - Wharton Finance
https://fnce.wharton.upenn.edu/wp-content/uploads/2017/03/ZechnerBCost_17A.pdf
However, in a dynamic model of capital structure changes over me, where firms must roll over debt, bankruptcy costs do affect equity values since they impact ...
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https://fnce.wharton.upenn.edu/wp-content/uploads/2017/03/ZechnerBCost_17A.pdf
However, in a dynamic model of capital structure changes over me, where firms must roll over debt, bankruptcy costs do affect equity values since they impact ...
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16
Doubling Down on Debt: Limited Liability as a Financial Friction
https://www.nber.org/system/files/working_papers/w27747/w27747.pdf
By financing new investment with debt, equity holders increase leverage and, as a ... no value following firm default, and bankruptcy claims as receiving a ...
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https://www.nber.org/system/files/working_papers/w27747/w27747.pdf
By financing new investment with debt, equity holders increase leverage and, as a ... no value following firm default, and bankruptcy claims as receiving a ...
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17
No-fault Default, Chapter 11 Bankruptcy, and Financial ...
https://carlsonschool.umn.edu/sites/carlsonschool.umn.edu/files/2021-01/No_Fault_Default_JBF_Final.pdf
not renegotiate, even though the new contract satisfies the manager's participation constraint and leads to higher firm value. Thus, if the contract cannot ...
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https://carlsonschool.umn.edu/sites/carlsonschool.umn.edu/files/2021-01/No_Fault_Default_JBF_Final.pdf
not renegotiate, even though the new contract satisfies the manager's participation constraint and leads to higher firm value. Thus, if the contract cannot ...
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18
Chapter 8 derivations - NYU Stern
https://pages.stern.nyu.edu/~adamodar/New_Home_Page/AppldCF/derivn/ch8deriv.html
For instance, one very common constraint imposed by regulators, bondholders and managers is a constraint that the book value debt ratio not exceed a specified ...
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https://pages.stern.nyu.edu/~adamodar/New_Home_Page/AppldCF/derivn/ch8deriv.html
For instance, one very common constraint imposed by regulators, bondholders and managers is a constraint that the book value debt ratio not exceed a specified ...
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19
Interest Rates, Inflation, and Corporate Financial Policy
https://www.brookings.edu/wp-content/uploads/1982/06/1982b_bpea_gordon_shoven.pdf
observation is that during the 1970s both corporate debt-value ratios and ... about 5 percent of the outstanding liabilities of the bankrupt firm.7 While.
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https://www.brookings.edu/wp-content/uploads/1982/06/1982b_bpea_gordon_shoven.pdf
observation is that during the 1970s both corporate debt-value ratios and ... about 5 percent of the outstanding liabilities of the bankrupt firm.7 While.
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20
Financial Firm Bankruptcy and Systemic Risk - Bank of Canada
https://www.bankofcanada.ca/wp-content/uploads/2010/09/helwege.pdf
Instead, crises tend to be symptomatic of common factors in financial firms' portfolios, which lead to widespread instances of declining asset values. These low ...
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https://www.bankofcanada.ca/wp-content/uploads/2010/09/helwege.pdf
Instead, crises tend to be symptomatic of common factors in financial firms' portfolios, which lead to widespread instances of declining asset values. These low ...
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21
Automatic bankruptcy auctions and fire-sales - Dartmouth
http://mba.tuck.dartmouth.edu/pages/faculty/karin.thorburn/publications/et-fire-1007.pdf
buyouts, which relaxes liquidity constraints and reduces bidder underinvestment ... value estimate accounts for the tendency for firms that are liquidated ...
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http://mba.tuck.dartmouth.edu/pages/faculty/karin.thorburn/publications/et-fire-1007.pdf
buyouts, which relaxes liquidity constraints and reduces bidder underinvestment ... value estimate accounts for the tendency for firms that are liquidated ...
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22
Financial Markets, Default, and Bankruptcy
https://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=3530&context=lcp
gives up a sum of money (or something else of value) now in exchange for a ... loans outstanding to consumer finance companies; and on and on. The fact is.
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https://scholarship.law.duke.edu/cgi/viewcontent.cgi?article=3530&context=lcp
gives up a sum of money (or something else of value) now in exchange for a ... loans outstanding to consumer finance companies; and on and on. The fact is.
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23
Are Longer Bankruptcies Really More Costly? - FDIC
https://www.fdic.gov/analysis/cfr/2006/apr/covitz.pdf
spent in restructuring does not influence the costs of financial distress. ... Alternatively, creditors of low-value firms may “throw in towel” if.
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https://www.fdic.gov/analysis/cfr/2006/apr/covitz.pdf
spent in restructuring does not influence the costs of financial distress. ... Alternatively, creditors of low-value firms may “throw in towel” if.
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24
A Model of Firm Behaviour with Equity Constraints and ...
https://wps.fep.up.pt/wps/wp134.pdf
Keywords: Asymmetric Information, Firm Behaviour, Investment Financing ... expected end-of-period equity2 minus perceived expected bankruptcy costs,3 so ...
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https://wps.fep.up.pt/wps/wp134.pdf
Keywords: Asymmetric Information, Firm Behaviour, Investment Financing ... expected end-of-period equity2 minus perceived expected bankruptcy costs,3 so ...
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25
Reorganization or Liquidation: Bankruptcy Choice and Firm ...
https://academic.oup.com/restud/article/88/5/2239/6368939?rss=1
Using Compustat data, we first document capital structure and investment decisions of non-bankrupt, Chapter 11, and Chapter 7 firms. Using those data moments, ...
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https://academic.oup.com/restud/article/88/5/2239/6368939?rss=1
Using Compustat data, we first document capital structure and investment decisions of non-bankrupt, Chapter 11, and Chapter 7 firms. Using those data moments, ...
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26
How creditor rights affect the value of cash: A cross-country ...
https://www.sciencedirect.com/science/article/abs/pii/S0929119913000515
Subsample analysis suggests that financial constraints generated by weak creditor rights create underinvestment among cash starved firms but alleviate ...
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https://www.sciencedirect.com/science/article/abs/pii/S0929119913000515
Subsample analysis suggests that financial constraints generated by weak creditor rights create underinvestment among cash starved firms but alleviate ...
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27
The Interplay of Leverage, Financing Constraints and Real ...
https://www.mdpi.com/2227-9091/10/6/110/pdf
(2013) suggested that discretionary accruals can help the financially constrained firms', because these firms increase the firm value for.
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https://www.mdpi.com/2227-9091/10/6/110/pdf
(2013) suggested that discretionary accruals can help the financially constrained firms', because these firms increase the firm value for.
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28
Bankruptcy Choice with Endogenous Financial Constraints"
https://econweb.rutgers.edu/ctamayo/Research/Financial%20Constraints%20Bankruptcy%20Regimes%20and%20Firm%20Dynamics%20-%20Draft.pdf
In this paper we study firm dynamics and industry equilibrium when firms under finan' cial distress face a non'trivial choice between alternative bankruptcy ...
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https://econweb.rutgers.edu/ctamayo/Research/Financial%20Constraints%20Bankruptcy%20Regimes%20and%20Firm%20Dynamics%20-%20Draft.pdf
In this paper we study firm dynamics and industry equilibrium when firms under finan' cial distress face a non'trivial choice between alternative bankruptcy ...
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29
Financial Distress: Definition, Signs, and Remedies
https://www.investopedia.com/terms/f/financial_distress.asp
Financial distress is often a harbinger of bankruptcy and can cause lasting damage ... They may also find the market value of the firm falls significantly, ...
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https://www.investopedia.com/terms/f/financial_distress.asp
Financial distress is often a harbinger of bankruptcy and can cause lasting damage ... They may also find the market value of the firm falls significantly, ...
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30
Financing constraints and firms' cash policy in the euro area
https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp642.pdf
levels I0 and I1 are less than their first best level because of financial constraints. Moreover, they argue that the financially unconstrained firms' value ...
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https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp642.pdf
levels I0 and I1 are less than their first best level because of financial constraints. Moreover, they argue that the financially unconstrained firms' value ...
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31
Financial constraints, collateral prices, and corporate investment
https://www.anpec.org.br/encontro/2017/submissao/files_I/i8-1fe3b0b3b01ec9e6e1a479c40c703551.pdf
research shows that a within-firm change in financial constraints can also affect export value, as financially constrained firms reduce their export by 35% ...
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https://www.anpec.org.br/encontro/2017/submissao/files_I/i8-1fe3b0b3b01ec9e6e1a479c40c703551.pdf
research shows that a within-firm change in financial constraints can also affect export value, as financially constrained firms reduce their export by 35% ...
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32
Ownership Structure and Financial Constraints - Yuhai Xuan
https://yuhai.merage.uci.edu/LinMaXuanOwnershipStructureFinancialConstraintsJFE.pdf
rights and cash-flow rights on firms' external finance constraints via ... may affect firm values, and show that insider ownership ... went bankrupt.
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https://yuhai.merage.uci.edu/LinMaXuanOwnershipStructureFinancialConstraintsJFE.pdf
rights and cash-flow rights on firms' external finance constraints via ... may affect firm values, and show that insider ownership ... went bankrupt.
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33
Investment and Financial Constraints. An Empirical Analysis of ...
https://www.ssb.no/a/publikasjoner/pdf/DP/dp_109.pdf
consistent with financial constraints, since low dividend firms are less likely to ... owners and maximizes the present value of their dividends , Dt+i.
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https://www.ssb.no/a/publikasjoner/pdf/DP/dp_109.pdf
consistent with financial constraints, since low dividend firms are less likely to ... owners and maximizes the present value of their dividends , Dt+i.
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34
Bankruptcy and small firms' access to credit
https://econweb.ucsd.edu/~miwhite/rje.spring04.berkowitz.pdf
when the liquidation value of the firm's assets is lower. ... bankruptcy filings and past financial delinquencies from credit reporting services.
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https://econweb.ucsd.edu/~miwhite/rje.spring04.berkowitz.pdf
when the liquidation value of the firm's assets is lower. ... bankruptcy filings and past financial delinquencies from credit reporting services.
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35
Financial Constraints and Investment: A Critical Review of ...
https://www.bostonfed.org/-/media/Documents/conference/39/conf39f.pdf
The tests for the presence of financing constraints have consisted mainly of adding proxies for the availability of internal funds and/or firms' net worth to.
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https://www.bostonfed.org/-/media/Documents/conference/39/conf39f.pdf
The tests for the presence of financing constraints have consisted mainly of adding proxies for the availability of internal funds and/or firms' net worth to.
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36
The Impact of Financial Constraints on Firms Survival and ...
https://hal-sciencespo.archives-ouvertes.fr/hal-00973115/document
Keywords: Financial constraints, Firm growth, Firm survival ... dicted value of the empirical model, and it can be applied also to firms excluded from the.
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https://hal-sciencespo.archives-ouvertes.fr/hal-00973115/document
Keywords: Financial constraints, Firm growth, Firm survival ... dicted value of the empirical model, and it can be applied also to firms excluded from the.
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37
The Absolute Priority Rule and the Firm's Investment Policy
https://openscholarship.wustl.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1751&context=law_lawreview
a firm's investment incentives and inquires whether proposed bankruptcy ... not finance a project that has positive net present value unless the firm also.
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https://openscholarship.wustl.edu/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1751&context=law_lawreview
a firm's investment incentives and inquires whether proposed bankruptcy ... not finance a project that has positive net present value unless the firm also.
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38
How Much Debt Is Right for Your Company?
https://hbr.org/1982/07/how-much-debt-is-right-for-your-company
It has been conventional wisdom that, whatever its troubling side effects, the aggressive use of financial leverage pays off in higher company values.
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https://hbr.org/1982/07/how-much-debt-is-right-for-your-company
It has been conventional wisdom that, whatever its troubling side effects, the aggressive use of financial leverage pays off in higher company values.
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39
Standard of Value in Bankruptcy - Mercer Capital
https://mercercapital.com/article/standard-of-value-in-bankruptcy/
The determination of the appropriate “standard of value” when performing business valuations and other valuation related analyses for bankruptcy purposes is ...
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https://mercercapital.com/article/standard-of-value-in-bankruptcy/
The determination of the appropriate “standard of value” when performing business valuations and other valuation related analyses for bankruptcy purposes is ...
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40
Corporate Debt Overhang and Credit Policy1
https://scholar.princeton.edu/sites/default/files/markus/files/brunnermeier_and_krishnamurthy_brookings_paper_conference_draft.pdf
corporate finance framework to guide interventions in credit ... High debts also push some firms into bankruptcy, which may result in.
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https://scholar.princeton.edu/sites/default/files/markus/files/brunnermeier_and_krishnamurthy_brookings_paper_conference_draft.pdf
corporate finance framework to guide interventions in credit ... High debts also push some firms into bankruptcy, which may result in.
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41
Empirical Evidence of Risk Shifting in Financially Distressed ...
https://finance.business.uconn.edu/wp-content/uploads/sites/723/2014/08/JF2008.pdf
firm-level investment intensity, asset value, and the extent of financial ... level of financial distress and its probability of going bankrupt in the short ...
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https://finance.business.uconn.edu/wp-content/uploads/sites/723/2014/08/JF2008.pdf
firm-level investment intensity, asset value, and the extent of financial ... level of financial distress and its probability of going bankrupt in the short ...
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42
Renegotiation and the Contractibility of Accounting Information
https://www.anderson.ucla.edu/documents/areas/fac/accounting/working-papers/Bonetti_JMP.pdf
the legal constraints embedded in the Bankruptcy Code, which failed to keep ... 6 If the value of the assets is higher when a firm is preserved as a going ...
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https://www.anderson.ucla.edu/documents/areas/fac/accounting/working-papers/Bonetti_JMP.pdf
the legal constraints embedded in the Bankruptcy Code, which failed to keep ... 6 If the value of the assets is higher when a firm is preserved as a going ...
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43
Investment decisions of companies in financial distress
https://www.elsevier.es/en-revista-brq-business-research-quarterly-424-articulo-investment-decisions-companies-in-financial-S2340943614000644
On the other hand, the orientation of the bankruptcy laws (debtor or creditor oriented) may lead to suboptimal investment decisions (López Gutiérrez et al., ...
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https://www.elsevier.es/en-revista-brq-business-research-quarterly-424-articulo-investment-decisions-companies-in-financial-S2340943614000644
On the other hand, the orientation of the bankruptcy laws (debtor or creditor oriented) may lead to suboptimal investment decisions (López Gutiérrez et al., ...
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44
A Normative Theory of Business Bankruptcy
https://openyls.law.yale.edu/bitstream/handle/20.500.13051/2403/A_Normative_Theory_of_Business_Bankruptcy.pdf?sequence=2
ficient to cover its costs, exclusive of financing costs. Such a firm has negative economic value. A firm is only in financial distress if it.
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https://openyls.law.yale.edu/bitstream/handle/20.500.13051/2403/A_Normative_Theory_of_Business_Bankruptcy.pdf?sequence=2
ficient to cover its costs, exclusive of financing costs. Such a firm has negative economic value. A firm is only in financial distress if it.
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45
Impact of financial distress on investment-cash flow sensitivity
https://www.emerald.com/insight/content/doi/10.1108/IJMF-03-2022-0102/full/pdf?title=impact-of-financial-distress-on-investment-cash-flow-sensitivity-evidence-from-emerging-economy
Findings – Using FD measures like Ohlson's bankruptcy method, Altman's Z-score ... may increase the financial constraints of firms (Bhagat et al., 2005; ...
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https://www.emerald.com/insight/content/doi/10.1108/IJMF-03-2022-0102/full/pdf?title=impact-of-financial-distress-on-investment-cash-flow-sensitivity-evidence-from-emerging-economy
Findings – Using FD measures like Ohlson's bankruptcy method, Altman's Z-score ... may increase the financial constraints of firms (Bhagat et al., 2005; ...
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46
Should Derivatives Be Privileged in Bankruptcy?
https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/5576/BoltonOehmkeDerivatives.pdf
Then the following lemma obtains. LEMMA 1: Once financing has been secured and the face value of debt R has been set, it is privately optimal for the firm ...
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https://www0.gsb.columbia.edu/mygsb/faculty/research/pubfiles/5576/BoltonOehmkeDerivatives.pdf
Then the following lemma obtains. LEMMA 1: Once financing has been secured and the face value of debt R has been set, it is privately optimal for the firm ...
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47
Liquidity Constraints and Consumer Bankruptcy
https://sites.bu.edu/talgross/files/2017/08/gross-notowidigdo-wang.pdf
†Mailman School of Public Health, Columbia University. ‡University of Chicago Booth School of Business and nber. §Consumer Financial Protection Bureau.
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https://sites.bu.edu/talgross/files/2017/08/gross-notowidigdo-wang.pdf
†Mailman School of Public Health, Columbia University. ‡University of Chicago Booth School of Business and nber. §Consumer Financial Protection Bureau.
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48
FINANCIAL CRISIS - GovInfo
https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
mortgage debt, and exponential growth in financial firms' trading ... role in weakening regulatory constraints on institutions, markets, and products. It.
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https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
mortgage debt, and exponential growth in financial firms' trading ... role in weakening regulatory constraints on institutions, markets, and products. It.
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49
financial policy and reputation for product quality
https://escholarship.org/content/qt6x63b7nx/qt6x63b7nx_noSplash_81a99a9e3e0fa0be746d1847e699f00a.pdf
However, for firms with assets that have high salvage values in ... Although the reluctance to do business with a near-bankrupt firm has been discussed for.
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https://escholarship.org/content/qt6x63b7nx/qt6x63b7nx_noSplash_81a99a9e3e0fa0be746d1847e699f00a.pdf
However, for firms with assets that have high salvage values in ... Although the reluctance to do business with a near-bankrupt firm has been discussed for.
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50
State Ownership, Financial Constraints, and the Determinants ...
https://scholarworks.uno.edu/cgi/viewcontent.cgi?article=3829&context=td
ownership has a negative effect on the firm value. However, by using two measures of financial constraint, the investment cash flow ...
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https://scholarworks.uno.edu/cgi/viewcontent.cgi?article=3829&context=td
ownership has a negative effect on the firm value. However, by using two measures of financial constraint, the investment cash flow ...
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51
Bridging the gap in the financing of intangibles to support ...
https://www.oecd.org/global-forum-productivity/events/Bridging-the-gap-in-the-financing-of-intangibles-to-support-productivity-background-paper.pdf
Easing financial constraints is more beneficial for firm productivity in ... of the intangibles' value when Kodak filed for bankruptcy is illustrative of ...
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https://www.oecd.org/global-forum-productivity/events/Bridging-the-gap-in-the-financing-of-intangibles-to-support-productivity-background-paper.pdf
Easing financial constraints is more beneficial for firm productivity in ... of the intangibles' value when Kodak filed for bankruptcy is illustrative of ...
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52
Does Firm Growth Impede or Expedite Insolvency Risk? A ...
https://www.frontiersin.org/articles/10.3389/fenvs.2022.841380/full
These figures indicate the financial and business constraints faced by the ... In addition, a higher value of assets in place increases ...
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https://www.frontiersin.org/articles/10.3389/fenvs.2022.841380/full
These figures indicate the financial and business constraints faced by the ... In addition, a higher value of assets in place increases ...
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53
Qiping Xu - Google Sites
https://sites.google.com/view/qiping-xu/home
This paper documents evidence that financial constraints increase firms' ... of judges to corporate bankruptcy filings, we estimate the financial costs of ...
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https://sites.google.com/view/qiping-xu/home
This paper documents evidence that financial constraints increase firms' ... of judges to corporate bankruptcy filings, we estimate the financial costs of ...
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54
Bankruptcy, Finance Constraints, and the Value of the Firm - ARCA
https://iris.unive.it/handle/10278/25206
Bankruptcy, Finance Constraints, and the Value of the Firm ... market incompleteness implies that debt-financed firms may default in some states of nature, ...
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https://iris.unive.it/handle/10278/25206
Bankruptcy, Finance Constraints, and the Value of the Firm ... market incompleteness implies that debt-financed firms may default in some states of nature, ...
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55
How Does Excessive Debt Hurt an Economy?
https://carnegieendowment.org/chinafinancialmarkets/86397
In fact, there are always economic constraints. ... Inflation erodes the value of fixed incomes and financial assets, which in turn reduces ...
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https://carnegieendowment.org/chinafinancialmarkets/86397
In fact, there are always economic constraints. ... Inflation erodes the value of fixed incomes and financial assets, which in turn reduces ...
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56
Corporate Financial Distress and Bankruptcy: A Survey
https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2101494_code114114.pdf?abstractid=2034646
value of the firm's assets or on the risk of the total cash flow stream generated ... to note that financial distress is distinct from financial constraint.
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https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID2101494_code114114.pdf?abstractid=2034646
value of the firm's assets or on the risk of the total cash flow stream generated ... to note that financial distress is distinct from financial constraint.
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57
Corporate leverage and employees• rights in bankruptcy - EIEF
https://www.eief.it/eief/images/Pagano_Ellul_JFE_2019.pdf
to creditors, tightening financial constraints and thus reducing leverage: the greater operating ... We refer to the sum of the firm's asset value and rev-.
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https://www.eief.it/eief/images/Pagano_Ellul_JFE_2019.pdf
to creditors, tightening financial constraints and thus reducing leverage: the greater operating ... We refer to the sum of the firm's asset value and rev-.
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58
The Effects of Financial Constraints on Business ...
https://openaccess.nhh.no/nhh-xmlui/bitstream/handle/11250/2644659/masterthesis.PDF?sequence=1
However, for financially constrained firms the reduced net worth ... constraints are not the same as financial distress- and bankruptcy costs, ...
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https://openaccess.nhh.no/nhh-xmlui/bitstream/handle/11250/2644659/masterthesis.PDF?sequence=1
However, for financially constrained firms the reduced net worth ... constraints are not the same as financial distress- and bankruptcy costs, ...
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59
Working capital management, financial constraints and exports
https://link.springer.com/article/10.1007/s00181-022-02295-5
By using Heckman's two-stage model for the treatment of sample selection bias, we find that the longer the CCC, the lower firms' likelihood of ...
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https://link.springer.com/article/10.1007/s00181-022-02295-5
By using Heckman's two-stage model for the treatment of sample selection bias, we find that the longer the CCC, the lower firms' likelihood of ...
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60
Effects of Bankruptcy Procedures on Firm Restructuring
https://www.insead.edu/sites/default/files/assets/faculty-personal-site/james-costantini/documents/James_Costantini_Bankruptcy_Italy.pdf
Keywords: Bankruptcy; Firm restructuring; Exit; Financial development; Italy ... there is evidence consistent with credit constraints affecting firm.
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https://www.insead.edu/sites/default/files/assets/faculty-personal-site/james-costantini/documents/James_Costantini_Bankruptcy_Italy.pdf
Keywords: Bankruptcy; Firm restructuring; Exit; Financial development; Italy ... there is evidence consistent with credit constraints affecting firm.
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61
Discussion Papers In Economics And Business - Osaka-u
https://www2.econ.osaka-u.ac.jp/econ_society/dp/2113.pdf
Corporate investment, financing, and exit model with an ... On bankruptcy, a fraction of firm value is lost, and debt holders, who.
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https://www2.econ.osaka-u.ac.jp/econ_society/dp/2113.pdf
Corporate investment, financing, and exit model with an ... On bankruptcy, a fraction of firm value is lost, and debt holders, who.
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62
Pros and cons of using debt in company capital structure | Wipfli
https://www.wipfli.com/insights/articles/aa-pros-and-cons-of-using-debt-in-company-capital-structure
Excessive leverage results in large interest payments, increased earnings volatility and the risk of bankruptcy. This increase in the financial ...
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https://www.wipfli.com/insights/articles/aa-pros-and-cons-of-using-debt-in-company-capital-structure
Excessive leverage results in large interest payments, increased earnings volatility and the risk of bankruptcy. This increase in the financial ...
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63
Evidence for New Firms in East and West Germany ... - ZEW
https://ftp.zew.de/pub/zew-docs/dp/dp0372.pdf
firm's liquidation value Lt the entrepreneur receives as residual claimant when ... increase the risk of financial distress and thus bankruptcy. H6: Firms ...
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https://ftp.zew.de/pub/zew-docs/dp/dp0372.pdf
firm's liquidation value Lt the entrepreneur receives as residual claimant when ... increase the risk of financial distress and thus bankruptcy. H6: Firms ...
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64
Rethinking Bankruptcy: Focus on Technology - FTI Consulting
https://www.fticonsulting.com/insights/articles/rethinking-bankruptcy-importance-focusing-technology
However, some of the constraints that companies operate under during bankruptcy may be self-imposed or driven by conflicting priorities that ...
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https://www.fticonsulting.com/insights/articles/rethinking-bankruptcy-importance-focusing-technology
However, some of the constraints that companies operate under during bankruptcy may be self-imposed or driven by conflicting priorities that ...
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65
Too Broke for Bankruptcy? Liquidity Constraints in Consumer ...
https://economics.virginia.edu/sites/economics.virginia.edu/files/Matt%20Wohlleben.pdf
These firms attempt to collect from delinquent borrowers, ... for bankruptcy, brought to present value by δ, which indicates the time value ...
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https://economics.virginia.edu/sites/economics.virginia.edu/files/Matt%20Wohlleben.pdf
These firms attempt to collect from delinquent borrowers, ... for bankruptcy, brought to present value by δ, which indicates the time value ...
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66
Corporate bankruptcy and banking competition: the effect of ...
https://blogs.worldbank.org/allaboutfinance/corporate-bankruptcy-and-banking-competition-effect-financial-leverage
While the bankruptcy rates of most firms are not affected by higher banking competition, high-leverage firms suffer much higher bankruptcy ...
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https://blogs.worldbank.org/allaboutfinance/corporate-bankruptcy-and-banking-competition-effect-financial-leverage
While the bankruptcy rates of most firms are not affected by higher banking competition, high-leverage firms suffer much higher bankruptcy ...
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67
The Micro and Macro Economics of Bad Bankruptcy - MARS
http://mars.gmu.edu/bitstream/handle/1920/10412/VanBergem_gmu_0883E_11203.pdf?sequence=1&isAllowed=y
(2)information constraints (see Baird & Rasmussen,2002; Lopucki & Doherty, ... firm financial values we use in this paper are (see appendix A for more ...
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http://mars.gmu.edu/bitstream/handle/1920/10412/VanBergem_gmu_0883E_11203.pdf?sequence=1&isAllowed=y
(2)information constraints (see Baird & Rasmussen,2002; Lopucki & Doherty, ... firm financial values we use in this paper are (see appendix A for more ...
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68
Bankruptcy Cascades in Interbank Markets | PLOS ONE
https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0052749
The bad debt of companies, affecting the equity of financial institutions, can lead to bank failures as well. Since banks, in case of shortage ...
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https://journals.plos.org/plosone/article?id=10.1371/journal.pone.0052749
The bad debt of companies, affecting the equity of financial institutions, can lead to bank failures as well. Since banks, in case of shortage ...
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69
Personal Bankruptcy: A Literature Review
https://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/24xx/doc2421/bankruptcy.pdf
bankruptcy code; among other things, it doubled the dollar value of federal ... banks, finance companies, public utilities, hospitals, divorced spouses, ...
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https://www.cbo.gov/sites/default/files/cbofiles/ftpdocs/24xx/doc2421/bankruptcy.pdf
bankruptcy code; among other things, it doubled the dollar value of federal ... banks, finance companies, public utilities, hospitals, divorced spouses, ...
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70
Optimal Debt Design and the Role of Bankruptcy - UNIL
https://www.unil.ch/de/files/live/sites/de/files/working-papers/03.13.pdf
model, consider a firm negotiating with two investors for outside finance. ... creditors increase firm value on the one hand because of increased bargainr.
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https://www.unil.ch/de/files/live/sites/de/files/working-papers/03.13.pdf
model, consider a firm negotiating with two investors for outside finance. ... creditors increase firm value on the one hand because of increased bargainr.
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71
Financial frictions and the cash flow – external financing ...
https://jfin-swufe.springeropen.com/articles/10.1186/s40854-018-0100-6
Financial frictions mean financial constraints that prevent corporate firms from funding all desirable investments from external resources. This ...
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https://jfin-swufe.springeropen.com/articles/10.1186/s40854-018-0100-6
Financial frictions mean financial constraints that prevent corporate firms from funding all desirable investments from external resources. This ...
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72
Court Enforcement, Bank Loans and Firm Investment
https://www.bcb.gov.br/pec/wps/ingl/wps425.pdf
Keywords: Judicial Efficiency, Financial Reform, Bankruptcy Law, Financial ... of firm value that is not transferred to creditors in renegotiation.
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https://www.bcb.gov.br/pec/wps/ingl/wps425.pdf
Keywords: Judicial Efficiency, Financial Reform, Bankruptcy Law, Financial ... of firm value that is not transferred to creditors in renegotiation.
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73
Evidence from Anti-Recharacterization Laws - Andra Ghent
http://www.andraghent.com/CHUM/Chu.pdf
ease to repossess assets in bankruptcy on corporate leasing policy. ... hence borrowers' debt capacity, firms subject to financial constraints will use more ...
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http://www.andraghent.com/CHUM/Chu.pdf
ease to repossess assets in bankruptcy on corporate leasing policy. ... hence borrowers' debt capacity, firms subject to financial constraints will use more ...
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74
Risk Management Lessons from the Global Banking Crisis of ...
https://www.sec.gov/news/press/2009/report102109.pdf
bankruptcy, the firm's failure had far greater consequences for financial markets: • Custody of assets and rehypothecation practices were.
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https://www.sec.gov/news/press/2009/report102109.pdf
bankruptcy, the firm's failure had far greater consequences for financial markets: • Custody of assets and rehypothecation practices were.
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75
Working Paper 07/03 - University of Nottingham
https://nottingham.ac.uk/cfcm/documents/papers/07-03.pdf
degree of external financial constraints faced by firms. ... lower collateral values relative to their liabilities, as well as higher bankruptcy costs,.
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https://nottingham.ac.uk/cfcm/documents/papers/07-03.pdf
degree of external financial constraints faced by firms. ... lower collateral values relative to their liabilities, as well as higher bankruptcy costs,.
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76
Value and Rationality in Bankruptcy Decisionmaking
https://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=1890&context=wmlr
The collapse of the business would sacrifice the economic and noneconomic values of all the other participants in the debtor's financial distress -including ...
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https://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=1890&context=wmlr
The collapse of the business would sacrifice the economic and noneconomic values of all the other participants in the debtor's financial distress -including ...
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77
Does the financial crisis affect distressed or constrained firms ...
https://nek.lu.se/media/kwc/working-papers/2015/kwc-wp-2015-4.pdf
undistressed firms and that financial constraints did not play an equally ... assets, represents the ratio of the market value equity to the ...
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https://nek.lu.se/media/kwc/working-papers/2015/kwc-wp-2015-4.pdf
undistressed firms and that financial constraints did not play an equally ... assets, represents the ratio of the market value equity to the ...
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78
U.S. Courts
http://www.nysb.uscourts.gov/sites/default/files/opinions/180446_479_opinion.pdf
A. Enterprise Value of the Debtors: The Experts' Methodologies. ... The Debtors will reduce their funded debt and other financial obligations by.
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http://www.nysb.uscourts.gov/sites/default/files/opinions/180446_479_opinion.pdf
A. Enterprise Value of the Debtors: The Experts' Methodologies. ... The Debtors will reduce their funded debt and other financial obligations by.
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79
Financial Constraints and Cash Tax Savings - Allen Press
https://meridian.allenpress.com/accounting-review/article/91/3/859/53155/Financial-Constraints-and-Cash-Tax-Savings
We also find that (1) the impact of financial constraints on tax planning is greatest among firms with low cash reserves, and (2) constrained ...
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https://meridian.allenpress.com/accounting-review/article/91/3/859/53155/Financial-Constraints-and-Cash-Tax-Savings
We also find that (1) the impact of financial constraints on tax planning is greatest among firms with low cash reserves, and (2) constrained ...
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80
RESTRUCTURING VS. BANKRUPTCY - Banca d'Italia
https://www.bancaditalia.it/pubblicazioni/altri-atti-seminari/2021/Piacentino.pdf
We develop a model of a firm in financial distress. ... exchange”—that offers creditors new debt with lower face value but higher priority ...
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https://www.bancaditalia.it/pubblicazioni/altri-atti-seminari/2021/Piacentino.pdf
We develop a model of a firm in financial distress. ... exchange”—that offers creditors new debt with lower face value but higher priority ...
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81
The Impact of Financial Structure on Firms' Probability of ...
http://www.ecostat.unical.it/WP3/WP/2_THE%20IMPACT%20OF%20FINANCIAL%20STRUCTURE%20ON%20FIRMS%20PROBABILITY%20OF%20BANKRUPTCY.pdf
on firms' bankruptcy probabilities is worth analyzing. ... financial constraints faced by firms2 (Fazzari et al., 1988; Devereux and.
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http://www.ecostat.unical.it/WP3/WP/2_THE%20IMPACT%20OF%20FINANCIAL%20STRUCTURE%20ON%20FIRMS%20PROBABILITY%20OF%20BANKRUPTCY.pdf
on firms' bankruptcy probabilities is worth analyzing. ... financial constraints faced by firms2 (Fazzari et al., 1988; Devereux and.
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82
An "incomplete contract" approach to bankruptcy and the ...
http://dspace.mit.edu/bitstream/handle/1721.1/63771/incompletecontra00aghi.pdf?sequence=1
the firm must raise external funds to finance an investment. ... The constraint (IR) tells us that a contract is acceptable to the investor.
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http://dspace.mit.edu/bitstream/handle/1721.1/63771/incompletecontra00aghi.pdf?sequence=1
the firm must raise external funds to finance an investment. ... The constraint (IR) tells us that a contract is acceptable to the investor.
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83
Anatomy of Corporate Borrowing Constraints
https://files.fisher.osu.edu/department-finance/public/draft_1903.pdf
Macro-finance analyses commonly link firms' borrowing constraints to ... whose value in bankruptcy depends primarily on the going-concern ...
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https://files.fisher.osu.edu/department-finance/public/draft_1903.pdf
Macro-finance analyses commonly link firms' borrowing constraints to ... whose value in bankruptcy depends primarily on the going-concern ...
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84
Personal Bankruptcy Law and Entrepreneurship by ... - Census.gov
https://www2.census.gov/ces/wp/2017/CES-WP-17-42.pdf
An exemption limit is the maximum asset value that individuals can legally protect from ... funds borrowed at the personal level to finance the firm.
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https://www2.census.gov/ces/wp/2017/CES-WP-17-42.pdf
An exemption limit is the maximum asset value that individuals can legally protect from ... funds borrowed at the personal level to finance the firm.
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85
Rethinking the Unthinkable: Bankruptcy for Large Financial ...
https://www.richmondfed.org/press_room/speeches/jeffrey_m_lacker/2014/lacker_speech_20141010
Judicial oversight of liquidation or ongoing management of the bankrupt enterprise can prevent wasteful dissipation of value and enhance ...
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https://www.richmondfed.org/press_room/speeches/jeffrey_m_lacker/2014/lacker_speech_20141010
Judicial oversight of liquidation or ongoing management of the bankrupt enterprise can prevent wasteful dissipation of value and enhance ...
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86
Trade-Off Theory of Corporate Capital Structure
https://oxfordre.com/economics/view/10.1093/acrefore/9780190625979.001.0001/acrefore-9780190625979-e-602
In bankruptcy there is a deadweight cost, existing equity is canceled, and existing debt becomes new equity. By issuing debt, the firm obtains q ...
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https://oxfordre.com/economics/view/10.1093/acrefore/9780190625979.001.0001/acrefore-9780190625979-e-602
In bankruptcy there is a deadweight cost, existing equity is canceled, and existing debt becomes new equity. By issuing debt, the firm obtains q ...
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87
Anatomy of Corporate Borrowing Constraints
https://cpb-us-w2.wpmucdn.com/voices.uchicago.edu/dist/7/1291/files/2017/01/draft_0820.pdf
Macro-finance analyses commonly link firms' borrowing constraints to the ... payoffs in US Chapter 11 bankruptcy is the cash flow value from ...
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https://cpb-us-w2.wpmucdn.com/voices.uchicago.edu/dist/7/1291/files/2017/01/draft_0820.pdf
Macro-finance analyses commonly link firms' borrowing constraints to the ... payoffs in US Chapter 11 bankruptcy is the cash flow value from ...
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88
Asset Selling Under Debt Obligations 1. Introduction - Owen Wu
https://owenwu.pages.iu.edu/academic/Ahn_Wang_Wu_2019.pdf
The value function must incorporate the firm's working capital and revenue-to-go as well as the debt obligations and bankruptcy risks, which are ...
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https://owenwu.pages.iu.edu/academic/Ahn_Wang_Wu_2019.pdf
The value function must incorporate the firm's working capital and revenue-to-go as well as the debt obligations and bankruptcy risks, which are ...
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89
Insolvency, Illiquidity, and the Risk of Default
http://www-2.rotman.utoronto.ca/davydenko/liquidity.pdf
smaller and depends on financing constraints that restrict the firm's access ... and bankruptcy filings are associated with low market values of assets ...
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http://www-2.rotman.utoronto.ca/davydenko/liquidity.pdf
smaller and depends on financing constraints that restrict the firm's access ... and bankruptcy filings are associated with low market values of assets ...
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90
Bankruptcy and Firm Finance
http://www.econ.uiuc.edu/~skrasa/KSV_enforce_september_2004.pdf
bankruptcy rule corresponds to firm liquidation. ... Our results imply that for some parameter values finance is not sensitive.
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http://www.econ.uiuc.edu/~skrasa/KSV_enforce_september_2004.pdf
bankruptcy rule corresponds to firm liquidation. ... Our results imply that for some parameter values finance is not sensitive.
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91
Risk of Bankruptcy, Its Determinants and Models - MDPI
https://mdpi-res.com/d_attachment/risks/risks-06-00117/article_deploy/risks-06-00117.pdf?version=1539231989
risk of possible business bankruptcy. ... which reach lower values in businesses at risk of financial failure (Horváthová and Mokrišová ...
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https://mdpi-res.com/d_attachment/risks/risks-06-00117/article_deploy/risks-06-00117.pdf?version=1539231989
risk of possible business bankruptcy. ... which reach lower values in businesses at risk of financial failure (Horváthová and Mokrišová ...
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92
The Firm Size and Leverage Relationship and Its Implications ...
https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2019/wp19-18.pdf
The market value of a firm is the book assets excluding ... On the financial side, we impose two important constraints.
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https://www.philadelphiafed.org/-/media/frbp/assets/working-papers/2019/wp19-18.pdf
The market value of a firm is the book assets excluding ... On the financial side, we impose two important constraints.
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93
CREDIT SPREAD AND LIQUIDATION VALUE-BASED DEBT ...
https://www.worldscientific.com/doi/pdf/10.1142/S0219024919500213
liquidation value-based constraints) at the time of financing the investment ... (2000), we assume that the firm incurs the (bankruptcy) ...
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https://www.worldscientific.com/doi/pdf/10.1142/S0219024919500213
liquidation value-based constraints) at the time of financing the investment ... (2000), we assume that the firm incurs the (bankruptcy) ...
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