Assessing The Chrysler Bankruptcy,
2010
Harvard University
Assessing The Chrysler Bankruptcy, Mark J. Roe, David A. Skeel Jr.
All Faculty Scholarship
Chrysler entered and exited bankruptcy in 42 days, making it one of the fastest major industrial bankruptcies in memory. It entered as a company widely thought to be ripe for liquidation if left on its own, obtained massive funding from the United States Treasury, and exited via a pseudo sale of its main assets to a new government-funded entity. The unevenness of the compensation to prior creditors raised considerable concerns in capital markets, which we evaluate here. We conclude that the Chrysler bankruptcy cannot be understood as complying with good bankruptcy practice, that it resurrected discredited practices long thought interred …
A Comprehensive Theory Of Deal Structure: Understanding How Transactional Structure Creates Value,
2010
University of Pennsylvania Carey Law School
A Comprehensive Theory Of Deal Structure: Understanding How Transactional Structure Creates Value, Michael S. Knoll, Daniel M. G. Raff
All Faculty Scholarship
No abstract provided.
The Case Against Shareholder Empowerment,
2010
University of Pennsylvania Carey Law School
The Case Against Shareholder Empowerment, William W. Bratton, Michael L. Wachter
All Faculty Scholarship
No abstract provided.
Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore,
2010
Singapore Management University
Corporate Governance And Earnings Management Before Share Repurchase Announcements In Singapore, Jian Ming Chua
Dissertations and Theses Collection (Open Access)
Share repurchase in Singapore was legalized in 1998. It is well known that investors view share repurchase as good news. This study is based on share repurchase announcements from 2006 to 2009. The mean Cumulative Market-Adjusted Returns (CAR) for the period [0, +1] and [-1, +1] are significant at 1.25% and 1.33% respectively. In Singapore, there are positive abnormal returns following share repurchase announcements in support of the ―free cash flow‖ hypothesis. By using the Singapore Corporate Governance Index as a proxy, the weakly governed companies exhibit the strongest, positive and significant CAR of 2.62% for the period [0, +1]. …
Commercial Real Estate Concentrations,
2009
Illinois Wesleyan University
Commercial Real Estate Concentrations, Elisabeta Pana
Elisabeta Pana
No abstract provided.
Commercial Real Estate Lending Concentrations: New Evidence,
2009
Illinois Wesleyan University
Commercial Real Estate Lending Concentrations: New Evidence, Elisabeta Pana
Elisabeta Pana
This study documents the management of risk used by small banks with commercial real estate lending concentrations prior to the 2007-2009 financial crisis. We show that banks with commercial real estate concentrations traded interest rate risk for credit risk. The trade-off is accompanied by a higher leverage and liquidity risk. Our findings support the argument advanced by policymakers and academic researchers that the increased scrutiny over banks’ lending standards and risk management practices is justified.
Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks,
2009
Illinois Wesleyan University
Commercial Real Estate Concentrations: Evidence On The Survival Of Small Banks, Elisabeta Pana
Elisabeta Pana
This study examines the survival of small banks with commercial real estate concentrations over the 2006-2009 period. Using data on 4646 banks, I document that commercial real estate loan concentrations increase the hazard of disappearance. The analysis of bank-specific factors reveals that bank capitalization, liquidity, and asset quality play a significant role on bank survival. I also find evidence that small banks in the Pacific Southwest and South Atlantic regions are less likely to survive as separate entities.
S&P Etfs: Arbitrage Opportunities And Market Forecasting,
2009
Butler University
S&P Etfs: Arbitrage Opportunities And Market Forecasting, Steven Dolvin
Steven D. Dolvin
The article examines the pricing differences between two S&P 500 ETFs (ticker symbols SPY and IVV) and the underlying stock index. The author finds that, on average, both ETFs trade at a premium relative to the S&P 500; however, the level of the daily premium (and, on occasion, discount) varies between the two securities, which creates the opportunity for arbitrage. Since the passage of Regulation NMS in mid-2005, the pricing differences, as expected, have declined, implying that any current/future arbitrage opportunity will be confined to periods of high market volatility, such as 2008. Beyond issues related to arbitrage, the author …
The Impact Of Bank Mergers On Liquidity Creation,
2009
Illinois Wesleyan University
The Impact Of Bank Mergers On Liquidity Creation, Elisabeta Pana, Jin Park, Tim Query
Elisabeta Pana
No abstract provided.
Credit Unions As Liquidity Creators,
2009
Illinois Wesleyan University
Credit Unions As Liquidity Creators, Elisabeta Pana, Tarun Mukherjee
Elisabeta Pana
No abstract provided.
The Corporate Choice Between Public Debt, Bank Loans, Traditional Private Debt Placements, And 144a Debt Issues,
2009
Marquette University
The Corporate Choice Between Public Debt, Bank Loans, Traditional Private Debt Placements, And 144a Debt Issues, Matteo P. Arena
Matteo P. Arena
The main purpose of this study is to examine the determinants of the corporate choice between different forms of debt financing. By analyzing the most comprehensive sample of U.S. corporate debt issues to date, I find that firms that issue 144A debt have significantly lower credit quality and higher information asymmetry than firms that issue traditional non-bank private debt. Further, the study shows that traditional private placements, rather than bank loans, are the favorite private debt source for firms with good credit quality. I also show that the firm characteristics of traditional private debt issuers have significantly changed after 1990 …
Reallocation Of Mesh Points In Fluid Problems Using Back-Propagation Algorithm,
2009
Philadelphia University
Reallocation Of Mesh Points In Fluid Problems Using Back-Propagation Algorithm, Philadelphia University
Philadelphia University, Jordan
No abstract provided.
The Impact Of Macroeconomic Uncertainty On Firms Changes In Financial Leverage,
2009
University of Massachusetts, Boston
The Impact Of Macroeconomic Uncertainty On Firms Changes In Financial Leverage, Atreya Chakraborty
Atreya Chakraborty
We investigate the relationship between a firm’s measures of corporate gov- ernance, macroeconomic uncertainty and changes in leverage. Recent research highlights the role of governance in financing decisions. Previous research also indicates that macroeconomic uncertainty affects a firm’s ability to borrow. In this paper we investigate how both these channels of influence affects firms’ financing decisions. Our findings show that macroeconomic uncertainty has an important role to play, both by itself and in interaction with a measure of corporate governance.
