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Full-Text Articles in Social and Behavioral Sciences
Political Connections, Informational Asymmetry, And The Efficient Resolution Of Financial Distress, Madhav S. Aney, Sanjay Banerji
Political Connections, Informational Asymmetry, And The Efficient Resolution Of Financial Distress, Madhav S. Aney, Sanjay Banerji
Research Collection School Of Economics
We show that securities issued by a distressed firm, often through exchange offers, providethe most efficient resolution of financial restructuring. Information asymmetry between thefirm-bank coalition and small bondholders gives rise to other forms of distress resolutionsuch as refinancing, public workout, and the inefficiency of liquidation. We find that politicallobbying by the firm-bank amplifies these inefficiencies and inhibits the development of privatemarket for distressed securities. Cross-country evidence is consistent with this and indicatesthat improved creditor rights, and information facilitating credit bureaus interact in reducingthe likelihood of inefficient distress resolution.
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Research Collection School Of Economics
In most democracies, members of parliament (MPs) are elected either through a party list or by a district. We use a discontinuity in the German electoral system to investigate the causal effect of a district election on an MP’s conformity with the party line. A district election does not affect roll-call voting behavior causally, possibly due to overall high adherence to party-line voting. Analyzing the parliamentary speeches of each MP allows us to overcome the high party-line discipline with regard to parliamentary voting. Using textual analysis and machine learning techniques, we create two measures of closeness of an MP’s speeches …
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Does A District Mandate Matter For The Behavior Of Politicians? An Analysis Of Roll-Call Votes And Parliamentary Speeches, Andreas Born, Aljoscha Janssen
Research Collection School Of Economics
In most democracies, members of parliament (MPs) are elected either through a party list or by a district. We use a discontinuity in the German electoral system to investigate the causal effect of a district election on an MP’s conformity with the party line. A district election does not affect roll-call voting behavior causally, possibly due to overall high adherence to party-line voting. Analyzing the parliamentary speeches of each MP allows us to overcome the high party-line discipline with regard to parliamentary voting. Using textual analysis and machine learning techniques, we create two measures of closeness of an MP’s speeches …