| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3909 |
| DP3909 The Monetary Consequences of A Free Trade Area of the Americas | |
| Alan M. Taylor | |
| 发表日期 | 2003-05-25 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We use a unique data set to analyse how UK banks deal with small to medium size distressed firms both inside and outside bankruptcy. The approach to bankruptcy is contract-based, with lenders and borrowers relying on procedures written into the debt contract, and where the courts are largely uninvolved. We find that firms in our sample have highly concentrated debt structures and liquidation rights. As a result, the rescue process is largely free of coordination failures and creditors? runs. We find that the principal lender, ?the bank?, makes few concessions to the borrower and that there is a virtual absence of debt forgiveness. Finally, the bank relies heavily on the highly collateralized value of its loan in making the decision to place the distressed firm in bankruptcy. |
| 主题 | Financial Economics |
| 关键词 | Bankruptcy Bank lending Collateral Liquidation rights |
| URL | https://cepr.org/publications/dp3909 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532901 |
| 推荐引用方式 GB/T 7714 | Alan M. Taylor. DP3909 The Monetary Consequences of A Free Trade Area of the Americas. 2003. |
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