| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8148 |
| DP8148 Snow and Leverage | |
| Alexander Stomper; Holger Mueller; Xavier Giroud; Arne Westerkamp | |
| 发表日期 | 2010-12-01 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | This paper examines whether reducing a debt overhang improves borrowers' operating performance using a sample of distressed and highly overleveraged Austrian ski hotels undergoing debt restructurings. The vast majority of the ski hotels experience substantial debt forgiveness, resulting in reductions in leverage of about 23% on average. These reductions in leverage, in turn, bring about statistically and economically significant improvements in operating performance of about 28% on average. Changes in leverage during the debt restructurings are instrumented with the level of snow in the years prior to the debt restructurings. The effect of snow is both statistically and economically significant: a one-standard deviation increase in snow is associated with a reduction in leverage of about 23%. |
| 主题 | Financial Economics |
| 关键词 | Debt forgiveness Debt overhang Debt renegotiation Debt restructuring |
| URL | https://cepr.org/publications/dp8148 |
| 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/536985 |
| 推荐引用方式 GB/T 7714 | Alexander Stomper,Holger Mueller,Xavier Giroud,et al. DP8148 Snow and Leverage. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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