| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15708 |
| 来源ID | Working Paper 15708 |
| Bankruptcy and the Collateral Channel | |
| Efraim Benmelech; Nittai K. Bergman | |
| 发表日期 | 2010-01-28 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Do bankrupt firms impose negative externalities on their non-bankrupt competitors? We propose and analyze a collateral channel in which a firm's bankruptcy reduces collateral values of other industry participants, thereby increasing the cost of external debt finance industry wide. To identify this collateral channel, we use a novel dataset of secured debt tranches issued by U.S. airlines which includes a detailed description of the underlying assets serving as collateral. Our estimates suggest that industry bankruptcies have a sizeable impact on the cost of debt financing of other industry participants. We discuss how the collateral channel may lead to contagion effects which amplify the business cycle during industry downturns. |
| 主题 | Macroeconomics ; Business Cycles ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Corporate Finance ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w15708 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573381 |
| 推荐引用方式 GB/T 7714 | Efraim Benmelech,Nittai K. Bergman. Bankruptcy and the Collateral Channel. 2010. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15708.pdf（552KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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