| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16497 |
| 来源ID | Working Paper 16497 |
| Snow and Leverage | |
| Xavier Giroud; Holger M. Mueller; Alex Stomper; Arne Westerkamp | |
| 发表日期 | 2010-10-28 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | Using a sample of highly (over-)leveraged Austrian ski hotels undergoing debt restructurings, we show that reducing a debt overhang leads to a significant improvement in operating performance (return on assets, net profit margin). In particular, a reduction in leverage leads to a decrease in overhead costs, wages, and input costs, and to an increase in sales. Changes in leverage in the debt restructurings are instrumented with Unexpected Snow, which captures the extent to which a ski hotel experienced unusually good or bad snow conditions prior to the debt restructuring. Effectively, Unexpected Snow provides lending banks with the counterfactual of what would have been the ski hotel's operating performance in the absence of strategic default, thus allowing to distinguish between ski hotels that are in distress due to negative demand shocks ("liquidity defaulters") and ski hotels that are in distress due to debt overhang ("strategic defaulters"). |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w16497 |
| 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/574171 |
| 推荐引用方式 GB/T 7714 | Xavier Giroud,Holger M. Mueller,Alex Stomper,et al. Snow and Leverage. 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 | ||
| w16497.pdf（424KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
