Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 周玉清教授 (金融学系) |
| 杨瑞辉教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1093/rfs/15.3.959 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/12WOS source URL
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/13Scopus source URL
其它资讯
摘要Since liquidation and bankruptcy are costly, researchers have tried to find out why the claimants of a troubled firm do not work out a deal to avoid these costs. In this article we show that if a creditor has to deal with multiple borrowers who might default, it may be optimal for the creditor to randomly reject requests for a loan workout. We further demonstrate that the optimal acceptance rate used by a creditor is positively related to the liquidating cost and negatively related to the default benefit. Our model is particularly relevant when analyzing the default decisions of mortgage borrowers and small business owners.
着者Wang K., Young L., Zhou Y.
期刊名称REVIEW OF FINANCIAL STUDIES
出版年份2002
月份1
日期1
卷号15
期次3
出版社Oxford University Press
出版地United Kingdom
页次959 - 985
国际标準期刊号0893-9454
语言英式英语
