Are longer bankruptcies really more costly?
Daniel M. Covitz, Song Han, Beth Anne Wilson, Board of Governors of the Federal Reserve System (U.S.)
Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, 2006 - Law - 47 pages
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Adam Copeland Analysis Andrew Cohen Anne Wilson April Athanasios Orphanides bankrupt ﬁrm bankruptcy complexity variables bankruptcy court beneﬁt bond recovery rates bonds and ﬁled book leverage coefﬁcients Column Compustat conﬁdence levels Covitz Database default duration document fee Economics Discussion Series efﬁciency Empirical endogeneity Factiva Federal Reserve Board ﬁled for bankruptcy ﬁling Finance and Economics Financial ﬁnd ﬁrm defaulted ﬁrm reentering bankruptcy ﬁrm value ﬁrm’s ﬁrms that defaulted ﬁrst high-yield spreads Huber/White robust method impact inclement weather independent variables industry market-to-book ratio Inﬂation insigniﬁcant Instrumental variables Journal of Finance judge tenure junk bond LoPucki macroeconomic Market Monetary Policy Moody’s multiple judges Number of observations obtain court documents October OLS regression optimal point estimates publicly issued bonds recovery rates increase reﬁling reorganization retum on assets SDRM signiﬁcantly speciﬁcations spent in default Standard errors statistically signiﬁcant Table Term premium Term Structure TID2 U.S. ﬁrms union membership Yes Yes Yes