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See detailEssays on Benchmarking Credit Performance
Michala, Dimitra UL

Doctoral thesis (2015)

Detailed reference viewed: 250 (20 UL)
See detailEssays on Convertibles and Stock Markets
Abed Masror Khah, Sara UL

Doctoral thesis (2019)

Detailed reference viewed: 19 (7 UL)
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See detailEssays on corporate default process: UK and France
Nigam, Nirjhar UL

Doctoral thesis (2011)

The thesis has been conducted upon a unique and primary database manually collected through courts and various reliable sources (governmental and non-governmental offices). This is the major strength of ... [more ▼]

The thesis has been conducted upon a unique and primary database manually collected through courts and various reliable sources (governmental and non-governmental offices). This is the major strength of this thesis. With such a database, we built individual statistics on the corporate bankruptcies process in for two major European countries (France and United Kingdom). The collected data deals with the causes of financial default, the recovery rates of creditors, the process of decision making at the time of default, the efficiency of such decisions, etc. Such research project helps in distinguishing the origins of corporate financial default: are they independent from the national bankruptcy code or not? In order to test the effect of legal environment, we computed the most comprehensive legal indexes till date. Our legal indexes consist of more than 300 questions that explain the particular function of bankruptcy. We merge these indexes with the hand collected database for France and UK. This makes this thesis really unique as it is composed of original hand collected databases. To the best of our knowledge the UK database has no equivalence as for the first time we manage to include liquidations which constitute more than 85% of bankruptcies in UK. Even the scholars in UK lack such information. Such empirical work is completed by a microeconomic theoretical analysis and would yield interesting results that will be discussed in detail in the rest of the chapters of the thesis and also open avenues for future research work. Chapter 1 presents a brief introduction to the topic, explaining the research aims and research methodology. Chapter 2 presents the detailed survey of literature on bankruptcy. It starts by explaining the basic concept associated with bankruptcy, need of bankruptcy laws, the main objective of bankruptcy, the main processes associated with bankruptcy, classification of bankruptcy regimes and the law and finance approach to understand legal environment affecting bankruptcy. It explores the previous literature and findings and provides our contribution to the pre-existing literature and justifies our research goals and our approach. Chapter 3 empirically investigates the choice between informal and formal (court-supervised) restructuring of small and medium French firms in default. The procedure is depicted as a sequential game in which stakeholders first decide whether or not to engage in an informal negotiation. Then, conditional on opting for an informal workout, the creditors and the debtor can succeed or fail in reaching an agreement in order to restructure the firm’s capital structure. Based on a sample of 735 credit lines allocated to 386 French distressed firms, we test different hypotheses which captures i) coordination vs. bargaining power issues, ii) informational problems, iii) firms’ characteristics, and iv) loan characteristics. Using a sequential LOGIT approach, we first find that the probability for opting for an informal workout i) decreases when the bank is the debtor’s main creditor and ii) increases with the size of the loan. In addition, the likelihood of success of an informal workout i) decreases when the management of a badly rated firm is considered as incompetent, and ii) decreases when the bank is the debtor’s main creditor. The result concerning the bank as being the main creditor suggests that “bargaining power” argument dominates the “coordination” argument. Finally, we find no evidence of the impact of collateral on the decision between informal and formal restructuring. Chapter 4 describes the prevalent bankruptcy procedure of UK and France; in general it provides an entire macro view of the bankruptcy laws in given two countries. It presents the various formal and informal procedures, explains their functioning, how they are triggered and the underlying specificities about each process. It is very crucial to understand the working of each procedure as this forms the basis for the future chapters where we related the result of our summary statistics and econometrics to specificities of these procedure and come up with useful conclusions and insights. In chapter 5 the focus returns to the micro economic analysis. We explore the two unique hand coded databases, collected through different sources. Our database consists of 264 small and medium sized enterprises representing France and 564 small and medium sized enterprises representing UK. These countries represent two major legal systems prevailing in Europe: common law and civil law. Both legislations have features that are of interest for research. Based on are datasets we provide summary statistics on both the countries. Our descriptive statistics explains the average profile of our sample company, it provides us with the reasons that lead the company into bankruptcy, it provides us the detailed asset and liability structures of the firms and the detailed claim structure and recovery structure. In addition it also provides us with the duration of the procedure and the costs involved in the process. We also perform multivariate analysis to test the choice between continuation and liquidation for France and to test the factors that increase or decrease the chances of receivership (procedure made for the benefits of banks) and administration (regarded as reorganization procedure) in UK. The main aim of the chapter 6 is to find the legal characteristics that impact on the recovery rates. Previous studies (LLSV, Doing Business Report, World Bank) have usefully used a set of legal indexes to rank the bankruptcy law prevalent within the country. But they fail to identify the characteristics of bankruptcy procedures that create more recoveries. We give here elements of answer by taking into consideration two countries that are good representatives of the two main legal systems prevailing in Europe: France (Civil Law) and United Kingdom (Common Law). To enable this, we built original legal indexes comprising of 158 binary questions that highlight ten major dimensions of corporate bankruptcy procedures: (1) accessibility, (2) exclusivity, (3) bankruptcy costs, (4) production of information, (5) protection of the debtor’s assets, (6) protection of claims, (7) coordination of creditors, (8) decision power, (9) sanction of faulty management, and (10) inclination towards liquidation / reorganization. We then propose a mapping of procedures that shows a clear specialization between them. The French procedures (“redressement judiciaire” and “liquidation judiciaire”) are more protective of the debtor’s assets and favor more the coordination of secured claims, public claims, and unsecured claims. In UK, we find strong opposition between the procedures oriented to liquidation and the other procedures. [less ▲]

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See detailEssays on Credit Risk: European studies in the context of the global financial crisis
Bekkour, Lamia UL

Doctoral thesis (2015)

Given the major role of credit risk in the recent financial crisis, this thesis focuses on analysing different perspectives of credit risk in Europe during the financial crisis. We consider different ... [more ▼]

Given the major role of credit risk in the recent financial crisis, this thesis focuses on analysing different perspectives of credit risk in Europe during the financial crisis. We consider different markets: Credit Default Swap (CDS), options on equities and exchange rates, and finally, the equity markets. We also look at the impact on different entities: corporates, banks and sovereigns however, we focus more on banks. [less ▲]

Detailed reference viewed: 173 (26 UL)
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See detailEssays on Demographic Change and Economic Performance
Iong, Ka Kit UL

Doctoral thesis (2019)

Detailed reference viewed: 66 (25 UL)
See detailEssays on Dutch Disease and International Finance
Vermeulen, Wessel UL

Doctoral thesis (2013)

Detailed reference viewed: 73 (9 UL)
See detailEssays on Dynamic Economic Analysis
Tabakovic, Amer UL

Doctoral thesis (2015)

Detailed reference viewed: 229 (42 UL)
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See detailEssays on Financial Markets and Banking Regulation.
El Joueidi, Sarah UL

Doctoral thesis (2016)

Detailed reference viewed: 73 (19 UL)
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See detailEssays on Inequality, Public Policy, and Banking
Mavridis, Dimitrios UL

Doctoral thesis (2016)

Detailed reference viewed: 56 (13 UL)
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See detailEssays on Irrational Behavior in Financial Markets
Martelin, Nicolas UL

Doctoral thesis (2014)

Personal preferences along with cognitive biases create the behavioral heterogeneity of a given market. In this thesis we study three markets that are completely different from each other and have their ... [more ▼]

Personal preferences along with cognitive biases create the behavioral heterogeneity of a given market. In this thesis we study three markets that are completely different from each other and have their own peculiarities: the stock market (US equity funds), the option market (S&P500 index options) and the art market (Impressionist and Modern, Post-war and Contemporary, American, and Latin American art indices). [less ▲]

Detailed reference viewed: 383 (12 UL)
See detailEssays on Judgment and Decision Making in Accounting
Pietsch, Christian Philipp Rafael UL

Doctoral thesis (2015)

Detailed reference viewed: 183 (44 UL)
See detailEssays on M&As and Innovation
Fernandez de Arroyabe Arranz, Marta UL

Doctoral thesis (2018)

Detailed reference viewed: 93 (22 UL)
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See detailESSAYS ON SLOT ALLOCATION AND EMISSION LICENSES IN AIRPORTS
Wan, Xi UL

Doctoral thesis (2016)

Detailed reference viewed: 78 (17 UL)
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See detailEssays on Sovereign and Banking Credit Risk
Rasmouki, Fanou UL

Doctoral thesis (2015)

In view of growing concerns about financial stability, this thesis revolves over two major objectives. The first objective relates to exploiting option pricing models to generate bank and sovereign credit ... [more ▼]

In view of growing concerns about financial stability, this thesis revolves over two major objectives. The first objective relates to exploiting option pricing models to generate bank and sovereign credit risk indicators and is pursued in chapters One and Two. The second objective is about determining the extent to which key institutions, namely the credit rating agencies and the ECB contributed to curing or hampering the European banking system. Chapter Three and Chapter Four address the latter theme. All through this thesis, we lay stress upon the connection between banks and sovereigns. [less ▲]

Detailed reference viewed: 107 (7 UL)
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See detailEssays on the Euro zone Sovereign Debt Crisis and Financial Markets
Perego, Erica UL

Doctoral thesis (2014)

This thesis analyses the euro zone sovereign crisis from a macroeconomic perspective with a focus on the interaction between sovereign risk, financial markets and the real economy at the euro area ... [more ▼]

This thesis analyses the euro zone sovereign crisis from a macroeconomic perspective with a focus on the interaction between sovereign risk, financial markets and the real economy at the euro area currency union-wide level. The first part consists of an empirical study on the euro zone asset markets. It computes and analyses the dynamic comovements of stock and sovereign bonds for the core and the periphery of the euro zone focusing on the geographical and asset dimension of the markets. This comprehensive approach allows shading new light on European financial markets with respect to studies that focus at only one dimension. Results suggest that further economic integration would be desirable but that, at the moment, Europe is a tale of two regions. The second part of the thesis consists of two chapters dealing with the modeling of the euro zone financial markets and the study of the international transmission of shocks. Chapter 3 focuses on the international transmission of sovereign debt default and looks at the spillover from the periphery to the core region via financial intermediaries. The study of the structure of the banking sector suggests the desirability of more banking integration for the euro area welfare. Chapter 4 expands the model of Chapter 3 by introducing international equity markets. This framework allows exploring the relation between financial intermediaries and asset markets for the euro zone. Results point to the key role of this interaction as a driver of the time varying stock-bond correlation. [less ▲]

Detailed reference viewed: 221 (21 UL)
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See detailEssays on the macro-analysis of international migration
Delogu, Marco UL

Doctoral thesis (2016)

This dissertation consists of three chapters, all of them are self-contained works. The first chapter, “Globalizing labor and the world economy: the role of human capital” is a joint work with Prof. Dr ... [more ▼]

This dissertation consists of three chapters, all of them are self-contained works. The first chapter, “Globalizing labor and the world economy: the role of human capital” is a joint work with Prof. Dr. Frédéric Docquier and Dr. Joël Machado. We develop a microfounded model of the world economy aiming to compare short- and long-run effects of migration restrictions on the world distribution of income. We find that a complete removal of migration barriers would increase the world average level of GDP per worker by 13% in the short run and by about 54% after one century. These results are very robust to our identification strategy and technological assumptions. The second chapter, titled “Infrastructure Policy: the role of informality and brain drain” analyses the effectiveness of infrastructure policy in developing countries. I show that, at low level of development, the possibility to work informally has a detrimental impact on infrastructure accumulation. I find that increasing the tax rate or enlarging the tax base can reduce the macroeconomic performance in the short run, while inducing long-run gains. These effects are amplified when brain drain is endogenous. The last chapter, titled “The role of fees in foreign education: evidence from Italy and the UK” is mainly empirical. Relying upon a discrete choice model, together with Prof. Dr. Michel Beine and Prof. Dr. Lionel Ragot I assess the determinants of international students mobility exploiting, for the first time in the literature, data at the university level. We focus on student inflows to Italy and the UK, countries on which tuition fees varies across universities. We obtain evidence for a clear and negative impact of tuition fees on international students inflows and confirm the positive impact of quality of education. The estimations find also support for an important role of additional destination-specific variables such as host capacity, expected return of education and cost of living in the vicinity of the university. [less ▲]

Detailed reference viewed: 136 (16 UL)
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Peer Reviewed
See detailThe Essence of EU Fundamental Rights and their Global Reach
Hofmann, Herwig UL

in Italian Journal of Public Law (2015)

The CJEU ruling in Schrems v Data Protection Commissioner (DPC) will be subject to many discussions on constitutional matters for the time to come. It is a landmark case not only for clarifying and ... [more ▼]

The CJEU ruling in Schrems v Data Protection Commissioner (DPC) will be subject to many discussions on constitutional matters for the time to come. It is a landmark case not only for clarifying and applying the basic conceptual understanding of fundamental rights in the EU. Schrems v DPC clarifies therein many further conditions for effective protection of a right, supervision by Member State authorities as well as the global reach of EU fundamental rights. As most essential developments in public law, this case originates from the very specific structural and substantive context of a specific policy area’s administrative law details. But the consequences will radiate far into debates on pluralism of multi-level legal orders in an inter-connected world. [less ▲]

Detailed reference viewed: 289 (11 UL)
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See detailEssential Inputs and Unbounded Output: an Alternative Characterization of the Neoclassical Production Function
Irmen, Andreas UL; Maußner, Alfred

E-print/Working paper (2014)

The Inada (1963) conditions constitute a defining property of the neoclassical production function with capital and labor as arguments. Are these conditions justifiable on economic grounds? Yes, they are ... [more ▼]

The Inada (1963) conditions constitute a defining property of the neoclassical production function with capital and labor as arguments. Are these conditions justifiable on economic grounds? Yes, they are: we show that a production function with positive, yet diminishing marginal products and constant returns to scale satisfies the Inada conditions if i) both inputs are essential and ii) an unbounded quantity of either input leads to unbounded output. This allows for an alternative characterization of the neoclassical production function that altogether dispenses with the Inada conditions. Moreover, we establish that the marginal product of capital vanishes as capital goes to infinity if labor is an essential input. Given the intuitive appeal of the latter feature, we conclude that the neoclassical growth model is a theory of eventual stagnation. [less ▲]

Detailed reference viewed: 69 (6 UL)