Zobrazeno 1 - 10
of 13
pro vyhledávání: '"Efraim Benmelech"'
Publikováno v:
Journal of Financial Economics. 146:143-171
Publikováno v:
The Review of Financial Studies. 36:122-154
We introduce and quantify a new channel through which the housing market affects household spending: the home purchase channel. Households spend on average $8,000 more on home-related durables and home improvements in the 2 years following a home pur
Publikováno v:
Journal of Financial Economics. 133:541-563
We provide new evidence that a disruption in credit supply played a quantitatively significant role in the unprecedented contraction of employment during the Great Depression using a novel, hand-collected dataset of large industrial firms. Our identi
Publikováno v:
The Review of Financial Studies. 32:2541-2586
This paper identifies a new channel through which bankrupt firms impose negative externalities on non-bankrupt peers. The bankruptcy and liquidation of a retail chain weakens the economies of agglomeration in any given local area, reducing the attrac
Autor:
Efraim Benmelech, Carola Frydman
Publikováno v:
Journal of Financial Economics. 117:43-59
There is mounting evidence of the influence of personal characteristics of CEOs on corporate outcomes. In this paper we analyze the relation between military service of CEOs and managerial decisions, financial policies, and corporate outcomes. Exploi
Autor:
Nittai K. Bergman, Efraim Benmelech
Publikováno v:
The Journal of Finance. 66:337-378
Do bankrupt firms impose negative externalities on their nonbankrupt competitors? We propose and analyze a collateral channel in which a firm’s bankruptcy reduces the collateral value of other industry participants, thereby increasing their cost of
Autor:
Nittai K. Bergman, Efraim Benmelech
Publikováno v:
Journal of Financial Economics. 99:308-332
We provide novel evidence linking the level of creditor protection provided by law to the degree of usage of technologically older, vintage capital in the airline industry. Using a panel of aircraft-level data around the world, we find that better cr
Autor:
Efraim Benmelech, Tobias J. Moskowitz
Publikováno v:
The Journal of Finance. 65:1029-1073
Financial regulation was as hotly debated a political issue in the 19th century as it is today. We study the political economy of state usury laws in 19th century America. Exploiting the wide variation in regulation, enforcement, and economic conditi
Autor:
Efraim Benmelech, Nittai K. Bergman
Publikováno v:
Journal of Financial Economics. 91:339-360
We examine how collateral affects the cost of debt capital. Theories based on borrower moral hazard and limited pledgeable income predict that collateral increases the availability of credit and reduces its price. Testing these theories is complicate
Autor:
Efraim Benmelech
Publikováno v:
Review of Financial Studies. 22:1545-1584
I investigate the effect of assets’ liquidation values on capital structure by exploiting the diversity of track gauges in nineteenth-century American railroads. The abundance of track gauges limited the redeployability of rolling stock and tracks