Display:
Sort By:

Annual Conference

|

Sustainable and Green Finance, Senior Fellows/Fellows

|

May 2022

Environmental Liabilities, Creditors, and Corporate Pollution: Evidence from the Apex Oil Ruling

Po-Hsuan HSU, Ross LEVINE, Jianqiang CHEN, Pei-Fang HSIEH
We evaluate the impact of the 2008 Apex Oil court decision that made the creditors of some corporations financially liable for the environmental damages caused by specific pollutants. Apex reduced the circumstances under which environmental liabilities were dischargeable in Chapter 11, which generat...
Keywords: environmental liabilities, pollution, creditors, bankruptcy.
  • View
  • Download
  •    |   

Annual Conference

|

Corporate Finance, Senior Fellows/Fellows

|

May 2013

Employee Inside Debt and Firm Risk-Taking: Evidence from Employee Deposit Programs in Japan

Yupeng LIN, Takeshi YAMADA, Sudipto DASGUPTA, Zilong ZHANG
Unlike broad-based equity ownership by employees, ownership of company debt by rank-and-file employees has not received much attention. We argue that company debt held by employees in the form of in-company deposits can monitor risk-taking and facilitate risk discovery. Employee deposits have been h...
Keywords: inside debt, risk-taking, employee deposits, agency costs of debt
  • View
  • Download
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows, Pandemic

|

May 2020

Elections, Political Polarization, and Economic Uncertainty

Steven J. DAVIS, Scott R. BAKER, Nicholas A. BLOOM, Aniket BAKSY, Jonathan RODDEN
We examine patterns of economic policy uncertainty (EPU) around national elections in 23 countries. Uncertainty shows a clear tendency to rise in the months leading up to elections. Average EPU values are 13% higher in the month of and the month prior to an election than in other months of the same ...
Keywords: uncertainty, Policy uncertainty, elections, polarization
  • View
  • Download
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Efficient Contracting in Network Financial Markets

Darrell DUFFIE, Chaojun WANG
We model bargaining in over-the-counter network markets over the terms and prices of contracts. Of concern is whether bilateral non-cooperative bargaining is suÿcient to achieve eÿciency in this multilateral setting. For example, will market participants as-sign insolvency-based seniority in a soc...
Keywords: Over-the-counter, network, contracting, bargaining, eÿciency, game theory
  • View
  • Download
  •    |   

Senior Fellows/Fellows

|

Senior Fellows/Fellows

Educational Choice, Rural-Urban Migration And Economic Development

Pei-Ju LIAO, Ping WANG, Yin-Chi WANG, Chong Kee YIP
Observing rapid structural transformation accompanied by a continual process of rural to urban migration in many developing countries, we construct a micro founded dynamic framework to explore how important education-based migration is, as opposed to work-based migration, for economic development, u...
Keywords: Rural-Urban Migration, economic development
  • View
  • Download
  •    |