1) La descarga del recurso depende de la página de origen
2) Para poder descargar el recurso, es necesario ser usuario registrado en Universia

Opción 1: Descargar recurso

Detalles del recurso


Using a sample of highly (over-)leveraged Austrian ski hotels undergoing debt restructurings, we show that reducing a debt overhang leads to a significant improvement in operating performance (return on assets, net profit margin). In particular, a reduction in leverage leads to a decrease in overhead costs, wages, and input costs, and to an increase in sales. Changes in leverage in the debt restructurings are instrumented with Unexpected Snow, which captures the extent to which a ski hotel experienced unusually good or bad snow conditions prior to the debt restructuring. Effectively, Unexpected Snow provides lending banks with the counterfactual of what would have been the ski hotel's operating performance in the absence of strategic default, thus allowing to distinguish between ski hotels that are in distress due to negative demand shocks ("liquidity defaulters") and ski hotels that are in distress due to debt overhang ("strategic defaulters"). (author's abstract)

Pertenece a

ePub-WU OAI Archive (Vienna Univ. of Econ. and B.A.)   ePub-WU OAI Archive (Vienna Univ. of Econ. and B.A.)  


Giroud, Xavier -  Mueller, Holger M. -  Stomper, Alex -  Westerkamp, Arne - 

Id.: 55202829

Idioma: inglés  - 

Versión: 1.0

Estado: Final

Tipo:  application/pdf - 

Palabras claveJEL G32, G34 - 

Tipo de recurso: Article  -  NonPeerReviewed  - 

Tipo de Interactividad: Expositivo

Nivel de Interactividad: muy bajo

Audiencia: Estudiante  -  Profesor  -  Autor  - 

Estructura: Atomic

Coste: no

Copyright: sí

Formatos:  application/pdf - 

Requerimientos técnicos:  Browser: Any - 

Relación: [References] http://dx.doi.org/doi:10.1093/rfs/hhr113
[References] http://www.oxfordjournals.org/
[References] http://rfs.oxfordjournals.org/content/25/3/680.abstract
[References] http://epub.wu.ac.at/3506/

Fecha de contribución: 18-oct-2016


* doi: 10.1093/rfs/hhr113

Otros recursos del mismo autor(es)

  1. The Impact of Venture Capital Monitoring We show that venture capitalists' (VCs) on-site involvement with their portfolio companies leads to ...
  2. Capital and Labor Reallocation within Firms We document how a positive shock to investment opportunities at one plant (“treated plant”) spills o...
  3. Snow and Leverage Based on a sample of highly leveraged Austrian ski hotels undergoing debt restructurings, we show th...
  4. Proximity and Investment: Evidence from Plant-Level Data Proximity to plants makes it easier for headquarters to monitor and acquire information about plants...
  5. Legal Investor Protection and Takeovers We study the role of legal investor protection for the efficiency of the market for corporate contro...

Otros recursos de la misma colección

  1. Human Capital, Values, and Attitudes of Persons Seeking Refuge in Austria in 2015 Since its inception in 2010, the Arab Spring has evolved into a situation of violent conflict in man...
  2. Who are Your Joneses? Socio-Specific Income Inequality and Trust Trust is a good approach to explain the functioning of markets, institutions or society as a whole. ...
  3. Taking a Knowledge Perspective on Needs: Presenting Two Case Studies within an Educational Environment in Austria Needs that are shared by members of an organization can trigger an organizational learning process. ...
  4. Business Management Simulations - a detailed industry analysis as well as recommendations for the future Being exposed to serious games showed that some simulations widely vary in quality and learning outc...
  5. Policy Mixes to Achieve Absolute Decoupling: A Case Study of Municipal Waste Management Studying the effectiveness of environmental policies is of primary importance to address the unsusta...

Aviso de cookies: Usamos cookies propias y de terceros para mejorar nuestros servicios, para análisis estadístico y para mostrarle publicidad. Si continua navegando consideramos que acepta su uso en los términos establecidos en la Política de cookies.