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

Descripción

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.)  

Autor(es)

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-ene-2015

Contacto:

Localización:
* doi: 10.1093/rfs/hhr113

Otros recursos del mismo autor(es)

  1. Proximity and Investment: Evidence from Plant-Level Data Proximity to plants makes it easier for headquarters to monitor and acquire information about plants...
  2. Legal Investor Protection and Takeovers We study the role of legal investor protection for the efficiency of the market for corporate contro...
  3. Snow and Leverage This paper examines whether reducing a debt overhang improves borrowers' operating performance using...
  4. Does corporate governance matter in competitive industries? By reducing the threat of a hostile takeover, business combination (BC) laws weaken corporate govern...
  5. IPO Pricing with Bookbuilding and a When-Issued Market

Otros recursos de la misma colección

  1. Examining the Association of Welfare State Expenditure, Non-profit Regimes and Charitable Giving This paper explores cross-country variations in charitable giving and investigates the association o...
  2. The Role of Ambidexterity in Marketing Strategy Implementation: Resolving the Exploration-Exploitation Dilemma Formulating consistent marketing strategies is a difficult task, but successfully implementing them ...
  3. Integrating Pricing and Inventory Control: Is it Worth the Effort? In this paper we first show that the gains achievable by integrating pricing and inventory control a...
  4. Identifying priority areas for European resource policies: a MRIO-based material footprint assessment In the context of the transformation toward a "green economy", issues related to natural resource us...
  5. A data mining framework for targeted category promotions This research presents a new approach to derive recommendations for segment-specific, targeted marke...

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.