Results 11 to 20 of about 220,317 (159)
Accounting, Economics, and Law: A Convivium, 2021 Abstract Economists have examined the rise of so-called zombie firms in recent years. Such firms remain in financial distress for a prolonged period while financial creditors keep them alive through continued lending. Based on signaling theory, we investigate zombie firms in the context of corporate restructuring and relationship ...
F. B. Fischer
semanticscholar +4 more sources
Zombie Lending and Depressed Restructuring in Japan [PDF]
American Economic Review, 2006 Large Japanese banks often engaged in sham loan restructurings that kept credit flowing to otherwise insolvent borrowers (which we call zombies). We examine the implications of suppressing the normal competitive process whereby the zombies would shed workers and lose market share.
Caballero, Ricardo J. +2 more
core +6 more sources
The pitfalls of pledgeable cash flows : soft budget constraints, zombie lending and under-investment [PDF]
SSRN Electronic Journal, 2021 We show that when borrowers are privately informed about their creditworthiness and lenders have a soft budget constraint, efficient investment requires a limit on the fraction of a firm’s cash flows that can be pledged to outsiders. That is, pledgeability should neither be too low nor too high.
Bernhardt, Dan +2 more
semanticscholar +3 more sources
Zombie lending due to the fear of fire sales
Journal of Corporate FinanceKaushalendra Kishore +2 more
exaly +3 more sources
The Real Effects of Zombie Lending in Europe [PDF]
Oxford Bulletin of Economics and Statistics, 2019 ‘Zombie lending’ occurs when a lender supports an otherwise insolvent borrower. Recent studies document that zombie lending has been widespread following the European sovereign debt crisis. In this paper, I develop a quantitative model to study the impact of these lending practices on firm dynamics.
Belinda Tracey
openaire +2 more sources
THE IMPACT OF THE PANDEMIC ON THE GROWTH OF THE NUMBER OF «ZOMBIE COMPANIES» AND «ZOMBIE LENDING» IN THE RUSSIAN MARKET [PDF]
Вестник Алтайской академии экономики и права, 2021 A.I. Butenko, I.N. Kruchinin
openaire +2 more sources
COVID-19 and lending responses of European banks. [PDF]
J Bank Financ, 2021 This paper examines how European banks adjusted lending at the onset of the pandemic depending on their local exposure to the COVID-19 outbreak and capitalization. Using a bank-level COVID-19 exposure measure, we show that higher exposure to COVID-19 led
Özlem Dursun-de Neef H, Schandlbauer A.
europepmc +2 more sources
Data and Code for: "Weak Corporate Insolvency Rules: The Missing Driver of Zombie Lending"
, 2022 Data/code files P&P 2022 study on Zombie lending in Europe. We argue that a substantial cost of restructuring insolvent firms will narrow borrowers’ and banks’ choices, and foster superficial or insufficient remedies, including zombie lending. We exploit
Ivashina, Victoria,, Becker, Bo,
core +1 more source
COMPARATIVE ANALYSIS OF STOCK RETURNS OF ZOMBIE FIRMS AND BIST 30 FIRMS WITH STATISTICAL METHODS
Yönetim ve Ekonomi Araştırmaları Dergisi, 2023 The concept of ‘zombie’ companies was first proposed by Kane in 1987. The three common features of these companies are listed as follows; high debt level, low profit rate and productive companies reduce their productivity.
Mukadder Horasan
semanticscholar +1 more source
Machine Learning and Zombie Firms Classification
Applied SciencesWe investigate whether the machine learning technique helps to identify zombie firms. We also analyze the differences in zombie indicators proposed by previous research.revious studies successfully classified firms as zombies by focusing on whether they ...
Koutaroh Minami, Yukihiro Yasuda
doaj +1 more source